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Technology Technology

Save Money: How To Budget In 2022

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67 67 views
7m Oct 31, 2022
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Investing and saving are only 2 pieces of a larger puzzle to get ahead in 2022. Budgeting is a very important and overlooked strategy that most do not utilize. As the saying goes, you cannot improve what you do not track.

In 2020 about 35% of Americans had a budget, in 2022 only 32% do. Interestingly enough, this seems to correlate with the reports that estimate between 50-70% of Americans are struggling financially. While it’s more likely due to inflation, gas costs, and poor oversight from our governments, there is something to be said about personal accountability too.

Budgeting isn’t simply just about trying to be frugal. You can still spend poorly while tracking your expenses. The idea is that you can have a holistic view of your finances and know exactly what’s being spent where. Sometimes, it’s as simple as taking a look at your budget once a month and thinking about where you could cut down and how much that could help you out. You can move things around as needed and explore how much money you could save with different options. It also helps you keep track of things you may have forgotten about such as old subscriptions or services.

This is my 545th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!

You can download the simple template version here and start following along: https://mega.nz/file/ATx3iAza#ZUhllHs4YZjMMjtC1FyN_Qhkkwmy-P98UxXqsVj8xS4 or https://bit.ly/templatebudgetting

In the video, I will explain how I budget by going through how I break everything out. It seems daunting at first, but if you keep a link to your budget on your phone you can easily update it daily, weekly, or at whatever frequency is easiest for you. I do it daily to make sure I don’t miss anything and so that it only takes a couple of minutes rather than dedicating a large chunk of time to it.

If it helps, I will explain how I organize the major sections to give you some insight. I break it into sections of bills, necessary extras, completely discretionary, then I have some extra sections for extra money, subscriptions, events & one time purchases, business expenses, and financial expenses. You can break these up how you need to.

Bills cover anything that you need and have to pay for such as rent, food, and healthcare.

Necessary extras covers things like haircuts, hygiene products, electronics, tools, and things that are necessary, but you could live without them assuming you were 100% broke.
Completely discretionary covers things like eating out, gaming, gambling, alcohol, celebrations, and things that you could cut out if needed, but if you can afford to do it, then you will.

Extra money is a section to put away some extra money to balance your budget where needed as your budget will fluctuate and change based on your needs.

Subscriptions is a separate section for me as I want to lessen the amount of subscriptions I use, bundle up with people if possible, and pay yearly for discounts. For example, I split a Spotify family bundle with several people to save money because every dollar counts.

This is as far as you need to go if you simply intend to track your expenses and nothing more. However, if you want to improve your finances, save more, and ultimately live better, I suggest you finish the rest.

For more tips on how to save and what I do, check out the full blog version.
Hive:
Publish0x: https://www.publish0x.com/at-scottcbusiness/save-money-how-to-budget-in-2022-xozkkmn
Read.Cash: https://read.cash/@scottcbusiness/save-money-how-to-budget-in-2022-710bd5a1

Most people don’t budget because they don’t see it as something important they should do, but they also have no idea how much they spend on a regular basis, and when you don’t know how much money you need, you don’t know how much you can set aside for investing or whatever else you need to do. Knowledge is power, and if you don’t know enough about your own finances, how will you improve?

Do you invest? Do you budget? What are some financial tips you use to save? Let me know what you think about this in the comments below and don’t forget to subscribe!

Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated

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You can find all of my referral links here: https://linktr.ee/scottcbusiness

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  • This video was sponsored by CakeWallet
    #budgeting #budget #personalfinance #finance #savemoney #frugal #frugalliving #savemoneytips

About Scott Cunningham

I am the host of Crypto & Things and a huge social blockchain enthusiast using what I believe to be the next level of social communication. I make educational content, review platforms, and share my passive & crypto income journey.


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