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Creating A Budget? Focus On The Big Stuff
When creating a budget, it can be very tempting to get into the nitty gritty right off the bat. Don’t fall into this trap!
The majority of our spending is driven by just a couple of things, accidentally focusing on the small stuff can be a real time waster. Even worse, spending too much time on the small stuff can be very frustrating, it could cause you to abandon your budget all together.
When you look at average household spending are certain patterns that emerge. Some budget categories are very small and some are very large. This obviously varies from person to person but in on average the trend is very clear. There are just three budget categories that make up almost 70% of annual spending.
Those three categories are housing, transportation and food.
When you’re trying to balance your budget, it helps to focus on these three categories first.
Why?
Improvements in these three categories will give you the biggest savings for your effort.
These three categories represent the “big stuff”. They make up the majority of your spending. Even a small improvement here can make a big difference to your overall budget.
As a bonus, improvements made in these three categories are easier to maintain. After making a change its typically easier to sustain spending reductions when it’s in housing, transportation and food.
How To Make A Budget
Let’s admit it, budgeting is a skill. Some of us were born budgeters. The rest of us need to work at it. For some of us it’s something we need to work hard at.
Natural budgeters can control their spending without needing a budget at all. For the rest of us, we need to have a budget to keep our spending in check.
Having a budget keeps your spending under control. Controlling your spending will let you save a bit of money each month and saving money on a regular basis is the cornerstone of a healthy financial life.
Budgeting can seem difficult (or even impossible) if you don’t follow the right steps.
If you make a budget the wrong way, you’ll find yourself always overspending each month. By making a budget the right way, you’ll have a better chance of hitting your budget each month.
How to make a budget the right way involves a bit of prep work. That prep work is essential if you want to build a good budget.
How To Start Saving Money (The 52 Week Challenge)
Saving money is the cornerstone of a good financial plan. Without a healthy savings rate there isn’t really a way to achieve your other financial goals.
Getting to a healthy savings rate can be a real challenge though. There are so many demands on our cash. Money comes in and goes out so quickly that it can be hard to put some aside.
One awesome trick to help you save money is the 52 week challenge. This is a simple but effective way to get into a saving habit. If you’re struggling with how to start saving money, then this could be the solution.
There are many variations of the 52 week challenge out there but this is my personal favorite…