Step 2. It’s time to budget! This is one of the most challenging things in the whole wide world – sticking to your budget.
You have nobody around to tell you what you do with your money except you and an app. There are plenty of apps to keep you on track and within budget. Banks now are starting to include budgeting features in their own apps. Take advantage. This becomes one less thing to worry about.
Personally, I use Mint.
Features:
It’s easy – input all the info from step 1. Link all types of accounts, savings, investments, etc.
Quick visual account usage notifications
Regular credit score updates
Bill payment and budget reminders
There are a number of apps you can use. Click here for options.
Budgeting is difficult because you have to self-reflect. Not fun. One of the advantages of using an app linked to all of your accounts is they don’t lie. You did give yourself a budget of $75 for restaurants and drinks for the week. You did go over your budget in just one night. It’s there. You received the notification. Accountability is key to knowing and staying within budget.
In writing this I realize that we need to take a step back. We’re in Step 2, I know.
What are your goals? What are you trying to achieve? Are you simply trying to get through the day or the week? During the early stages of separation/divorce survival is key. Don’t be afraid to give yourself small goals.
To save money today I won’t get fries with that burger. Instead of an ice coffee for breakfast and afternoon pick me up, I’ll stick to one. Hey, I prefer my coffee black. That’s $1.18 more in my pocket today!
Create the habit of what you can manage and build from that foundation. Remember the ultimate goal is to get to a place of financial stability.
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