Coffee Fix or Financial Fitness? Budget Your Way to Well-being
At the end of the month, for the love of gawd, where did my money go? Been there. The daily latte or the impulse buy at the store or the cocktails night out that never seems to cost what you budgeted. Here’s the deal: while your daily coffee fix or a night on the town may feel good at the moment, it is robbing you of long-term wellbeing. We’re stressing out, feeling anxious and likely giving our grinding teeth a bit of grief.
Ever been in this place? Then be on the look-out: financial failure often heads toward a meltdown in the health department. So here’s my first tip: downsize your circle of service (the amount you spend on bars, restaurants, and coffee shops) and replace it with upsized time for a walk and a thought. But wait. There’s more.
Done right, a budget can be empowering. It gives you power and clarity over your spending decisions. It empowers you to make good choices, redirect your dollars and fund your wellness. Why? Because when budgeted right, you are more likely to find space for a daily latte or a cocktail night out — in moderation of course.
So what is budgeting? Done right, a budget is a fabulous way to fund your wellbeing. Done wrong it is just a colossal pain. So how do you do it right? Here’s a big picture view.
Empowerment Over Frustration: Feeling out of control financially is a major stressor. Budgeting helps you understand where your dollars go and how to keep control so you don’t waste a penny or feel financially stressed. Imagine holding a clear piggy bank. That’s what a budget can feel like once it’s established — control over your dollars and comfortably so.
Freedom to Splurge (Guilt-Free!): Think budgeting means saying no to everything you enjoy? Not so. By giving yourself a small fun-money budget every month you can splurge without feeling guilty. Picture holding a little swirly coloured bag labeled fun money. Budgeting helps you plan for fun-money moments in life.
Reaching your goals: What is it that you really, really want to have your dollars do? Buying a house? Sending a kid to college? Buying a car? Starting a small business? Budgeting helps you track toward goals so you can know if you are getting close enough.
Picture holding a treasure map with an X on it. Budgeting lets you know how close you are to financial freedom. Ok, so we know that budgeting brings power and brings relief. Everyone agrees too much stress over money is not good so let’s look at how you start.
One great way to start is going old school with a physical budget planner…
Tracking Your Spending: For two weeks keep a list of everything you spend money on right down to the penny. Divide your spending into categories: rent/mortgage, utilities, phone plan, groceries, insurance, subscriptions, prescriptions, taxes, transportation, fun-money/recreation, and miscellaneous items. This helps you understand where your money goes and in which buckets. Picture holding a number of little coloured pie slices.
Category Funding: Ok you have your pie chart. Now you can think. For each item in each category ask yourself — is this a need or a want? Did you pick up breakfast or your coffee on the way to work? Were your groceries for food or for entertaining? Did you visit the fancy hair salon and was this a want?
Setting your budgets: There are lots of free budgeting apps and online tools that you can use. Pick one you like and put your income and your expenses into it. Picture yourself holding a magnetic compass. Budget tools give you a way to order your money life.
The power of needs vs wants: When you know your categories you can check to see if each is a ‘need’ or a ‘want’. Picture holding a scale — one side says needs and the other wants. The right tool can help you keep them balanced.
Ok you are on your way. Keep practicing and, of course, you are going to change your plan now and then as you go along. Be kind to yourself — be proud of your path — and if you really, really need help, like down to the nitty gritty kind of help — get it. The important part is that by changing your budget you create mental space and reduce stress in your daily life. You can focus more on you — your health, your happiness, and your coffee.
Need more structure? Use an existing planner to help you out!
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