I have many talents, but when it comes to finances, budgeting, saving, and investing, I struggle. I wish there was a service where I could provide my income and monthly expenses to get a budget and plan. I know this sounds lazy, but I’ve tried and failed so many times at creating a budget. When I reach out to financial advisors, they want me to focus on investing. However, I need the basics taken care of first. Anyone have any ideas? Thanks.
I do this for clients all the time. I’m a mortgage broker and I help them balance a budget to save and buy a home. Here’s a budgeting spreadsheet you can use: Budget Spreadsheet. Save a copy, fill it out with all your expenses, and DM me when it’s done. The main goal of any budget is to have your income greater than your expenses while saving for emergencies.
Start simple. Review your bank statements to identify overspending. Set budgets for those categories, and consider a handwritten budget. Realistic budgeting takes time, and cash envelopes for categories where you overspend can help.
Consider why you struggle with budgeting. A budget should be about being intentional with your money and not just sticking to arbitrary limits. Focus on your immediate needs and adjust as you go.
Look for a financial coach rather than an advisor. Start by tracking your spending for a month or two to analyze where your money goes. Find a budgeting philosophy that resonates with you.
Don’t feel down on yourself; financial education is often lacking. It’s normal to face challenges, and budgeting can have nuances that take time to understand.