Budget Newbie

Congrats to you for making the decision to take better control of your finances!!!  Getting started can often be the hardest step and you have jumped over that hurdle! Here at Hustle Girl Financial we advise our fellow “Hustlers” to create a blueprint instead of a budget.  The word budget evokes different feelings and responses and many are negative.  A “Financial Blueprint” is actually so much more than a budget.  A blueprint lays out every aspect of your financial life including goals, income, expenses, debts, savings and investing.

Depending on your preference you can create your financial blueprint electronically using excel or any spreadsheet program or you can keep it simple with paper and pencil.  Since this is your first time creating a blueprint, I would suggest you create a monthly blueprint to begin and follow the steps below:

1. Write down your blueprint goal for the month
   • Ex: Pay $50 extra on Visa
2. List your income estimate for the month
   • How much you expect to earn for the month from all sources i.e…regular job, side hustle etc..
3. List your Household expenses including what they are, when they are due and how much is owed
   • Mortgage due 12/1 – $780
   • Electric due 12/12 – $250
4. List your debts including what they are, when they are due and how much is owed
   • Car note due 12/15 – $275
   • Student loan due 12/15 – $189
5. List your savings and investment total
   • Remember to pay yourself as part of your monthly blueprint
   • Emergency Fund – $50

Once you have each section completed:

• Create a total for each section
• After you find your totals, subtract each section total from your total income for the month

If your income is enough to fund each section, congratulations your have positive net income for the month!!!  Hopefully that positive income will be enough to meet your goal of sending $50 extra dollars to debt.

If your income is not enough to fund each section then you need to review each section and determine where you might be able to make adjustments. It will take time to get your blueprint right so don’t give up or become discouraged if the first or second month doesn’t go the way you plan…it happens to all of us.  The key is consistency and sticking with it.  Good luck and please write again and tell me how it’s going, until then I wish you love, peace and a whole lot of Hustle!

Sincerely,