Good Enough Mother And the Basics of Budgeting
(This is a sponsored post for SheSpeaks/Prudential)
Okay folks, it’s time for the rubber to meet the road and that they did.
As I told you recently, I have been working with Prudential and my very own Prudential Financial Professional, Meg Morales.
I feel very special to be able to say I have my own Prudential Financial Professional. I suspect that’s for a couple of reasons.
As I told you here, money and me get along about as well as fire and water. Or my kids. We just don’t mesh well.
Having to deal with finances brings on all sorts of crazy with me. I hyperventilate, get weak in the knees and get light-headed. I know that sounds insane but that’s how uncomfortable I am about this.
When I met with Meg, she explained to me the very first thing we needed to do was to do a budget. Truth be told, I had started a rudimentary budget (I didn’t even call it a budget; it was more like a ledger) but Meg wanted me to drill down a little further on it.
Meg sent me a budget worksheet and this one was very detailed. It accounted for the big ticket items like house payment, insurance, electricity and so on. But it also included things like church offerings, charitable donations and dining out. There is a line item for every single thing you could possibly think of, leaving nothing to chance.
The budget worksheet that Meg gave me.
I started to fill it out and several things happened.
- I realized I had a little more money than I thought I did. I always thought I was broke, scraping for money all the time. I was able to see exactly how much I was making and spending.
- I had a lot of “phantom expenses”. WHOA! I had money that was literally just disappearing on frivolous expenditures. Things like coffee a couple times a week, meeting friends for lunch, etc.. you get the picture. All of that adds up and takes away from my investment bottom line.
- I felt more SECURE! Wait.. WHAT? Seriously though, I felt like a weight had been lifted. No more guessing. No phantom expenses. No surprises. And a clear picture of my parameters. Knowing exactly what I was working with was empowering. I know that seems counter-intuitive but it’s true.After I completed my budget, I felt more in control of my finances and my life.
I know it seems counter-intuitive but once I had boundaries, I knew how far I could go, how much I had to spend and what I needed to cut out to be able to save toward my financial future.
Before I sign off, I have to give a shout out to Meg, my Prudential Financial Professional. She’s quick to smile and we hit it off right away. But she was also a calming presence when I needed one and knowing she’s just an email or call away, makes me feel good too.
I am excited to introduce you to her and you will meet her right here on this blog! On January 24th, Meg and I will host a Facebook live, tackling some of your financial questions. So mark your calendars and tune in!
In the meantime, if you would like to meet with a Prudential Financial Professional, click this link. I highly recommend it! It’s a moment that’s worth your piece of mind.