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Resource Budgeting for Beginners

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According to dictionary.com, the word budget implies the amount of money needed or available for a purpose. At Towne Storage, we know the importance a budget can make to those with limited funds available. But have you ever considered other non-monetary resources to budget? In this post, we will be continuing with our theme of living providently by exploring the different ways to allocate and budget the different resources in your life.

 

Tips that Apply to all Areas

  1. Take stock of what you have.
  2. Be realistic about what you can – and can’t – afford to use.
  3. Always save resources for rainy days.

 

FINANCES

Money is the most obvious resource for budgeting. Hundreds of books, blog articles, and workshops have been dedicated to this topic. So why is this also one area that most people struggle with? One theory is that it is extraordinarily difficult to set limits on yourself. Saying no to yourself can seem like a real punishment. It is important to ask yourself why you have a desire to budget in the first place and remind yourself of this often:

 

“Budgeting isn’t about limiting yourself – it’s about making the things that excite you possible.” -unknown

 

One popular way to budget money is called the 50/30/20 method. In short, 50% of your net income should be spent on needs and obligations; 30% should be put into a savings account, and 20% should be used for wants and/or debt payments.

 

It should be noted, however, that if your debt payment is larger than the 20% allocated in this budget, it is strongly recommended to pay off existing debt before starting the 30% savings. These numbers are not set in stone, and you will know your financial situation better than anyone, so play with the percentages to find what works best for you.

 

TIME

There is a saying that “time is money,” but time is more than financial currency. Time allows you to work, play, learn, and grow, and unlike money, once spent, cannot be replaced. Here are some tips for saving time.

 

  1. Plan ahead. Do you have a day set aside for running errands? Or do you prefer to group errands by where you will be that day? You should also consider alternatives to driving, such as grocery delivery. Also, consider planning breaks and leaving space for spontaneous activity.
  2. Weigh your options. As you find things that you need to spend time on, reflect on whether you are looking for the easy now or the better later. For example: learning to use and set up a budget in Excel may take time at first, but maintenance is quick and easy.
  3. Take time to learn. It’s easy to get caught up in day-to-day activities and forget that learning is an important aspect of managing time. How? As you learn you activate your brain in ways that help keep it healthy and young. In addition, you gain valuable insight into making good decisions, problem-solving, and skills that can help you in the future. No matter what you study, the benefits far outweigh a day of watching television.

 

FOOD

Each of us has heard of a person who can make gourmet meals out of leftovers or a few ingredients. While this is an incredible skill to have, most of us will not have acquired it at the time this blog post goes live. Don’t be disheartened! Here are some tips for managing your food resources.

 

  1. Clean out your refrigerator often. Knowing what you have can help eliminate food waste.
  2. Plan out well-balanced meals and create a grocery list from those recipes.
  3. Purchase what you and your family will realistically eat. As well-intended as eating Brussel sprouts may seem, if no one will eat them, it’s a waste of time, money, and food.

 

ENERGY + EMOTIONAL WELLBEING

Managing your resources wouldn’t be complete without managing your self-care. Knowing how far you can push yourself, and not going beyond, is just as important as a well-planned meal and a beautiful Excel budget file.

 

  1. Make sure to exercise moderately.
  2. Get enough sleep.
  3. Socialize frequently with uplifting people.
  4. Do something you enjoy.
  5. Avoid drugs and alcohol.
  6. Eat healthily.
  7. Focus on the future, not reviewing past hurts.

 

What tools have helped you manage your resources? Tell us in the comments below!