Why You Really Do Need a Budget (Even If You Don't Want One)

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Like it or not, you need a budget. If for no other reason, it’s incredibly helpful when it comes to saving money for a rainy day. Because let’s be honest when things are going well financially, it’s easy to forget about that little thing called a savings account.

Creating a budget doesn’t have to be overwhelming. Here’s a simple breakdown of how to start and what to consider along the way.

Step 1: Know Your Numbers

Before choosing a budgeting method, you need to understand where your money is coming from and where it’s going.

Gather all your financial documents, including:

  • Bank statements

  • Investment account info

  • W-2s and pay stubs

  • Credit card bills

  • Utility bills

  • Loan statements (mortgage, car, student, etc.)

  • 1099s or side hustle income

  • Recent receipts (look back over 3 months if possible)

Calculate Your Income

Add up all the money you bring in each month: your paycheck, side gigs, child support, Social Security, etc. If your income varies, use your lowest-earning month as your baseline.

Calculate Your Expenses

Go through your spending over the last 3 months to get a clear picture of your average monthly expenses. Be thorough and make sure to include:

  • Housing and utilities

  • Transportation

  • Groceries and eating out

  • Subscriptions

  • Childcare or school expenses

  • Debt payments

  • Health costs

  • Anything else you regularly spend money on

Once you’ve crunched the numbers, you’ll know whether your current lifestyle is sustainable—or if some changes are in order.

What Your Numbers Tell You

  • If your income is higher than your expenses: Great! You can start putting extra funds toward savings, an emergency fund, debt repayment, or even long-term goals like retirement or a vacation.

  • If your expenses are higher than your income: Time to rebalance.

Step 2: Adjust Where Needed

Start by trimming your variable expenses or the things that aren’t fixed, like dining out, entertainment, or shopping.

Still not enough? You may need to:

  • Reevaluate fixed expenses (e.g., housing or subscriptions)

  • Find ways to boost your income through side hustles, freelancing, or selling unused items

Step 3: Choose a Budgeting Method That Fits Your Life

You don’t need to follow someone else’s budgeting plan perfectly. Find what works for you. Here are two popular options:

💸 50/30/20 Budget

A simple way to divide your income:

  • 50% Needs (housing, food, utilities, transportation)

  • 30% Wants (eating out, fun, extras)

  • 20% Savings and Debt Repayment

🧾 Zero-Based Budget

Every dollar gets a job so your income minus your expenses equals zero. That includes savings, giving, bills, and spending. Great for people who want more control, but it requires attention to detail.

Step 4: Use Tools That Work for You

There are plenty of budgeting apps like:

  • YNAB (You Need a Budget)

  • EveryDollar

  • Mint

  • Goodbudget

Or go old-school with pen and paper, a spreadsheet, or the cash envelope method.

Step 5: Keep It Flexible

Life changes and so will your budget. Expect to revisit and adjust it regularly based on:

  • Job changes

  • New expenses

  • Seasonal spending

  • Life events (baby, move, illness, etc.)

Tips for Staying on Track

  • Use the envelope method if you’re a visual learner. Once a category runs out of cash, you’re done spending in that area.

  • Keep your goals visible. Whether it’s buying a home, getting out of debt, or building security, remind yourself why you’re budgeting.

  • Make it a habit. Set a weekly or monthly budget check-in with yourself (or your partner).

What Does Financial Stability Look Like?

That answer is personal, but a good rule of thumb is to have at least three months of living expenses saved in an emergency fund. That gives you breathing room if something unexpected happens like a job loss, medical bills, or a major repairs.

You’ve Got This

Budgeting isn’t about depriving yourself, it’s about creating peace of mind and a plan. With these steps, you’ll be on your way to a healthier financial future. Start small, be consistent, and adjust as you go.

Remember: The best budget is the one you’ll actually stick to.

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