Budgeting with a Fashion Obsession
While I only jumped into my Liz Lisa obsession within the last year or so, budgeting has been something I’ve done for a long time now. Growing up in a situation where money was talked about negatively and only when we were struggling, I find it extremely important to be open to discussing finances at any age, especially when you have an expensive hobby.
Whether you’re a student in college or an adult with a career job, it is crucial to track when money is coming in and where it is going. A simple budget breaks down each income source (your job, your side hustle, gifts, etc) and each category that would be considered an expense. Everything from your essential expenses like rent, electricity, and groceries to your non-essential/lifestyle expenses such as your Netflix subscription, clothes, beauty products, and more should be added to this budget. Take a look at this article on Free Budget Spreadsheets to find a template that will work best for you.
There are many different budgeting styles that I cannot cover in an article like this, but I will encourage you to do your research and find a budgeting style that suits your needs. The style I use is the Zero-Sum budget which gives every dollar a “job” and uses any remaining money to be assigned to a budget category. For instance, if at the end of the month you have $200 remaining in your bank, you assign that $200 to your budget categories for a future month or future expense coming up (yearly renewal fees, unexpected medical expenses, etc). This helps you prevent wasteful spending and use it towards your money goals (saving up for a vacation, buying your dream outfit, etc). I got into this style by using a budgeting application called You Need a Budget* and it’s amazing! I won’t go into why I love it, but I can attest to how this budgeting style helps me afford my expensive Liz Lisa obsession while still being able to take care of my basic monthly needs and financial goals.
What’s nice about budgeting is that you do not need to restrict yourself. Some people may say all spending is wasteful spending or discourage you from enjoying some luxuries, but with your budget, you can plan for these expenses without guilt. If you’re saving up for a dream dress or a piece you’ve been eyeing, then don’t be afraid to put that in your budget. Budgeting isn’t all about restricting yourself and being on a “money diet”. You can prioritize your wants (after you prioritize your needs of course) based on what matters to you as long as you have the money for it. Sometimes, it will take time and you will need to wait a couple months if you need to save up, but that is perfectly fine. Don’t guilt yourself into a budget that doesn’t allow for any fun as it won’t be realistic and you will constantly feel bad for breaking your budget. Be realistic in what you believe you will spend in your categories and don’t be afraid to “roll with the punches” or move money from one category to another if you overspend.
The point of budgeting is not to make you feel bad about the way you lead yourself. It’s there to help you get a clearer picture of your money goals and what you prioritize for yourself. As long as you aren’t throwing yourself into piles of credit card debt, then go and get that dream outfit you always wanted! Just make sure your budget knows and has the money for it.
* contains an affiliate link
Comments
Post a Comment