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UMe’s Guide To Financial Fitness in 2021, Part 2

Welcome back to UMe’s Guide to Financial Fitness. It’s nice to see U again! If you’ve completed Part 1, you should have your self assessment done so let’s get to the good stuff: Creating (and sticking to) a budget.

Think of budgeting as a healthy balanced diet, the more you stick to it, the better the results will be and little adjustments can make a big difference. Lucky for you, we’ve made budgeting easy as pie (a healthy one, of course). Here’s our quick guide to building a budget.


Budget Well

As we pointed to in the paragraphs above, budgeting is a key to success when it comes to being financially fit. So, how do you start to create a budget? It’s a lot easier than you might think, and you can do it in these three easy steps:

Step 1: Like you did in Part 1 of your financial self assessment, make note of your net income and monthly expenses. This will give you an idea of how much money you have left each month, once your expenses are taken care of.

Step 2: Make a plan to achieve your financial goals. Some common goals are to eliminate debt or save for a large purchase. But not all goals have to be big goals — set yourself some small and easy, achievable goals too! Like paying $25 over your minimum credit card balances each month. Once you have your financial goals in mind, establish a plan to accomplish them.

Step 3: Track your spending regularly — consistency is key — and make adjustments to stay on course. Take note of your spending habits and remaining balance(s) to be sure you don’t overspend.

Budgeting Pro Tip: Don’t overlook your small spending. Unnecessary small purchases, like extra snacking, isn’t good for your wallet (or your waistline).

Those are the basics, UMe-verse; Your quick guide to budgeting. Not too difficult, right? Remember to check-in with your spending on a regular basis and before you know it, you’ll be on your way to reaching your financial goals. U got this! And if you have any questions, we’re here for U! Up next, it’s all about saving. We’ll discuss the importance of putting money aside in a (UMe) savings account. Catch you guys next time for Part 3!