Let’s Talk Budget

Friday February 22, 2013 | Lifestyle Other

Money is not a subject that many beauty bloggers talk about.

And I’m not sure why. Maybe it’s still one of those taboo subjects. Maybe people don’t talk about it because they continue to carry on this pretense that money ain’t no thang. Not important to think about. And certainly too petty of a subject to be talked about.

But we need to talk about it. Because whether we like to admit or not, we’re all consumers. And as consumers, we need to be more savvy about our spending habits.

Before we get deeper into this subject, I’d like my readers to understand a couple of things about me.

First of all, I’m not some rich person who can buy things willy nilly. I don’t regularly receive products from companies. And if I do, I would inform my readers about it. And were I to receive a product for testing and review, I think I would become even more brutally honest with my reviews.

Second of all, I have some real reasons for buying beauty products. Either I have a specific concern or I just want to try something new.

The point is, I usually think ahead before I buy a beauty product. This means I do my research and I read what other people have to say about a product. I also keep my eyes out for any promotions and reductions.

But in order to be a truly smart spender, I also make use of a very powerful tool…

The budget. 

If you want to be smart about your money, then you have to keep a budget.

The budget is important because it will help you:

  • Avoid spending money that you don’t have.
  • Analyze your spending habits.
  • Free up more money to spend on the things that you like.

I won’t get too detailed about how to set up and maintain a budget. For our purposes, I’ll just explain the basic gist of it.

The Simplest Way to Create a Budget:  

1) Go by the Month. You can pick any timeframe you want, but a monthly budget has that sweet combination of being both short-term and long-term.

2) Write down your Balance. This is the total amount of money that you have to spend for that month.

3) Categorize your Expenses. Rent, food, transportation, BEAUTY products, cat food, etc. Categorize all your expenses.

4) Estimate your Expenses. You already know how much you pay for rent monthly. Estimate what you spend on the other things like food, transportation, luxury, etc.

5) Total expenses < Your Balance. When you total up all your estimated expenses, they should be less than the total amount of money that you have to spend that month.

That’s it. That is the most basic, stripped down version of how to create a budget. It’s really not as complicated as you think. And it doesn’t require a math genius.

Now this is the part where you stop me and say, “Hold up, Kareen. Why the heck as a beauty blogger did you just drag in the subject of personal finance?”

Because! I’m on your side.
Because! I want you to be smarter about your money.
Because! I feel like money is a subject that is not talked about enough. EVEN THOUGH. It is a very real and palpable part of our lives.

I know it was a bit of a tangent. But if you do this, I promise it will help you keep better control of where your money is going. Which means, you will be able to buy more of the things that you love.

Like beauty products! Or whatever may be your cup of tea.

Personal finance, people. Learn it. Practice it.

3 Responses to “Let’s Talk Budget”

  1. Great article and a very easy budget plan…now I just need the will power to resist impulse purchases lol

  2. Ali Harriman says:

    Unless your living arrangements are such that you don’t have to pay the usual bills first ie: housing, taxes, utilities etc…, I don’t see how you can’t not be on a budget. If your living beyond your means, your only going to be able to ignore it for so long. Having said that, when I think about the damage I could do if the bill was someone else’s responsibility ……

    Ali

    • Kareen says:

      Some people are too scared to look directly into their finances and so they just go on spending blindly. I have lived in a situation before where I could not work and I had to rely on the support of others, and believe you me… the opposite happened. I really began to start pinching pennies!

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