If you’re in debt, start by saving a $1,000 starter emergency fund (we call this Baby Step 1)-then pause saving and throw everything else (after your necessary monthly expenses) at crushing that debt. Not only does a padded savings account give you peace of mind, but it also helps you plan for big purchases. Savingĭepending on what Baby Step you’re on, you might need to make saving a priority. Whether you give to your church or your favorite charity or organization, start your month by giving 10% of your income to a specific cause dear to you. Not just because we like to be a little weird (we do!), but because when we give, it takes the focus off of what we’re lacking and shines a light on helping others. And yes, it’s the first thing we budget for each month. But hear us out.Īround here, we’re all about being generous. It may seem backward to think about giving as a common monthly expense because there’s already so much in life to pay for. Of course, monthly expenses vary from person to person and situation to situation, but there are some common monthly expenses to think about when you start a basic budget.
That's why you need a plan, aka a budget.Īnd that starts with taking a look at your basic monthly expenses. The truth is, you’re way more confident- and you enjoy life more-when you’re prepared for it. Would you give a big presentation at work without preparing at all? What about your wedding day? You wouldn’t just show up without a plan and hope it all worked out, right? Not in a million years.
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