Video: Beginning to Budget

In this 2-minute video, Dr. Erika Rasure, Beyond Finance’s Chief Financial Wellness Officer and Financial Therapist, shares:

Transcript of Video:

Budgeting can have certain associations — like feeling boring, restrictive, or maybe just difficult.

But if you take the right approach,budgeting can make you feel empowered, because you’re taking an active role in your finances.

3 things to keep in mind:

Keep trying. – We all have moments where we throw our budget out the window, but the important thing is to keep trying and find a system that works for you.
Stay flexible. – Our income and expenses fluctuate. It’s great to set goals — but it’s OK if it doesn’t happen.
Keep the fun. — If you don’t budget for things that bring you joy, it won’t be sustainable. If date night with your spouse gets you through the week, keep it — maybe just skip the after-dinner movie!

Here are some different approaches to budgeting – think about which one appeals to you.

If you like a digital approach, try using a budgeting app! There are apps that will group your credit or debit card spending into categories so you can see where your money’s going and set goals.

The envelope method is similar, but for more visual, tactile folks. Same as with apps, you can start to set new goals for the next month.

My personal choice was money journaling – I’d sit in my car after buying something, write what I bought, how much it cost, and how I felt about it If I saved grocery money using a coupon I’d write about a positive feeling, but if it was something I had regrets about, I’d end up writing about that. Soon, right there in the store — or online — you start to get that feeling EARLY, when you’re considering the purchase. It becomes second nature and helps guide your spending choices.

Remember – there’s no failure in budgeting. It’s all about practice and finding something that works for you.

Knowing where your money is going and gaining control over it, can feel very good — and very powerful.