How To Start Your Own Budget When You’re Horrible With Money

Too much month, and not enough money? We’ve all been there. Truth be told, I’m there RIGHT NOW. Being a millennial in THIS economy is stressful to say the least. If I knew how much money it costs to be alive, I would not have been in such a hurry to grow up. It’s extremely easy to fall into debt, if you lack discipline. Let’s face it, most of us definitely lack discipline. I’ve been reading Dave Ramsey’s Total Money Makeover, and it’s inspired me to get my own finances in order. I’ve been working on creating and keeping up with a monthly budget. I know I’m not the only one struggling with money management, so here are a few tips to help us all get in shape.

How To Create a Budget

Be honest with yourself.

The key to creating a budget is knowing exactly where your money is going. Write down all of your monthly expenses. Write down everything from your rent to your Netflix subscription. Check your bank statement for the month to see exactly what you’ve been spending money on.

Income Vs Outcome

Write down your monthly income after taxes. Compare that with how much you’re currently spending. Are you spending more than you’re bringing in? If so, you have two options. You either need to make more money, or spend less money. I know it’s easier said than done, but it’s possible.

Necessities Vs Wants

Look at your list on expenses, and separate the things you absolutely need from the things you can do without. For example: you need a roof over your head, you don’t need a gym membership. When making your list, ask your self if you can live without it, or work without it. Below is an example of basic needs verses wants.

How to create your own budget

Cut Costs

Once you’ve written down your expenses, and separated your wants from your needs, it’s time to cut costs. Here are a few ways to cut costs:

  • Get rid unnecessary subscriptions
  • Invest in a cheaper cell phone plan
  • Stop ordering take out
  • Start couponing
  • Move to reduce rent
  • Get rid of cable tv

Got Debt? Use the Snowball Method.

Write down all of your debts. Start with the one with the least amount. Pay additional money on that one debt every month. Once it’s paid off, move on on to the next debt with the least amount. Continue until you’re debt free!

Getting your finances together and keeping them together takes a lot of discipline. We live in a time where the cost of living is way higher than employers are willing to pay, and that definitely makes it difficult to get ahead. Just stay strong, focused, and stick to your budget. Remember that we’re in this together. Here is a list of cash back apps everyone should have!


Hi, I’m Chantal. I’m a mom of two, self proclaimed naturalista, and Author of Growing Girls With Curls: Short Stories For Girls of Color. Being a mom is hard. Pair that with being a single, black, millennial in America and it’s a whole different monster. Feel free to join my mailing list and follow along as I blog through this crazy thing called life.

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