Life Tip- Budgeting

Although it is fair to assume that all CPAs are jedi level masters of budgetting, I am here to tell you, that is a lie. That is not to say that we do not have the knowledge or skill to budget, rather CPAs can sometimes have selective memory of our actual budget numbers, just like non-number folk. Why do I tell you this? Because it is important to understand that it is normal to fail, even when you have the tools to succeed.

As a new blogger and content creator, it is so easy to fall into comparison trap. Working a full time job during the day and then pouring hours into the blog late into the night is not for the weak. I give up time that I could be reading or excercising, as I desperately want the blog to not only be a success. I am to create a space in the interwebs for working women and moms to congregate, I wish to give my readers the ability to take the guess work out of dressing and enjoy the things that matter most. Plus, this little slice of creativity has given me my pre-baby groove back (yes, 2 years later). But the comparison is strong as I look up to other successful bloggers, and I try to make a space for myself.

Now, I get to the admission stage. I went on a spending bender the last two months. With influx of Christmas and birthday cash, along with a lust for new arrivals, I crumbled up my budget and threw it in the dumpster. I am not proud. I spent as though money does grow on trees. On items that I convinced myself that I needed, but truly only wanted. On subcriptions that might make my content an overnight sucess, knowing deep down that most things require hard work and consistency. Oh, and on home renovations that I could have spread out over 2023, yet lacked the patience. So here I am, admitting my wrongs, and letting you know that confessing is the first step. This is me reigning it in for the internet to see. As to not get behind on our families personal savings goals, I am exiling myself to Ban Island until March.

I am banned from purchasing anything that is not necessary or to refill product. Plus, I have (finally) created parameters for blog spending going forward. My goal is to create a concrete personal shopping budget with a max items number of 4 per month. This will include clothes, shoes, and accesories. It allows me to decide if I want to invest in one item, and procure several lower price tag items, or invest in a few pieces as opposed to adding 4 to cart. There is also the option of foregoing a month if there is something that exceeds one months budget. This should allow me to better plan and implement some patience (not my best trait).

Both creating and adhering to a budget can be difficult, yet it is one of the main reasons that I am in the position I am today. Although my husband is an engineer by degree, he is now a financial advisor by trade. He is the rock that keeps our family's finances and budget in tact, and he has steered our finance ship since we became engaged and co-mingled our funds. We long operated on the philosophy of savings one salary and living off the other to make our wildest dreams a reality. Albeit, it was much easier for us, as we started our careers at the same time as we co-mingled funds, so we never knew another way. However, this one step of spending less than we make has been integral in our financial success, as it allowed us the ability to agressively save for our first home and work hard to pay it down, then pour money into our new home all before having a baby. We knew it was important to both of us to start a family on sound financial footing, as we both grew up with very young parents, who worked tirelessly to give us a fruitful life. Our parents all respectively instilled in us to take the easier path of building a career then starting a family. And I as the first born rule follower, obliged.

So, although I know I was careless for a few months in my spending, I know our financial foundation is strong. I am aware of the path forward to get back on track, and I look forward to getting to the other side. The one where I can refill my shopping budget to pre-Christmas levels.

XO

Tay