Budgeting For Success With Dominique Broadway (Video)
Hi, I’m Dominique Broadway, award-winning financial planner, personal finance expert and the founder of Finances Demystified and today I am here with BlackDoctor.org. And Guess what, you are sixty seconds away from creating a budget you are actually going to stick to.
OK, the first thing you need to do is know your two magic numbers. You’re two magic numbers is your income and your expenses. You should always know exactly how much money you’re bringing in, and exactly how much it costs to run your household every single month which is your expenses.
Now that you know your two magic number is the next thing you’re going to do is actually figure out where your money is going. Most people ask me all the time Dominique can you figure out where my money is going like some’s stealing it at night and they’re not. You’re just overspending so you need to take the time to sit down and figure out where your money is actually going throughout the month.
Now that you know that, the next thing you want to do is write down your budget. Now we all have this budget in our head and it totally makes sense but it never quite balances out at the end of the month. So, that’s why we have to write it down. If you write down your budget you have something you can actually look at and stick to it makes it so much easier.
Now that you have a budget written down you want to make sure that you’re checking your bank accounts on a daily basis. Now, if on a daily basis is too much at least check a couple times a week, or at least on the days that you get paid. And you can do this through your bank’s actual app or using other various budgeting tools. Another thing you can do is set spending alerts, it’s one of my favorite things. So you can go to your bank’s site or app and set it up where you get an alert or notification anytime money comes in your account or anytime money comes out or just anytime your card is swiped. Know if you do all these things would be so much closer to having a budget you can actually stick to.