![]() Sounds easy right? Write down what you think you’re going to spend, and then watch what you are spending money on.įun fact, according to a Gallup poll, “68% of Americans don’t have or use a budget.” This means that most of us are not using a budget. Second: Tracking how much you spend, and where you’re spending it throughout the month. A budget is a great reality check and it is one we all need.įirst: Estimating how much money you spend every month in each category of your budget, (housing, transportation, food, etc.). It can be painful like the linebacker that comes out of left field and sacks the quarterback, or it can be rewarding, like finishing a marathon after months of training. Simply put, your budget is your spending check. Using that list, we compare it to what you earn, and see if you were saving money or if you were spending more than you earn. Your budget is a list of everything you spend money on each month. It breaks down your monthly income, (money you bring in), and expenses, (money going out), and puts them in easy to use categories so you can keep track of where you money is going. Your personal budget is a roadmap to your spending habits and personal finances. Knowing your numbers is a big part of winning when it comes to your finances. This example is just one of the many reasons why having a monthly budget is so important! Budgeting brings awareness to your spending habits which helps shape your overall financial picture. When we operate using cards, it is easier to simply swipe and go without much thought. And most importantly, we can’t seem to remember how much the transaction costs. The reason this exercise is so difficult for majority of people is because it’s very easy for us to swipe swipe swipe and keep it moving without putting much thought into why we spent our hard earned money on things we can’t even remember. ![]() (SUBSCRIBE TO OUR YOUTUBE CHANNEL FOR WEEKLY MONEY TIPS & TOOLS) For fun try it out on a friend too, and I bet you they will struggle to get all 5 exactly right! Yikes.Īre you shocked by what you can or cannot remember? And if this was easy for you, then great, but it’s mostly not the case. Some of us might be able to complete this exercise, but the majority of us would struggle to remember the last transaction we made– let alone how much money we spent, and where/what we purchased. Where did you spend your money? How much did your transaction cost? What did you purchase? Start by thinking of the last five transactions you’ve made. Let’s start out with an exercise that I personally do with professional athletes, and then we can check where your money mindset is at right now. ![]() Each Date Range is automatically calculated and color coded based on your Monthly Budget Limit.Budgeting 101 | How to Create a Personal Budgetĭo you know how much money you spend every month? Well, we should am I right!!? The Circular Colored Charts on the Dashboard are Budget specific. This number will be used to chart your budget on the Dashboard. Inside Veryfi app, navigate to “More > Your Profile > Monthly Budget Limit”.Ģ.
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