How to Start A Budget for The New Year

Updated: Jan 2

Starting a budget can be very overwhelming at the beginning for many people. Sometimes you find yourself stuck between finding the right budget spreadsheets, making enough income to cover your bills, and tracking your spending each month to stick to the budget. Yes, all of these can seem like never-ending tasks to help you pay down debt, student loans, and credit cards. I have been there myself many times. But, I found that setting a monthly goal for my money before the "actual month" before has ALWAYS helped me pay down debt, save, and enjoy life a little bit as I reach my financial goals.

I am going to share my journey to overcoming debt, overspending, saving for traveling, buying a home, and investing for retirement. Are you wondering if people really do save and pay off their student loans? Ever wonder if you can save for an emergency fund? If you want to be a debt-free mom, teacher, doctor, lawyer, creator, and any other occupation you may have, then I believe taking simple steps can help accomplish your financial goals. I wanted to get out of debt, build a saving, and start to invest for my future before it was too late. So, I made a life-changing decision right after college. I decided to create a budget that would help me pay off my student loans, credit card bills, and build savings on my teacher's salary.

"I have too many loans." "I will never get out of debt". "I can't be financially free". All of these are statements I have heard from others. Some of them I have even heard myself saying along my own financial journey. Yes, it can be pretty difficult at times. Honestly, it was all worth it in the end. But, I needed to understand the importance of a money mindset. The negative experiences we have with money can shape our mentality ad guide our future decisions surrounding money. It is important to really take some time and realize your money mindset and work to develop a new one as you gain more information down your financial path.

First, grab some paper and sit down to reflect on your answers to the following questions.

1. What do you think about money?

2. How has money impacted your life?

3. Why is money important to you?

4. How can you better spend money in the future?

Then, grab the financial vision board template, a magazine, scissors, and glue. One of the most important steps to starting a budget is creating a vision for your finances. This is one of my favorite parts of the entire financial journey. Why? Because, creating a vision of your finances will help you make better choices to reach of the goals you set. For example, if you desire to buy a home with twenty percent down this year, cut out a picture of a house and place it on your vision board. Or, create youFeel free to create your diy vision board, download a free template here, or grab an online vision board.

Be sure to take some time and reflect on your money goals. It is important that you set realistic goals over the new year. Yes, we all want to be a millionaire, retire, and travel the world. However, we have to think about the small steps that come before that big goal can be accomplished. Maybe, you could start with saving $1,000 a month, cutting down on your monthly expenses, or learning how to budget your money based on your income.

Once you create your vision board, place it in an area of your home where you can see it. As you see your vision board in your home, office, or designated space, you will begin to manifest the dreams you have placed on it. Manifesting is very powerful and begins with what you see, think, and believe can happen in your life.

Take the time to create a vision board for your finances this year. It is a budgeting tool that will help you save money in the long run. You will be able to begin paying off debt, saving for retirement, and budgeting your money every step you take along your financial journey.

But, starting a budget begins with creating a vision for your finances. Grab your reflection sheet and money vision board. Think about your dreams for this year. Go for it. But, before you do, sign up for my FREE weekly newsletter to give you money tips, advice, and help guide you along your journey this year. Financial Community is very important and can play a huge role in your financial success this year!

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