Almost done with my #Budget!

I used the Mint App to get an accounting of my spending, and now I can see how much I spend every month, compared to how much I make. The next step is to evaluate where my money is going, and see where I can cut back.

The first thing I noticed was that I spend wayyyyy too much money on food. Between groceries and eating out, it was almost 25% of my spending! Since my children pretty much sustain themselves on macaroni and cheese, this seemed resoundingly unnecessary. If I were to cut this back even by 5%, I would be saving myself several hundred dollars a year.

Target and Amazon were another big one. I pretty much click and buy. If we need it, I get it. Not anymore! Going forward, I am going to be more mindful of how much I’m spending and what I’m spending on, using the Mint app as a tool.

At the end of the day, it’s all about priorities. And for me, my priorities are to be able to live well for today, while saving for tomorrow. This means that I can still spend money on the things that I want, but that I need to be more selective about what I purchase. Using Mint as a tool, I have allocated a certain amount to the different categories that I would consider discretionary spending. Since its linked to my credit card, it will track those expenses. I can easily see where I am in my spending for the month. So if I set the “Restaurants” category to $200 a month, and by the second week I’ve spent all $200, then I am done for that month. I’ll learn very quickly to space it out!

By using this method, I will know what my credit card bill will be before it comes, and how much I have saved. Every dollar will be accounted for.

This concludes the first step in our #FinancialFitness2018 journey! Next week we’re going to talk about the Bucket Strategy, which is a method of figuring out what to do with all that money we just saved by creating that budget!

#FinancialPlanning #KatelynIsGettingFit

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