This week, I’ve decided to change my mind about budgeting. What an ugly word. Well, maybe not, but it makes me a little uneasy. It can be daunting to sit down and plan where the money’s going. It isn’t fun to gather all those documents and crunch numbers. But, I know I have to do it. I’ve survived by winging it, but I want to really live debt-free.
To the point: Sometimes we feel the pressure to spend on our loved ones, on ourselves, or because there’s a good sale. We overspend and don’t quite budget until it’s too late. But, we must be responsible and balance for what comes after. Great gifts are nice, but the real question is “Was it necessary?” Hmmmm? So, won’t our children, significant other, best friend, etc., be okay if we give them one good gift here and there and still remain fiscally responsible? Yeah, they will. And, we’ll have less stress trying to put meals on the table because we didn’t overspend.
I’m currently working on my budget as I type. I’m tired of having desires to be debt-free and looking up six months later to find I’m off track. Again. Although I made some headway, I’m still behind the target. Who needs that! So, I’m listening to Dave Ramsey and Michelle Singletary, two financial experts I trust and follow on Twitter.
As I write my budget, I remind myself that God is more than enough in every situation we face. He is food when we’re hungry, water when we’re thirsty, peace when we’re stressed. You get the picture. But, some things we put on ourselves.
Sis, budgeting is a blessing and something we can do now to know where we and our money are going.
So, budgeting will:
1. Help you see where you’re spending
Be clear, mama. You cannot get ahead without a plan. I actually started my debt pay down journey when my kids were really little. I’ve made great progress, paid off 10 credit cards, consolidated bills and that’s all in part to getting my credit score up and focusing on what to do. But, I have to have a visual. You must, too. So, check your credit score at CreditKarma.com. And then, look at debt pay down calculators like the one at Bankrate.com.
2. Adjust where you’re budgeting too much
A budget helps you see the actual expenditures. When it comes to finances as single moms, we need all the help we can get, so quit avoiding it and make the budget happen. One of my favorite cousins and I actually meet once per month to all about what we did right and where we are lacking. I have an amazing one I have been using for years. You can grab it here in my Single Mom Success Bundle. It’s the best value with 7 tools to help you get life together.
3. See what habits are causing you to lose money
This is key. We all have our Achilles heel- the thing that makes us weak and we succumb to it every time. For me, it’s coffee, chocolate, and brunch with the girls. But, my way around this is to create a plan for my money and to look at where and when I usually go left from my plan. Major hint: print out your bank statement and highlight the random purchase and total them up. Hmmm. Now, you can clearly see you had money for that bill, for tuition, to invest in stock, to not have the headaches that you end up with because you didn’t protect against the splurges by doing the work to see what habits must be broke so you can be financially successful.
4. Set yourself up for success now and in the future
Budgeting is hard. But now, you know the drill. Do it Anyway! Set yourself up for success. Use these tips, talk to friends, research some of the experts I recommend, and commit to you and your mission for your family. You CAN do this. Start today to make a plan and keep your life plan in front of you. Our kids deserve the best. Let’s make it happen, sis!
Do It Anyway!
Kaywanda Lamb is an author, speaker, podcaster, and Coach to single moms. Her mission is to help single mothers manage motherhood, make more money, and WIN at life. Connect with Kaywanda on social and join the email list to get doses of fun, faith, and wisdom to help you do life well.
