Build a Budget That Brings You Joy
During Women’s History Month in March, Cinneah (the founder of Flynanced) and I co-hosted a series of roundtables featuring incredible women in the personal finance space with the goal of fostering rich intersectional conversations around money. They were absolute magic.
The first roundtable was about building a budget that loves you back. Forget the restrictive B word. This was about creating a shame and judgement-free spending plan. A plan that brings you joy and helps you get wealthy.
We asked Jazzy, the Founder of First Hustle, Then Brunch, how we can make a budget that aligns with the things that bring us happiness and joy.
Here’s her incredible four-step process.
Society has conditioned us to believe that budgets are restrictive and end up being something we'd rather not talk about. However, there's a quote I love by John Maxwell - “a budget is telling your money where to go, instead of wondering where it went.” Keep that in mind.
A budget is a tool that actually gives us the freedom to choose how we spend our money.
Budgeting can mean spending more on the things that make us happiest. Here are four steps to do that.
Make a list of your values.
Really think about what brings you joy. Get super clear and spend some time working on this list. Think about what's important to you and how your life would be impacted if you no longer could do the things that make you happy.
Think about your long and short-term goals. Be honest with yourself and write down everything that comes to mind. It could be traveling, volunteering, running, marathons, or your daily spin class. I know a lot of people say, “cut out the boutique fitness classes,” but maybe that is something that brings you joy. Whatever it is, write it down.
Review your bank statements from the past few months and look at what you’re spending is telling you about what you value.
If there is anything you care about (on your list in step one), that you don't see reflected in your bank statements, make note of that. This could be a good time to be more intentional about putting those items in your budget and “trimming the fat,” if you will. You might also notice things that you are spending on that you don't actually care that much about.
Create the budget.
Focus on reducing spending in the areas that you don't really care about so that you can spend more on the things that bring you joy.
For example, maybe you don't really care about where you live or the status of your home. If that’s the case, get a roommate or opt for a one bedroom apartment versus moving into a bigger house. That way you can spend money on new experiences and travel, for example.
Track your spending.
At the end of the month, or at the end of the year, track your spending. I definitely try to track my spending every week, but do whatever works best for you. By tracking, at the end of the month, or at the end of the year, you'll know where all of your money has gone. You'll be able to determine if you met your goal of spending in alignment with your values or not.
Personal finance is exactly what it sounds like - it's personal. We can't tell you how you should spend your money. You also shouldn't be made to feel guilty because your spending habits don't align with the goals of your friends or your family members or any personal finance creator that you're following.
If you're a millennial, your spending habits tend to be somewhat different from those of older generations. Keep in mind that this is your budget and when your budget is in alignment with your goals and your vision for your future, you're more likely to stick with it.
Next steps.
If you want more help with this process, check out Jazzy’s free Simple Budget Planner.
You can watch the full Build a Budget That Loves You Back event here.
Jazzy is the founder of First Hustle Then Brunch. After graduating with a Master's Degree in Management from Wake Forest University School of Business, she began a career in digital marketing. She now uses her expertise to teach millennials how to manage their money, build profitable online businesses, and create their dream life.