[fixing the budgeting blues]

This week was hard, to say the absolute least.

I was supposed to attend a Nao concert in Atlanta, Georgia. My best friend and I bought tickets nearly four months ago, but because of this month's finances, I had to give my ticket away.

I spent the week driving for Uber after class, trying to raise money for my rent, and it just would not have been financially responsible to go.

Ironically, on the same day I would have been traveling, Professor Michelle LaRoche was a guest speaker in my “Branding of Me” course. And guess what her lecture was about?

PERSONAL FINANCE! It felt very personal after the week I had, but I also learned a lot about how to better plan and manage my money.

The lecture broke personal finance down into some key categories: budgeting basics, saving and investing, the truth about credit cards, and information about buying a home.

What stuck with me the most was the financial to-do list.

Financial To-Do List: 

1. Educate Yourself. The first step toward financial wellness is understanding your current situation. Start by outlining all your expenses—monthly, yearly, and occasional. Learn about key concepts like credit building and the various types of investments available. For instance, a traditional IRA lets you defer taxes until retirement, while a Roth IRA requires you to pay taxes upfront, allowing for tax-free withdrawals later. Choosing the right option depends on your personal financial goals and timeline. 

   
   

2. Pay Yourself First. Once you understand your finances and have a clear picture of the financial landscape, it's time to set yourself up for long-term success. One of the most effective ways to build a strong foundation is to pay yourself first.

   
   

   A good example could be setting aside a portion of your income, ideally through automatic transfers, into a high-yield savings account before you spend anything else. This way, saving becomes a habit, not an afterthought. You also aren’t tempted to spend the money first. Think of it as a gift to your future self. Future you will be grateful. 

   
   

3. Automate Bills and Savings (When you can!) Truthfully, I’m not at a point where I can automate ALL my bills, but I do automate the ones I can. Michelle also shared a helpful tip about consolidating bills when possible. If a bill allows credit card payments, consider setting it to auto draft from your credit card.

   
   

   This simplifies things by giving you fewer payment dates to keep track of. Just be sure to pay your credit card bill on time, and whenever possible, pay more than the minimum. You will pay less interest. 

   
   

4. Create a Strategy. You’re not going to makeover your finances overnight, but you can take steady steps toward financial freedom. Start small. Try committing one minute a day, 15 minutes a week, and 60 minutes a month to your financial goals. In just one minute, you can set a clear goal, like saving $100 a month. In 15 minutes, you can review your income and expenses to figure out where to cut back and make that goal realistic. In 60 minutes, you might read a chapter from a financial book, listen to a podcast, or watch a money-management video to build your financial knowledge.

   
   

   I’m working on forming good habits, paying down debt, saving more, and spending less. It all starts with small, intentional actions.

   
   

5. Budget. Budget. Budget Plan (And stick to it!) The 50/30/20 Rule is often seen as a golden standard in personal finance, but the truth is it doesn’t work for most people. What’s more important is keeping track of your spending and creating a budget that actually reflects your life.

   
   

   Michelle mentioned using spreadsheets, which can be very helpful for tracking your spending history and making adjustments. I’m more old school. I like to write everything out, make a list, and try my hardest to stick to it. Either method works as long as you are outlining your spending, staying accountable, and building a plan that helps you avoid overspending. You want to save for both short-term and long-term needs and make sure the collectors get what is owed. 

Although it might seem like a lot, it really comes down to taking baby steps now so that future you can be on a yacht in Dubai without breaking the bank. You deserve to splurge sometimes, but you also need to build a routine that makes those moments possible.

I might have been sad about missing Nao’s U.S. tour, but I gained financial knowledge that will help me plan ahead so I do not have to give up my splurges in the future.