Monday, February 16, 2015

Budgeting // 6 Weeks In

As a relatively recent grown up, trying to figure out how to both go to Target and save money, I've gone through a few iterations of budgeting.  As a part of my 2015 goal setting, I have set myself a pretty high savings goal, and, in my quest to be over-organized, set up a spreadsheet.

Not real numbers, FYI

I have columns for income, fixed expenses, clothing and other spending. Literally anything I spend money on that isn't bills goes into that category.  It never made sense for me to create tons of categories, considering how my expenses change month to month (groceries when I'm home vs traveling, dog food every 2 months, makeup every 6 months etc), so having the flexibility of an everything category works great for me.

The next columns are for saving.  I divided my savings goal by the number of paychecks I'll get, and then I created a column that deducts that amount left over from my spending.  That money automatically gets moved into a savings account, and I can't touch it.  The next column is for personal savings.  If there's any money left over after bills, spending and saving, that goes towards whatever I want.  I keep a running list of things that I'm lusting after, prioritize it, and then, once I have that money in my personal savings, I can buy it.  This has been BY FAR, the hardest thing for me.  Delayed gratification is a weakness of mine, so forcing myself to wait has been tough.

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