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Money Matters

Budgeting Made Easy: How Powerful Women Manage Money

Do you consider yourself a boss? If you’ve stumbled upon this article, you probably are a boss, want to be a boss, or have a boss mentality. Either one is suitable and necessary for this read. So if that is you, keep reading to learn how these easy budgeting principles can help you improve your money skills.

The Basis for Budgeting

ethnic woman writing notes in notebook

Before we go any further, I want to give you insight into who I am as a budgeter. I have always been pretty decent at managing money. Over the years, it has come quite naturally. But when it comes to official budgeting, writing numbers down, and sticking to the limits set forth in order to reach my goal, I have struggled. That’s because that part isn’t natural, and pretty decent money management skills don’t cut it!

The successful women I have had the honor of encountering over the years, whether it be my graduate professor, my doctor, my sons’ doctor, the founder of my church, the licensed clinician (my sister), share the same simple budgeting habits. They budget like millionaires!

How do I know this, you ask? Because I did my research. (What kind of educator would I be if I did not.) I observed those women and asked questions.

After getting into their business, I studied successful women that I don’t know. I read the advice of authors, founders, CEOs, and countless financial advisors whose words I’ve discovered in Forbes. You name it! I’ve been taking notes.

So, if your goal is to start a small business, freelance your skills, or manage your household more efficiently, then having healthy budgeting habits is vital to your financial success. Trust me, variable income (income that does not come from a steady paycheck) is a whole struggle.

But, I do not have to tell you that. You are here because you already know that. Now you understand my premise for budgeting, let’s move forward.

What Budgeting Is

white budgeting ledger paper

Since giving birth and being on unpaid maternity leave, I’ve been able to host my two oldest sons’ birthdays, celebrate Christmas (and what a great Christmas it was), start a blog, and pay bills. Sure I’ve been living off mostly savings. But, if I didn’t budget, there wouldn’t even be savings to live off. 

The savings are available because, before having my baby, I saved to buy a house for about two years. And though having a baby and living through a pandemic delayed my home-buying plans, I still have that goal and plenty more.

So even though I have a love-hate relationship with budgeting, it works! I have found it to be important for my family and essential to my needs. Before we start getting down to the nitty-gritty details of how powerful women budget, it is best that I ensure we’re on the same page about what budgeting is.

kids making noise and disturbing mom budgeting at home

For many women, budgeting in 2021 means recovery. Maybe some of us (like me) have been tapping into emergency funds or savings. That’s okay! Budgeting is a plan. So maybe this year, your goal is to recover. Maybe your goal is to buy a home, travel, or invest. Whatever your goal is, budgeting is the plan that will lead you there.

All successful people plan, point-blank, PERIOD. This post is not to convince you of that. With that idea in mind, do you see the resourcefulness behind budgeting? It’s just a plan that you need to help you reach that goal that requires your money – sometimes lots of it.

How to Budget Like a Boss

group of people in a meeting

Okay, so we have reached the meat and potatoes of this article. The reason why you’re here – to see if you’ve been doing it right or to figure out how to get it right! So no more lecturing like my mom. To ensure I can still afford to reach the money goals I have set forth this new year, this is how I am budgeting.

Setup Your Budget With 7 Powerful Moves

Have the Right Mindset.
goal lettering text on black background

I know you want to have substantial savings, invest in that property, or open your business. But, those things are the intricate goals you hope to achieve. Remember, your budget is a plan with a purpose.

The purpose is to help you reach your particular money goal, yes. But, all budgeting has the same goal. Yep, your budget and my budget share the same outcome – to help us keep more money than we spend.

Write it down, and you will make it happen.
serious black student budgeting in notebook in park

It honestly may not matter what you use to do this. You can grab a ledger, copy paper, or a planner. Use the notepad on your iPhone (or Android) or an app. A power move is writing down your money goal and the budgeting plan that goes with it.

All my visual learners probably understand this. There’s just something about seeing those words and numbers that makes it all work in your favor.

Give yourself a timeframe.
analog clock sketch in black surface

Like any goal you set, it is important that you allot a specific and realistic amount of time towards accomplishing your money goal. This means that you can set forth anything from a weekly budget to an annual budget.

It is based on whatever works for you and your current lifestyle. The timeframe can always be adjusted as your goals and external variables (income, expenses, etc.) change.

List All Your Income and Expenses.  
white spiral notebook beside black pen and black round analog watch

Add up your set income and list all of your required expenses for the month (mortgage/rent, car payment, child care). I mentioned the variable income earner previously.

If this is, or will be you, then you should take an average of your income from the past three months or so to see how much you average in each month.

That’s it! As you will see, this part of the budget is the most straightforward.

Pay Yourself and Save First.
crop businesswoman counting money and budgeting while sitting at desk

After you take your expenses into account, set aside funds for whatever money goal you’ve established. It might be a savings fund, paying down student loans, buying a home, emergency funds, your child’s college funds, etc.

Use the timeframe you’ve established to determine how much you can afford to put towards your goal. That is where and how budgeting helps you prioritize your financial goals.

Plan Your Spending.
gold ipad beside stylus

I would suggest executing this power move in small strides. First, track any discretionary expenses with a set timeframe so that you can plan for them in your budget in the future.

You can start with weekly tracking and then advance to a month and so forth. The point is to learn your spending patterns. You will discover habits that you never even noticed. 

Continuously Compare and Check-In.
crop faceless woman working on budgeting in office

Finally, but also important, you will want to make a habit of continuously reviewing your budget and comparing your income to your spending. Adjust your spending patterns whenever necessary.

Perhaps you do this one by finding coupons for the groceries. Maybe you need to purchase a more affordable gift, consider breastfeeding your baby or stop eating out for two weeks. Whatever you do, always make sure your spending is conducive to the goal you’ve created.

So that’s it, ladies! After observing the actions of successful women, that’s what my notes tell me.

They also tell me that success is stability. Success is intention. It’s about accomplishing the goals you establish by applying actions to the principles (like those above) that you set forth to help you reach them. So by budgeting with purpose, you empower yourself for success!

Let’s start a discussion. Comment down below and tell me about a principle you’re currently using in your budget. What did you find most helpful about mine? Until next time, xoxo friends.

Suppose one of you wants to build a tower. Won’t you first sit down and estimate the cost to see if you have enough money to complete it? For if you lay the foundation and are not able to finish it, everyone who sees it will ridicule you, saying, ‘This person began to build and wasn’t able to finish.’

LUKE 14:28-30

1 Comment

  1. delta 8 says:

    Pretty! This was a really wonderful post. Thanks for
    providing these details.

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