{"id":23378,"date":"2021-12-22T19:16:50","date_gmt":"2021-12-22T19:16:50","guid":{"rendered":"http:\/\/www.ldblifestylebenefits.com\/?p=23378"},"modified":"2023-07-28T22:26:51","modified_gmt":"2023-07-28T22:26:51","slug":"23378-2","status":"publish","type":"post","link":"https:\/\/ldblifestylebenefits.com\/index.php\/2021\/12\/22\/23378-2\/","title":{"rendered":"Breaking Down Budgeting"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]<\/p>\n

\u201cBudget\u201d isn\u2019t anyone\u2019s favorite word, and understandably so. Talking about finances can be stressful, and even the idea of sitting down to make a budget can be an intimidating prospect.<\/p>\n

    \n
  1. \n

    Know your income<\/h4>\n

    In order to know how much you can spend per month, you have to know how much you make. Check your paystub or direct deposit to see how much you\u2019re paid per month. Be sure to add any steady income from a side hustle or from investments (i.e., interest from a CD). If you\u2019re making a joint budget with a spouse or partner, be sure you\u2019ve included their income. This number represents the money you can rely on to come in each month.<\/li>\n

  2. \n

    Estimate your monthly spending habits<\/h4>\n

    This can be the trickiest part of the process, but it is essential. Use your bank statements and\/or credit card statements to see how much money you spend per month and note where it goes. While some items like rent or student loan payments will generally be set amounts, other expenditures are more fluid, like dining out or buying clothes. For those less predictable categories, go through a few months of statements and find the average amounts you spend, which you can use in your forming budget. Make sure to include any ongoing subscriptions and routine payments you know you\u2019ll be making, like cell phone provider and water bills. At the end of this process, you should have a second number that represents roughly how much you spend per month.<\/li>\n

  3. \n

    Prioritize your spend<\/h4>\n

    Ideally, that second number is less than the first. If it isn\u2019t, or if it\u2019s the same, it is likely time to examine your spending patterns and eliminate items that aren\u2019t necessities. For instance, you may realize that you\u2019ve been spending more than you think on eating out, or maybe you forgot how many streaming subscriptions you have. Cutting back on these items will allow you to bank that money toward potential emergencies, or even a big-ticket item you want to purchase but can\u2019t yet afford.<\/li>\n<\/ol>\n

    Making and sticking to a monthly budget can be life-changing. Apps such as Mint or Goodbudget help you understand and manage your income. A little saved each month can add up quickly.<\/p>\n

    RESOURCES:<\/h3>\n

    How to Budget Money on a Low Income – Experian<\/a>
    \n    How to Create Your Budget With EveryDollar | RamseySolutions.com<\/a>
    \n    Making a Budget | Consumer.gov<\/a>
    \n    The 7 Best Budget Apps for 2021 – NerdWallet<\/a><\/p>\n

    [\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

    [vc_row][vc_column][vc_column_text] \u201cBudget\u201d isn\u2019t anyone\u2019s favorite word, and understandably so. Talking about finances can be stressful, and even the idea of sitting down to make a budget can be an intimidating prospect. Know your income In order to know how much you can spend per month, you have to know how much you make. Check your […]<\/p>\n","protected":false},"author":1,"featured_media":26813,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[214,20],"tags":[],"class_list":["post-23378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-2022-january-en","category-lifestyle-and-wellness"],"_links":{"self":[{"href":"https:\/\/ldblifestylebenefits.com\/index.php\/wp-json\/wp\/v2\/posts\/23378","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ldblifestylebenefits.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ldblifestylebenefits.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ldblifestylebenefits.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ldblifestylebenefits.com\/index.php\/wp-json\/wp\/v2\/comments?post=23378"}],"version-history":[{"count":2,"href":"https:\/\/ldblifestylebenefits.com\/index.php\/wp-json\/wp\/v2\/posts\/23378\/revisions"}],"predecessor-version":[{"id":26814,"href":"https:\/\/ldblifestylebenefits.com\/index.php\/wp-json\/wp\/v2\/posts\/23378\/revisions\/26814"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ldblifestylebenefits.com\/index.php\/wp-json\/wp\/v2\/media\/26813"}],"wp:attachment":[{"href":"https:\/\/ldblifestylebenefits.com\/index.php\/wp-json\/wp\/v2\/media?parent=23378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ldblifestylebenefits.com\/index.php\/wp-json\/wp\/v2\/categories?post=23378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ldblifestylebenefits.com\/index.php\/wp-json\/wp\/v2\/tags?post=23378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}