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Own The Shift: How To Start A Budget
This article is in partnership with You Need A Budget.
As the luster of the new year kicks in and we begin checking off our goals and resolutions, it should come as no surprise that getting our finances together is at the top of our lists. Last year was marked with a lot of uncertainty, especially the financial kind, making it necessary to get our houses in order. If you were to ask anyone how to take control of their finances, they'd recommend starting a budget. For those of us unfamiliar with being on a budget, the idea of having one can feel daunting.
In addition to adjusting to checking in with your checking account to track expenses, knowing how to start a budget is foundationally a task in and of itself. There's no reason this year can't be everything you dreamed of when it comes to financial stability. Coming through with the skills to pay the bills (literally) is the personal budgeting software company, You Need A Budget. Below are some YNAB-approved tried and true tips on how to start a budget.
1. Know the Rules for Successful Budgeting.
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Before even beginning to create your budget, You Need A Budget is a firm believer in knowing the rules. More specifically, the "Four Rules for Successful Budgeting". Though YNAB provides you with a plethora of tools to get you started with a finely-crafted budget that speaks to you, your life, and your budget, they pack more of a punch in conjunction with these simple but transformative rules to budgeting.
- Give Every Dollar a Job: Allocate the money that you earn to specific needs, wants, and nice-to-haves in accordance with your personal budget. It's the difference between seeing an extra $100 in your account and blowing it immediately on food or clothes, and redirecting that "extra" cash someplace that will add more value to your financial goals overall.
- Embrace Your True Expenses: Instead of feeling overwhelmed by infrequent expenses, plan for them and treat them like a monthly "bill". This means your car breaking down, your annual birthday trip, and/or Christmas presents for everyone at the end of the year won't feel like such a blow to your finances. Instead, they are funds that you have added to in increments to fund throughout your year.
- Roll with the Punches: Don't feel pressured to stick to your budget to the T, instead be flexible and make adjustments where needed. For example, if you had a grocery budget of $200 for the month, but it ended up being $300, it isn't the end of the world or your budget. Instead, it just means being creative about making a necessary adjustment in another category to accommodate the overspending in one.
- Age Your Money: Perhaps one of the most important rules in the rule of four, this rule refers to being more intentional about the way you spend money through the goal of getting a month ahead. By doing the other three rules that were mentioned and spending less money than you earn, over time you are setting yourself up to be able to use your paycheck from the month before to cover expenses for the current month. The beauty in this is that by allowing your money to "age" and stay in your account longer, you are lessening the financial burden of feeling like you are living paycheck-to-paycheck.
2. Choose a Tool to Create Your Budget
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Perhaps just as important as implementing YNAB's aforementioned budgeting rules is choosing the right tool to create your budget. Do you want to go old school and track your expenses manually on pen and paper through bullet journaling? Do you want to crunch numbers through an Excel spreadsheet or a Google Sheet? Additionally, there are online methods that allow you to create your budget like Mint.com as well as banking institutions that typically have a "free" option built into your accounts.
Another favored option for creating your budget is the ease and use of apps as a budgeting tool. Apps like You Need A Budget allow users to create and customize a personal budget at their fingertips while allowing you to stay up-to-date with your expenses in realtime, no additional legwork or calculations needed. Once you figure out the framework you wish to utilize in order to meet your budgeting needs, you can officially start filling the blanks in creating your budget.
3. Note Your Monthly Income.
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You can't begin to track or allocate what goes out of your account month to month without having a clear understanding of what you bring in each month. You can figure out how much you make each month by reviewing your bank statements or pay stubs and calculating what's been deposited. For people with a traditional employer, this should be relatively easy. Also make note of anything you earn from side jobs or passive income streams you might have.
4. Write out Your Monthly Expenses.
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Keep stock of your monthly expenses by writing them down. Truthfully, a lot of us go through each month, and spend what we have until we're back at 0 without much knowledge or understanding of what our expenses are and exactly how much we're spending each month. Use a personal budgeting app like You Need A Budget or analyze your bank statements for a span of three months to gain insight on your spending habits over a period of time. Your monthly expenses may include:
- Rent/Mortgage
- Cell phone
- Eating out
- Debt repayment/student loans
- Credit card
- Groceries
- Car note
- Car insurance
- Gas
- Utilities
- Streaming services
- Internet
- Savings
- Travel
- Clothes
- Pampering
- Personal grooming (hair, nails, wax, etc)
- Misc
5. Create Sub-sections for Fixed Expenses and Variable Expenses.
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Fixed expenses liked rent payments or mortgage payments, utilities, car payments, student loans/debt repayment, and/or childcare are expenses that don't change month-to-month, so you can write them down with confidence, knowing that the payment for these expenses are "fixed" each month. Examples of this include:
- Rent/mortgage
- Utilities
- Student loan/debt repayment
- Credit card
- Car insurance
- Health insurance
- Car payment
- Emergency fund
In contrast, variable expenses vary each month, and though you might be spending money on the same kind of expenses monthly (i.e. food, shopping, entertainment), the amount you spend changes each month. For example, you might go from spending $200 on eating out one month, $150 the next, and jump to $400 another month. That being said, expenses like groceries, eating out, entertainment, shopping, and gas tend to fall in this category.
In your budget, assign a dollar amount that you want to act as your threshold for how much you will allow yourself to spend for the month.
6. Adjust the Budget Based on Your Needs.
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Based on the numbers you've spent in all of these areas over a span of three months, acknowledge what you're spending on each category and, based on your monthly income, adjust where needed. You might find that after all of your wants and needs are written down in front of you, you actually have a surplus of money left over which actually invites you to reallocate those funds elsewhere (like putting more money onto your debt repayment or your emergency fund, for example). This will help better provide you with a baseline and a foundation for tracking your expenses.
However, if you discover that you're spending way too much money, it might mean adjusting your variable expenses to better accommodate your fixed expenses without leaving you in the red or your bank account overdrawn. Likewise, you might also consider finding ways to increase your income.
7. Add in Your Wants.
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Now that we've more than covered your needs, it is important to make room for your wants. We are not machines and it does not make sense to create a budget that focuses so much on needs that you forget to give yourself some wiggle room to use the money you earn on yourself here and there. Most importantly, where it makes sense.
Adding in your wants looks like including room for "treating yourself", budgeting for those shoes you've been eyeing even if it means putting a little money away for four months until you have enough to buy it, or a monthly facial or massage. Whatever it is, make sure you budget for it, so that when whims pop up, it doesn't obliterate your bank account in the process.
For more information on how to make your financial dreams a reality or how to create your own personalized budget, visit You Need A Budget today.
Featured image by Shutterstock
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This article is sponsored by Hulu.
UnPrisonedhas returned for its highly anticipated second season, delving deeper into the complex dynamics of the Alexander family.
The series premiere comes a year after its debut season garnered rave reviews from fans and critics and earned record-breaking ratings for Hulu's Onyx Collective brand. UnPrisoned's success can be attributed to its raw, relatable themes and comedic appeal.
Inspired by creator Tracy McMillan's life, the show follows Paige (Kerry Washington), a therapist and single mother whose life takes an unexpected turn when her father, Edwin (Delroy Lindo) --who was released from prison-- moves in with her and her teenage son, Finn (Faly Rakotohavana).
Throughout UnPrisoned's first season, viewers witnessed how Edwin's incarceration deeply affected Paige's life and relationships. In the series, Paige unpacks her trauma through interactions with her inner child and her online followers. Meanwhile, Edwin is overcoming specific struggles with his own past that led to his life of crime, including a dysfunctional upbringing and his mother's arrest. As the Alexanders attempt to reconcile, new challenges arise.
This new season promises to further explore their unconventional family dynamic. Here are several compelling reasons why season two of UnPrisoned should be on everyone's watchlist.
The Alexander Family Life Is Still In Shambles
UnPrisoned's second season resumes where the series left off, with Paige grappling with the fallout from her troubled therapy practice and Edwin navigating life independently after moving out. Meanwhile, Finn faces his own challenges. The teenager is battling anxiety and seeking information about his father—a topic Paige avoids discussing.
The Alexander Family Are Attending Therapy To Resolve Their Underlying Issues
Amid the chaos in their lives, the Alexander family decides to mend their bond by confronting their past traumas. They seek professional help and attend therapy sessions with a “family radical healing coach,” played by John Stamos, a new cast member. This collective effort aims to unravel the complexities of their shared history and strengthen their relationships.
The process of unraveling each character's internal conflicts and their potential impact on future relationships may clash with Paige's textbook therapy approach. While Paige is used to being in the therapist's seat in both career and family, this forces her into the unfamiliar role of a patient during therapy sessions. This shift would compel her to look in the mirror and try a radically different approach.
The Alexander Family Learned A Big Lesson During A Therapy Session
In therapy, the Alexanders are tasked with addressing their individual traumas to salvage their remaining relationships. One of the family therapist’s eccentric suggestions was an exercise involving a family wrestling match. During this session, Paige faces tough questions about her refusal to share information about Finn's father.
While it's unclear whether this scene is reality or fantasy, the image of the family duking it out in the ring certainly makes for hilarious yet compelling television.
Paige Tries Dating Again Following Failed Relationships
Amid her life's chaos, Paige decides to step back into the dating field. However, her many attempts have left her with mixed results. The dating apps have turned out to be a fail, and an outing with her ex Mal (Marque Richardson), who is also her father's parole officer, doesn’t go quite as expected after he brings an unexpected guest – his new girlfriend.
The situation takes an awkward turn when Mal's new partner learns why the former couple split, partly due to Paige's self-sabotage.
UnPrisoned Is A Perfect Balance Of Comedy And Drama
As a dramedy, UnPrisoned takes a comedic approach to its heavy subjects. The show takes us on a ride with Paige's dating misadventures and navigating a friendship with her ex.
Other lighthearted moments include Edwin's attempts at CPR based on online videos and, of course, the antics of the Alexander family's unconventional new healing coach.
The second season of UnPrisoned is now available on Hulu.
UnPrisoned | Season 2 Trailer | Hulu
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Summer Travel Guide: 9 Safest Vacation Spots For Black Women
When it comes to planning and choosing our international travels, there’s one question that is bound to come up: “Is it safe for Black women?”
At times, our travel plans can be halted by whether or not our desired destination is safe not only for solo travel but for overall protection as women of color. We want to have fun, go on excursions, taste the food, and let our hair down, so the last thing we need on our minds is navigating microaggressions and worrying about our safety.
According to a report by The Mandala Research Firm, 17% of Black Americans take one or more international trips and travel locally more than six times per year. Even more exciting, 42% of Black Americans said they would spend more in 2020 on travel than in 2019 (pre-Covid), and 50% of Black adults (16% more than the general population) are more likely to travel to locations associated with their ethnic or cultural heritage. All of this goes to show that we’re not afraid to pack our bags and book flights to our heart's desire.
Our passion for travel and exploration highlights a growing desire to connect with a wide range of cultures while discovering new fresh locales. By choosing destinations with positive reputations for safety and belonging, you can enjoy your next adventure with peace of mind. And to help, we’ve provided a list of the best vacation spots to add to our travel bucket list.
1.Havana, Cuba
Known for its vibrant culture and welcoming locals, Havana offers a unique travel experience for you and your girlfriends. Stroll through the historic streets of Old Havana and immerse yourself in the lively music and dance scenes that make this city unforgettable.
2.Rio de Janeiro, Brazil
Famous for its Carnival, stunning beaches, and warm hospitality, Rio de Janeiro is a lively and safe city to explore all year long. Don't miss a visit to the iconic Christ the Redeemer statue and the bustling Copacabana Beach for a true taste of Rio's energetic spirit.
3.Belize
With its beautiful beaches, diverse wildlife, and laid-back Caribbean vibe, Belize is a safe and adventurous destination for travelers. Discover the underwater wonders of the Belize Barrier Reef and explore ancient Lamanai Maya Ruins.
4.Paris, France
Who doesn’t have Paris, the city of lights, on their travel list? Renowned for its art, fashion, and iconic landmarks like the Eiffel Tower, Paris offers a blend of romance and safety for travelers. Wander through the charming neighborhoods of Montmartre and Le Marais, explore the Louvre, and indulge in the city's exquisite culinary delights.
5.Lisbon, Portugal
Portugal's capital city, Lisbon, charms visitors with its historic architecture, delicious cuisine, and welcoming atmosphere. Enjoy breathtaking views from São Jorge Castle and savor traditional pastries at the famous Pastéis de Belém bakery.
6.Bali, Indonesia
We’ve all seen the viral photos off the Bali coast and Gates of Heaven, so why not make it a reality? Famous for its lush landscapes, vibrant culture, and serene temples, Bali offers a safe and enriching travel experience in Southeast Asia.
7.Tokyo, Japan
Recently, the value of the Japanese Yen has seen a significant drop, making it the lowest it has been against the dollar since 1986, which also means that there’s no better time than now to make your travel plans to the renowned cultural hub.
8.Accra, Ghana
There’s no FOMO like the kind felt from seeing all the beautiful faces enjoying their holiday at Ghana’s Afrochella Festival, so let this be your sign to start planning the trip now. Often referred to as a welcoming home for the African diaspora, Ghana offers rich cultural experiences and a sense of belonging. Explore the vibrant markets of Accra and visit the historic Cape Coast Castle to connect with the nation's poignant past.
9.Seoul, South Korea
You may be surprised to find this city on the list, but for Black travelers, Seoul is said to be one of the safest and most exciting cities to travel to. There will be plenty to eat, buy, and experience from this city’s rich history and culture.
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