Heyyy Rich Auntie!!!
First things first, I hope that you are well during this troubling time, and if you aren't I hope that you get well soon.
YRAA The Brand's mission is to increase the knowledge base of both current and future Rich Aunties on all things related to financial literacy through all things style. The Rich Auntie Tribe should not only exude wealth from a physical standpoint but should be wealthy from a financial perspective as well!!
Now it's time to bore you in an exciting way by discussing home budgets!
What exactly is a budget? Investopedia defines it as "an estimation of revenue and expenses over a specified future period of time and is usually compiled and re-evaluated on a periodic basis."
I feel you giving me a look.......I bet it looks like this....
Ok ok ok! In YRAA's world a budget is "how much money do I have to shop with cuz those shoes are MINE!!!" If you ever needed imagery on what I look like when I'm about to blow my budget, here is the perfect gif!!
Now that you know both the formal and informal definition of the term budget let's dive a little deeper.
Budgets require discipline, commitment, some level of analysis and a glass of wine. Make that a bottle. We will cover each of those items except the wine because this is definitely a BYOB function in our blog series on budgeting so stay tuned. In the meantime below are some things you need to think about when preparing to plan your household budget.
Know your purpose! Everyone has a goal or in my case several shoes..I mean goals they want to achieve financially. Whether it is to pay off your debt, make a purchase, or just to build your savings....having a reason for doing this in the first place makes it a lot easier to stick with.
What your life is like. Are you spontaneous in your daily routines or is your day to day predictable? What are your habits? Are you willing to break them in order to reach your goals?
Are you ready? Unless you are mentally ready to budget you won't be interested in creating or sticking with it. Conquer your mind before you conquer your finances.
Do you have a support system? We all need somebody to help us stay strong when we want to buy something that is not in our budget. Gather your team and tell them your plans so that they can help keep you accountable. If you don't have a team you can depend on us. Just contact us and let us know you need some support as you navigate the world with your budget. We'll always be there!
Issue No. 2 of our budgeting series will cover discipline and commitment. Without them your budget will fail every month (or week or day depending on how you want to manage your money).
This riveting series is destined to take you somewhere Rich Auntie!
Stay fabulous. Exude Excellence. Be Blessed.