5 Steps for How Single Women Can Maintain a Budget | Quicken Loans

– Hi, I’m Catherine Alford, I’m a Family Finance
Expert and Financial Writer dedicated to helping you live
your best financial life. I’m a mom of twins, the
wife of a busy physician, and together we’re paying down six figures of student loans, all while
trying to save for the future. I know what’s it’s like to
juggle many responsibilities, and I’m excited to share what
I’ve learned along the way, so you can make the most of your finances. There are many people, who
don’t like the word budget. But, in my opinion, budgeting
is one of the easiest ways to give yourself permission to spend. Think about it, if you
allocate a certain amount of money in your budget to eating out, you don’t ever have to
feel guilty for going out to eat with your girlfriends,
as long as you don’t exceed the amount
specified in that category. So, if you’ve always wanted
to learn how to budget, today I’m going to share
with you a few steps on how to get one started. Step number one, take an
inventory of your income, and know exactly how much
money you have coming in after taxes, and ideally
after saving for retirement. Once you know that number,
you can then move on to step two, which is
knowing all of your expenses. You can find your most
common expenses every month, by looking at your last
three months of spending. Step number three, allocate
each dollar that you earn to a category, even if that
category is just a savings category. You want to make sure
that each dollar you have has a job every month. Step four is to track your
spending as the month goes on. And you can do this with a pen and paper, or even with an app. And if you notice you
go over in one category, it’s okay, you can forgive
yourself because you can just simply take it away
from another category. This way you’ll have
a nice balanced budget at the end of the month. And step five is to
give yourself some time, go easy on yourself, and forgive yourself if you get off track. Budgeting is just like anything else, it really takes time to
become proficient at it. But, if you keep at it and keep trying, you will be well on your way to a lifetime of financial wellness. (mellow music)

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