Finding Your “Worth It” - How to Budget & Prioritize

So it’s time to start budgeting - where do you start? There is a purchase coming up that you really want to make, but don’t seem to find the right way to fit the puzzle of all your financial responsibilities. Keep reading to find out how to prioritize items affecting your budgeting, and different possible avenues. 

Cutting Out vs. Adjusting Priorities

More often than not, budgeting tends to look like separating your spending habits into two different piles, and deciding to throw one of the piles away, usually the things you feel you don’t necessarily need as much. However, it does not have to look that way. Budgeting does not always mean cutting things out of your spending. It is as simple as adjusting where your priorities lie. 

Take your pile that was about to be tossed, and instead of thinking about the pile as a whole, think about each of the items individually. Now think about these costs compared to those in the other pile, and start to visualize items from both in a line, from most important to least important. No items have to be completely thrown out, just prioritized. 

How to Set Priorities

Now that you have started the process -- what exactly goes into consideration when setting priorities? It is important to look at the item in comparison to different options you could have. For example, some things you could think about are: 

• Is this something that could be enjoyed later? 

• How important is this cost to me? 

• Is there a way I can enjoy this cost on a smaller scale? 

Paying Yourself First 

Paying yourself first is a beneficial skill to master when focusing on budgeting. In simplest terms, paying yourself first is putting money towards your savings/savings goals before any bills. While it might sound hard to do at first, it will start to create importance for the financial goals you are trying to achieve. 

Get on the Same Page as Your Partner

Budgeting can be a seamless practice when done in an effort with your partner. If both of you are focused on one central goal, with a clear and communicated path to get there, that achievement will find its way to you. 

Interested in learning more about money and marriage management? Check out this blog: Marriage and Marriage -- A Guide to Combining the Two