In today’s economy, the overall costs of living are continuously rising. If these increasing expenses have you stressed out, you’re not alone, and it may be time to budget your finances. Whether you’re new to the budgeting world or have struggled with it in the past, we’re here to bring you an easy guide to managing your money.
Read on to learn the basics of budgeting:
Decide Why You’re Budgeting
What’s inspiring you to start budgeting your money? Whether you’re looking to manage finances due to the rising costs of living or saving up for a big life event, it’s important to understand the reason behind your decision to budget. Knowing the “why” behind this will give you a purpose to keep going.
Evaluate Fixed Income and Expenses
Make a spreadsheet to determine your sources of income and your monthly expenses. These expenses are things that typically stay the same from month-to-month, such as your car payment, rent, car insurance, phone bill, etc.
From there, you’ll want to add in a tentative amount for groceries, gas and other expenses that may come up throughout the month. Once all of your expenses have been laid out, you can determine if you have room to save and identify financial goals.
Monitor Your Spending Habits
Take a few months to track your spending habits. Are you spending a lot on eating out, daily coffee runs or shopping? If so, you may want to consider cutting back on purchases like these that quickly add up. Allow yourself a certain limit each month for personal expenses.
Also, make sure your monthly subscriptions are in check. We are all guilty of forgetting to cancel that one streaming service that we continue to pay for each month. Go through all of your subscriptions and make sure you only keep the ones you need and use on a daily basis.
Explore New Sources of Income
After analyzing your budget, you may realize that your cost of living is coming close to your income. If that’s the case – don’t panic, it’s OK! Now is the time to explore additional sources of income, whether it’s a new job with a higher pay or a side gig to help you bring in an alternative stream of income.
Either way, let ETS help you with your job search. With hundreds of part-time and full-time roles, our team can help you find the right fit to meet your financial goals!
Test Out Different Methods
Once you’ve gotten the hang of the entire budgeting process, take the time to test out different methods and find out what works best for you. There are so many ways to budget, so just remember to be realistic with your approach and do whatever fits your lifestyle!
With the ongoing rise of gas prices, groceries and the cost of living, you may be left feeling stressed about your overall financial stability. So don’t go at it alone! Partner with an ETS recruiter today to explore your options. With access to hundreds of jobs, we’ll help you make a career switch or pick up a side gig to earn some extra cash. Plus, you’ll get benefits and added support from our team that will automatically set you up for success. Live chat with us now to learn more.