When creating your budget, it's paramount that you remain in the driver's seat of your finances. What are the things that matter most to you? This question is often forgotten, especially if you're feeling pressure to uphold certain values and traditions of your family or culture that you may no longer share. When listing your expenses, start with your non-negotiables. Keep your values at the forefrontĪ key to making your budget into a plan you'll want to stick with is identifying your values and prioritizing them within your budget. I find it helpful and less threatening to refer to my budget as my "spending plan," as that's exactly what it is! Find and use terminology that most empowers you when creating your budget. The objective of budgeting is to become aware of how you spend your money and make intentional decisions about where you want your money to go.
However, that could not be further from the truth. For many young adults, the term has become synonymous with feelings of complexity and restriction, cutting out spending money on the things that bring you joy in life. Here are four tips to consider when crafting your budget. However, budgeting is vital for creating financial awareness, confidence and security and helping you achieve your goals. The thought of putting together a budget can feel daunting and overwhelming. Creating a budget is one way to help alleviate these feelings. 83% of Gen Zers and millennials have experienced regret about their spending decisions, which is more than older generations. According to a 2020 NerdWallet study,* 41% of Gen Z feel anxious about their finances.
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