A Beginner's Guide to Budgeting
Especially when you've just started a new job
Welcome to my beginner's guide to budgeting! Today I wanted to talk about budgeting, specifically when you start a new job.
A lot of people who follow me in one way or another are currently, interviewing to break into tech, are graduating next month and start grad jobs in September or generally just want to level up. So i’ve decided to break down how I personally approached budgeting when I started my first ‘big girl job’ after uni!
Starting a new job can be an exciting time, but it can also be overwhelming. This will probably be the most amount of money your checking account has seen and it’s really easy to get carried away if you don’t have a plan.
Budgeting is a great way to take control of your money and make sure you are on track to reach your financial goals.
When you start a new job, it is important to take a closer look at your expenses and income. This is because your financial situation may change, and your new job may come with a different salary, benefits, and expenses. To make sure you are on top of your finances, you need to create a budget.
A budget is a plan that helps you manage your income and expenses. It allows you to see how much money you have coming in and going out each month. With a budget, you can make informed decisions about where to spend your money, and you can also save money for your future goals.
Here is a budgeting template I’d recommend, with various categories appropriate for a 22 year old graduate living in the city:
Remember that this is just a starting point. Your personal budget may differ depending on your lifestyle and priorities. For example, if you live at home and don’t contribute to bills, I’d recommend you save heftily. The important thing is to create a budget that works for you and stick to it.
Here are some tips to help you stick to your budget:
Track your spending - Use a budgeting app, spending tracker like Emma or spreadsheet (I use Notion) to keep track of your expenses and make sure you are staying within your budget. You can use apps like Mint, Personal Capital, or YNAB to track your spending.
I have 8 banking apps on my phone LOL and actively use 5 to separate my money and save/spend for particular reasons. Even within those apps, different savings ‘pots’ exist. This has been my favourite way to keep my money separate and save for specific trips, purchases or investments.
Plan ahead - Plan your meals and activities ahead of time to avoid overspending. You can meal prep on the weekends, plan your grocery list, and avoid impulse purchases.
Find ways to save - Look for ways to save money such as buying generic brands, using coupons, or taking advantage of free activities. You can also negotiate your bills, switch to a cheaper phone plan, or cut back on unnecessary expenses.
I hope this beginner's guide to budgeting has been helpful. Remember, budgeting is a great way to take control of your finances and reach your financial goals. Happy budgeting!
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