How To Create A Budget [For Beginners]

[This post is brought to you by Groupon Coupons. All opinions and advice are 100% mine.]

Money money money. You cannot LIVE without it. As great as it is to spend money, you need it for rent, late-night Chinese food, shopping for clothes, and of course, fun money. College students and working people both share the struggle of budgeting. Truth is, it doesn’t need to be a struggle. Here’s how I approach saving money:

1. Estimate your income:

Ask yourself the following questions:
-How much money do I make per month? Per week? Day?
-How much do I need to survive comfortably?
-What are my favorite things to purchase?

2. Determine how much you NEED to live (rent, expenses, groceries, bills, tuition)

This varies person-to-person. Some people have higher living expenses with lower pay and will need to budget intensively. Hopefully, you have living expenses that do not push you to overwork. Note that working “too hard” is a true thing and if work begins to affect your health, I suggest you reconsider your workload.

3. Fun money is a NEED
Budgeting is serious business, but so is enjoying your life. Sometimes you need to splurge. However, limiting the splurging is the tricky part. Balancing budget with fun money is the key to success. Typically I allot myself 10-20% of my total earnings and save the rest. Note that this number applies to my personal situation, but can be adjusted as you see fit.

Once you figure out how much money you NEED, you can determine how much you HAVE. Money that you have is best saved or turned into fun money. Though fun money may sound like a juvenile term, it is a huge component of budgeting. You may overspend or underspend. Forgive yourself. It’s a learning process and you’ll grow from it.

Groupon Coupons, in particular, are helpful toward budgeting! The key to saving money is to find any way to do so. Though people scoff at coupons, they are always the way to go. Signing up for Groupon Coupons is simple and deals are sent directly to your email about your local area. Even the money you spend on fun trips and experiences can be discounted. Planning your next vacation? Travelocity and Groupon Coupons will help you save on your next tropical vacation. Whether you use Groupon Coupons or paper coupons, make sure that you always focus on maximizing savings. 

If you have any other questions about budgeting, feel free to comment or email me anytime.