Welcome to another new episode of Miko’s Moments.
Today, I wanted to talk about a budgeting myth that I believed for way too long.
That myth is, “I don’t make enough money to create a budget.”
For many people, and I am sure you have felt this at some point in your life when you feel you don’t make enough income even to pay your bills, what’s the point of a budget? How can a budget work when the income to create a helpful and successful budget just isn’t there?
Here’s the truth, you don’t make enough money to NOT have a budget.
The lower your income, the more important it is to have a realistic solid budget in your life. You have to have a starting point before you can embark on making changes. Being in the dark with your money will only hurt you and keep you stuck.
Creating a budget will give you a solid plan and help you maximize the efficiency of the income you do have.
If you get to a point in the road where your income doesn’t cover your expenses, the first question you need to ask yourself is, “Do I have an income problem or a spending problem.” Remember, creating a budget isn’t just about writing numbers on a piece of paper. It’s about doing the hard work first so that you can create a budget that actually works in your life. Part of that hard work is looking at your spending. It’s about listing out all of your expenses, going through them one by one, and deciding to either keep, cut or lower each one. It’s about understanding the reasons and issues behind your overspending and taking daily action to produce change. When you have lowered and cut all that you can and are still short, then you have an income problem.
My point here is that you can’t grow, get better, or improve your financial situation without doing the work to create a budget.
I believe everyone should have a budget in their lives, no matter how big or small their income.
So, if you believe this myth like I once did, I encourage you to start today. Of course, that first step doesn’t mean you will have a fully functioning budget today, but you can start doing the hard work today. Here’s are some steps to get you started:
Try to keep a positive mindset and know this is only temporary. It’s not your permanent place.
Track your spending, so you have the knowledge on where to make changes.
Cut and reduce current spending and expenses.
Find ways to make more income. I know, easier said than done. Start small. Find unwanted items around your home to sell. Become a dog sitter on Rover. Drive for Uber Eats. You can find more ways to increase your income over on thebudgetmom.com
Prioritize your bills and expenses. Think about and prioritize the expenses you need to survive.
I’ll be back next week with another Miko’s Moments. Have a wonderful weekend.