Is it just me or have we all been sleeping on the TJ Maxx website?! I went down an absolute rabbit hole recently…. So. Many. Tabs. Of course, I had to share all the great TJ Maxx home decor finds with you guys!
By the way, if you like this, you’ll love my recent roundups of inexpensive home decor under $50 and coastal decor under $50 on Amazon.
Herringbone Bolster // Scalloped Sheets (so many options in the carousel!) // Grasscloth Nightstand // Block Print Swivel Chair ($200!) // Rattan Floor Lamp
As I was scrolling through all the TJ Maxx home decor, I realized that their site has SO MANY sets of scalloped sheets. This blue set is honestly just the beginning. Grasscloth nightstands are usually pretty expensive, but this one really isn’t. You can get (at least) two of them for the price of one elsewhere! The block print swivel chair is too cute. I’d scoop this up in a second if I had a vanity in my bathroom. You could also put it in a walk-in closet.
I LOVE THIS RUG. That one is 5×8 but it also comes in 2×8, 10×14, and 4×6! Off the top of my head, I can think of a handful of bloggers who already own it, which I’m taking as a ringing endorsement (ha). I can’t tell exactly whether this nightstand is gray or green, but I’m stunned that it only costs $130. It looks WAY more expensive.
How darling are these scalloped bunny pillows?! I think they were intended for Easter, but they would also be so, so sweet in a little girl’s room. The gingham on the back is the perfect finishing touch. I would obviously be thrilled to have this blue scalloped outdoor umbrella in my backyard– especially for $80! It also comes in a classic navy and white stripe. This patchwork quilt looks like something you’d find at thrift store or craft fair. I’d fold it at the foot of my guest bed or keep it downstairs for cozy movie nights.
At once crisp and comfortable, linen sheets are the epitome of understated elegance. Their naturally imperfect finish gives them a rumpled, lived-in look that somehow still looks polished.
2
An Arty Catch-All
Mela Artisans Scalloped Bowl
Why not turn your fruit bowl into a tabletop accessory? This hand-carved wooden bowl offers a stunning natural shape.
3
A Vintage-Inspired Rug
Loloi Accent Rug
Now 57% Off
Try a low-pile rug in a high-traffic area to minimize wear and tear. This gorgeous Persian style is a great option.
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4
A Cushy Couch
WILLIAMSPACE Curved Sofa
This oversized boucle couch will undoubtedly be the star of your living room—not only for its eye-catching silhouette but also its cozy, deep cushions.
5
A Chrome Coffee Maker
Alessi 9090 Espresso Maker
Bring a bit of design history to your morning routine with this deluxe coffee pot, which was featured in the MOMA upon its creation in 1978.
6
A Charming Vessel
Creative Co-Op Terracotta Urn
Now 24% Off
For a rustic touch, skip bright florals in favor of some pampas grass and dried eucalyptus. This whitewashed pot is wide enough to hold a large arrangement.
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7
A Gilded Accent
Kate and Laurel Arendahl Arch Mirror
Now 35% Off
Enhance your entryway—or at the very least, your outfit selfies—with an ornate mirror that looks like an antique treasure.
8
A Sink Set
Aesop Resurrection Aromatique Duo
When it comes to little luxuries, upgrading your hand wash is one of the easiest ways to make the everyday feel special. We love this nourishing, citrusy duo from Aesop, which comes with both hand soap and hand balm.
9
A Soft Throw Blanket
State Cashmere Reversible Blanket
No matter which way you use it, this reversible cashmere throw is oh-so chic and soft.
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10
A Multifunctional Stool
LETESA Velvet Ottoman
Available in 16 colors and shapes, this soft ottoman is the ultimate versatile find. Not only is it a striking piece of decor, but it also doubles as extra seating when needed.
11
Striped Serving Board
Bloomingville Marble Board
Take your charcuterie spread to the next level with this striped marble board. Even when empty, it’ll look great atop your kitchen counter or coffee table.
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Earthy Linens
Eight Owls Linen Napkins
Forego the tablecloth at your next soiree: Olive-colored linen napkins offer a pared-back alternative with a Mediterranean-inspired edge.
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13
Modular Seating
Jennifer Taylor Home Marcel Bubble Arm Chair
Now 26% Off
No space for a sprawling sectional? Make do with a set of oversized arm chairs that are just as plush.
14
A Sculptural Side Table
Christopher Knight Home Jerod Accent Table
A geometric statement piece with a twist, this end table has a wood-painted finish but is actually made of concrete for extra durability.
15
A Brassy Centerpiece
Creative Co-Op Metal Candelabra
Whether used as the focal point of a lush tablescape or to add height to a mantel vignette, you can’t go wrong with an antique brass candelabra.
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16
Detailed Barware
NOVICA Hand-Blown Water Glasses
You’ve stocked your bar cart with high-end mezcal and endless bottles of Ghia; now, make sure your glassware is up to par with a set of hand-blown tumblers.
Elly Leavitt is a fashion and luxury commerce editor at Hearst covering fashion, design, and more across multiple brands. You can probably find her in line at Trader Joe’s. You will never find her at SoulCycle.
Banc of California Inc., a regional bank, is selling about $2 billion of business-purpose mortgage loans in a process led by Morgan Stanley, according to people with knowledge of the matter.
Banc of California picked up the loans after its acquisition late last year of PacWest Bancorp in a rescue deal, not long after fears of bank failures caused a run on deposits at regional lenders.
By the time of the acquisition PacWest had already sold the lending unit that made the loans, Civic Financial Services, but it held on to the pool of business-purpose loans. Bids for the loans were due on June 28, one of the people said.
Spokespeople for Banc of California and Morgan Stanley declined to comment.
In its first quarter earnings call, Banc of California’s chief executive officer, Jared Wolff, said that it had already sold some of the Civic-originated loans it acquired from PacWest. Wolff added that the bank may look to sell larger portions of the portfolio in the coming quarter as part of the bank’s push to boost its profits.
A number of regional banks have looked to trim their balance sheets ahead of the implementation of revamped bank-capital regulations known as Basel III Endgame. Many of the assets being shed by banks are ending up with private credit lenders, who don’t have to worry about risk-capital requirements.
The loans being sold are known as debt-service coverage loans, which are given to landlords who rent out properties. They’re underwritten based on expected rental revenue rather than bank statements or personal income.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
The thrill of Christmas is right around the corner.
This is the year you made a fresh decision to start living by a budget. You have been diligent in tracking your spending and set limits designed to help them save more and spend less.
You are desperate for a debt free Christmas because you can’t afford anything more.
I like to shop for Christmas throughout the year. But, not every year can I find steeply discounted gifts for everyone on my list. That is when I have to get serious and start using my Christmas budget worksheet.
However, a Christmas budget template will keep you on track and enjoying a merry holiday season.
You can get fancy and put your Christmas list in Excel spreadsheet or google sheets. Or you can print off a copy and write the old-fashion way. Completely personal preference and either one will get the job done.
This year, you are more determined than ever to make sure you stick to your Christmas budget and be debt free for the holidays.
And that starts with a Christmas budget template.
Why Use a Christmas Budget Template?
Just like with any advantages of budgeting, you want to make a plan for your money.
Then, you won’t be caught overspending and you can avoid the debt hangover in January.
If you want to keep your money goals, then you need to diligent in each of the holiday buying decisions you make.
Did you know most millionaires use a budget?
Now, you have a choice. Do you want a debt free Christmas by using some simple Christmas budget worksheet?
Before we drive into all of the fun and cute Christmas budget templates, you need to learn the critical areas to avoid and make sure you don’t blow your holiday budget.
Christmas Budget Categories
Christmas is a time of celebration, giving, and joy.
However, there are many expenses that come with the holiday season.
The most obvious expense to think about is probably gifts for friends and family members.
If you’re planning on buying a present for someone who’s hard to buy for, make sure they know what it is before purchasing it!
Another important factor in your Christmas budget plan should be your own personal spending habits – do not put all of your money into one category!
~ HUGE TIP ~ List your Christmas spending priorities, with #1 being the HIGHEST priority probably gifts.
Gifts
Christmas gifts are a lot more expensive this year, so you’ll want to be sure to have an idea of what people may need.
Make a list early on of who you’re buying for and try not to get carried away with the amount of money you spend.
You can also give homemade presents that are cheaper and more meaningful than store-bought ones.
Holiday Fun & Entertainment
Holiday fun and entertainment should be budgeted for.
Christmas plays and concerts, donuts and hot chocolate on Christmas Eve, visiting Santa are all things that can be budgeted to help make the holidays more enjoyable.
These activities tend to make you go over budget at Christmas because it is too hard to say no. So, set aside money for holiday fun and entertainment.
Holiday Food
Some of the budget categories to consider if you’re planning a Christmas dinner include appetizers, holiday food, and dessert.
And don’t forget the #1 priority of the gingerbread house!
Everyone entertains and hosts with their own style. Just make sure to budget for holiday food.
Planning for Holiday Decorations
If you want to get a head start on your holiday decorations, try buying them the week after Christmas. This is the best time to buy because you can find great deals and there are fewer out-of-stock items in stores.
Here are some tips for getting more affordable holiday decorations:
Make your own decorations!
Swap ornaments with friends!
Buy pre-made decorations from Amazon
Shop at thrift shops
Put up three strands of lights instead of one
Look through clearance racks
Ask in Buy Nothing groups
Planning to Send Christmas Cards
The cost of sending Christmas cards is getting more and more expensive. Most families plan to spend over $100 on this alone.
Here are ideas to cut down on the cost:
Take family pictures yourself for no cost
Trim your Christmas card list
Find a cheaper place to have Christmas cards made
Save on prints and stamps if you’re planning to email pictures.
Budgeting for Hosting Christmas Party
Hosting may include drinks, appetizers, main courses, desserts, prizes for games, party favors, and gifts.
Pitching in by bringing a side dish, dessert, or their favorite beverage. All are great ideas to help lower your cost.
Tips on saving when going to a party
While we all love to show off, you can easily find ways to save money.
Pick a dish to share that is budget-friendly and still a hit (beans based dishes and casseroles are cheap to make).
For gifts, look at re-gifting before buying new ones. No one else will know that you never used that gift before.
Budgeting for Holiday Travel
Planning ahead for holiday travel can help you avoid unnecessary costs.
Make sure to set aside enough money for lodging, car rentals, and airfare so that your budget will be on track all season long.
If you cannot afford to travel this year, then don’t stretch yourself.
Other Christmas expenses
Holiday expenses can add up, so it’s important to budget for them. Here are six tips on how to have a more adorable holiday season:
– Field trips: going out in the city with family and friends after dark is one of the most fun parts of Christmas!
– Gift wrapping: this is an investment that will pay off in the long run. It’ll give you time to be creative, and you’ll end up with beautiful gifts at the end of it!
– Photos with Santa: maybe not everyone has a photo session during Christmas, but if someone does need a quick photo op, snapping a picture outside somewhere might be worth it.
– Keep Track of Previous Year’s Expenses: Your family is likely to have holiday expenses that vary. So, write them down to include in next year’s Christmas budget.
How To Not Blow Your Budget This Christmas
Maybe you are weary of actually making a Christmas budget because you have struggled with your budgeting process before. Don’t worry, you are completely normal and will get the hang of how to budget.
More often than not, new budget-conscious families create ambitious financial plans with lofty goals of paying off debt. They split their family income up into budgeting categories and were doing just great. That is until the holiday season came along.
That is when you realized you weren’t as diligent as you thought about setting aside Christmas money into a sinking fund. The agreed-upon gift budget categories from earlier in the years just won’t cut it.
That is where a Christmas budget worksheet becomes so helpful!
You must make decisions about your holiday plans. What did you want more? Expensive Christmas gifts with a ballooned credit card balance or a Christmas you can truly afford?
Now, let’s dive into some simple secrets to keeping a budget during the holidays.
1. Post-Christmas Situation
Before you start spending Christmas money, you need a clear vision of your priorities.
Remind yourself and your entire family about the reasons you had for getting on a budget in the first place. During our journey to becoming debt free, we were completely honest with our kids that we had greater priorities than spending money on the small stuff.
Once the excitement of Christmas passes, do you want to have regrets or a little more money in the bank?
2. Prioritize your Christmas List
Our Christmas budget worksheet will help to make this step much easier.
Start making a complete gift shopping list. Think of everyone on your list. Next, review it and prioritize the list according to your relationship with that person. Just like with personal finances, take care of immediate family first. Then, decide if you have enough in your Christmas budget for extended family, friends, neighbors, and co-workers.
Start at the bottom and eliminate any names that absolutely don’t need to be there. If you want to spend more money, then assign a portion of your budget to each of the remaining names.
It is okay to keep the gift-giving to those you are closest too! Your friends may be relieved they don’t need to reciprocate too!
3. Become Creative with Gift Giving
The first rule of thumb… gifts don’t have to be materialistic items.
You can become creative and don’t need to make 101 DIY Pinterest perfect gifts.
Think outside the box.
Experiences can make some of the best gifts ever! Find gifts that are experiences. Plus you get to spend some quality time together.
4. Stop Trying to Keep up With the Joneses’
The surest path to a blown budget is to start comparing what you’re doing with what someone else is doing. Remember, they’ll likely be crying come January.
You are going after a debt free Christmas.
One of the most slippery slopes when it comes to personal finances is trying to cover up your situation and keep the appearance of a lavish life. This lifestyle creep will destroy your values and the things you care the most about.
Make this Christmas simple and something you can afford and treasure for many years to come!
Related reading: How to Spend ZERO at Christmas in a Materialistic Society
5. Know When to Stop Shopping
If you are a thrifty person, then you probably start shopping for gifts year-round.
Those are great ways to be frugal and find terrific gifts for a fraction of the price.
However, you must be able to stop buying and put blinders on for the cheap things to pick up.
If you have spent your entire holiday budget before Thanksgiving and know you are a smart cookie to get it all out of the way, you must be able to avoid more shopping. Those Christmas sales will be tempting, but don’t get in the trap of thinking I can spend just a little bit more can’t I?
Bonus Rule – No impulse buying
Honestly, impulse buying will ruin your budget throughout the year. Around the holidays, it will become more pronounced because you want to make the season magical.
If someone gives you an unexpected gift, it doesn’t mean you have to run out and buy them something as well. A simple Thank you note will suffice.
One of the best money rules is to wait 24 hours before you buy it. The same applies to Christmas.
Free Christmas Budget Template
Here is your free Christmas Budget template.
It is very easy to use. More importantly, it will help you to make sure everything is accounted for.
Get your PDF copy of the Christmas budget worksheet by subscribing to our email list and gaining access to our FREE printables area.
Christmas budget spreadsheet google sheets
For those who want to save everything electronically, then here you go.
This Christmas budget spreadsheet google sheets can be edited to suit your style. Plus you will be able to take your spending year to year!
In our free printables area, you can download all of our budget spreadsheet version that works for you – Excel, Google Sheets, or Pages.
Time to Make Your Christmas gift template
Throughout this post, we have given you the framework to make sure you have a debt free Christmas. Now, it is time to put everything together.
Download your gift template and Christmas budget from the email form below.
Take time and reflect on what gifts you want to give. More importantly, make sure it is a Christmas that you can afford.
By keeping your goals in mind, you can survive the holidays within your budget (and maybe even under).
Enjoy our Christmas Budget Template!
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
How many banks passed the stress test? The test, which evaluated 31 banks, projected total hypothetical losses of nearly $685 billion under a severe recession scenario. Despite these losses, all banks maintained capital levels above the minimum requirements. The aggregate common equity tier 1 (CET1) capital ratio is projected to decline by 2.8 percentage points … [Read more…]
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Budgeting is such an adulting term.
Nothing can make you feel more like an adult when you need to learn how to budget your money, stop buying frivolous things, and save for retirement.
A budget just sounds like no fun.
Is it possible to learn how to budget money and still enjoy life?
However, the bright side to budgeting (and normally overlooked aspect) is by setting up a budget is you start to live within your means and start your path to financial freedom. Here are all the advantages of budgeting.
Personally, financial freedom is way more enticing!
So, that means a budget is necessary. A budget is key. A budget will change your life forever.
Just FYI…Here at Money Bliss, we like to call it a Cents Plan. Why? A budget sounds constricting. Take your money cents and put it with your head sense to make your Cents Plan.
We will detail what is the proper way to budget for money.
But the question remains how to budget money without pulling out your hair and still enjoy life. (It is easier than you think!)
Do you Need a Budget?
First, let’s answer this age-old debate. Do you really need a budget?
The simple answer is it depends on what you want out of life.
Do you want to live paycheck to paycheck, struggling with money, straddled with debt? Or with financial independence where you control your destiny?
Stress vs. joy. The choice is yours.
With human nature, our tendency is to spend money. While there are some savers in the room, it is typically a learned trait. Society wants quick results and with material items so cheap, it is easy to go overbudget.
Does extra income really solve someone’s money problems?
Last I checked, there are plenty of people who made millions are in bankruptcy because of overspending, not living within their means, and a budget wasn’t a term they used.
Here is a quick test…
If you have read this far into the post, then you need a budget. Keep reading. We have plenty of information to help you succeed. Also, you will learn various ways to budgeting that work for you.
Longer Answer & Must Read: Money Bliss Steps to Financial Freedom – this is the long term answer to “Do You Need a Budget?”
Purpose of a Budget
Okay, so we figured out that you need a budget. But, you aren’t truly convinced about why you need a budget.
What is the reason or main purpose of a budget?
The purpose of a budget is to first decide where you plan to spend/save money and then, see if you followed through on your plan.
Are you under budget? Are you over budget? Specifically, are you making progress to your life’s vision?
That is the role of a budget.
It is a guide for your money. Like we have said many times before you can manage your money or have your money manage you.
Personally, we use a budget to reach financial freedom faster and to make sure we have money set aside to travel. We have chosen to live a little more frugal than our neighbors (some might say much more frugal). However, the trade off for us is to travel now. Not wait until “retirement.”
For us, the purpose of a budget helps us to travel each year plus work our way towards financial freedom.
For you, what is the purpose of a budget? What do you want out of life?
Use on of these methods of budgeting as a guide to develop your budget.
Importance of Budgeting
There are many benefits of budgeting. However, most people struggle with a budget because saying no to yourself can be hard.
Let’s look at the bigger picture.
Do you want to manage your money? Or have your money manage you?
The choice is yours.
A budget is just a spending plan written out in advance.
You manage money your way!
That is a huge importance of budgeting. Personally, I would much rather decide how I want to spend my money. That is one of the biggest reasons we decided to pay off our debt in one year.
The importance of budgeting is to make sure you are living within your means and have the ability to pay for your expenses.
A budget doesn’t have to be complicated. It helps you lower big ticket expenses like housing, food, and transportation and then make sure you have enough remaining for the rest of your expenses.
If debt is a part of your life, then you are able to pay off debt faster by knowing where you spend money (and specifically what is worth spending money on). If you are debt-free, then you can continue paying in cash rather than racking up debt.
By moving towards a budget, then the foundation is laid to build a solid money journey.
You know where and how your money is spent. Then, you’re not left at the end of the month wondering if and when you will run out of money.
Another key importance of budgeting is it forces you to be organized with your finances. Then, you know where your money is going.
Creating a budget shouldn’t be overcomplicated or hard. That is something we will teach you how to do.
Benefits of Budgeting
Too many times people have good intentions of creating a budget and give up too quickly, then they never finally understand the benefits of budgeting.
It will take a few months or paycheck cycles to truly notice the benefits of budgeting (AKA spending less than you make).
You need to learn how to budget money and get into the groove of it.
No matter what we do…we can’t change how fast the days move. This is hard when you are working hard on your budget for the first time and want to see progress faster.
Consistency makes budgeting actually work.
A few of the benefits of budgeting include:
Stop fighting about money
Ability to reach your goals faster
Prioritize spending
Did you realize we only listed a few of the benefits of budgeting? Learn all nine Surprising Advantages of Budgeting your Money. (#7 may save your marriage)
As paychecks roll in and the months go by, you start seeing the bigger and bigger picture on the benefits of budgeting.
How to Manage Money
Now, that you read you need a budget, the purpose of a budget, the importance of budgeting plus the true benefits of budgeting, let’s learn how to manage money.
Specifically, how to manage your money.
Remember you have the choice to manage your money or have your money manage you. The choice is yours.
So, how can you manage your money?
One place to start is look at what others are doing. What makes them successful or not successful.
You can manage your money based off percentages like the Cents Plan Formula.
You can look at the household budget percentages to see how people spend money according to the statistics.
Ask a friend or family member how they manage money. (Some may tell you others won’t say a word.)
You can also go in depth with My Ultimate Money Blueprint.
Just remember, in the end, you want to manage money your way.
Steps on How to Budget Money
Managing money is more than just a budget.
It is about giving you choices in life.
These steps on learning how to budget money are very global. They aren’t specific tactics for budgeting. You can learn that in the 7 steps to making a budget.
These is the overarching themes that guide you on how to budget your money. Let’s budget your life and change your finances.
1. Life’s Vision
Before we starting truly budgeting, we just tracked our spending. Without fail each and every month, there wasn’t money leftover to do what we wanted in life. Things just didn’t seem fair.
Then, I got this hair-brained idea to pay off all of our debt in 1 year.
Let me tell you…it was the best decision we ever made. You can read about our journey to be debt free.
By paying off our debt, we decided to put us first and what we wanted in life.
Extra money was going towards all of debt each month. So, that meant everything else was hacked to make paying off debt possible.
During that time, we truly understood what we wanted in life, what was important to us, and how we would get there. I guess you could say we began to budget our life.
Do you know what your life vision is? Your why? Your next money goal?
If not, then start here on making money goals.
2. Live Within Your Means
While this seems blatantly obvious, it is one of the hardest things for people to do.
Simply put…
Income > Spending
Your income is greater than your spending (and hopefully savings is included in that number too).
One of the fastest ways to start living within your means is with a no spend challenge.
Plus it will help you uncover your life’s visions and what truly matters to you.
If you have been spending more than you make, then you are letting money manage you.
By living within your means, then you are managing your money your way.
Learn Exactly… How to Live Below Your Means and Love Life
3. Be Okay Being Different
The comparison trap is real.
With social media, it is hard to escape any type of comparison game. It used to be “Keep up with the Joneses’” and that just meant the neighbors and friends around you. Now, it is comparing yourself to influencers and people you will never meet in your lifetime.
The key to long term success on how to manage money is doing it your way, which means that your priorities will be different than everyone around you. And you have to be okay with being different.
Need ideas to stay on budget? Find 101 Fun Things To Do With No Money.
Need the motivation to live in a minimalist home? Could You Live In a Minimalist Home? (Real Life Minimalists) Hint: We were featured because while less is more.
4. Find a System to Work for You
The recommendation I always make when starting out with a budget is to use paper and pencil. Something tangible that you can touch and feel. Then, it becomes a constant reminder of your new ways of managing money.
Over the long-term with budgeting, you must find a system to work for you. Maybe an app? Maybe a spreadsheet? Possibly a software?
The key is finding a system that will work for you. And if you combine finances, it has to work for both of you.
This is where most people fail.
There are so many options for free and paid budgeting apps today. It may seem overwhelming. But, you can’t go back to other habits.
Today, we use Quicken and a personalized spreadsheet. Thankfully, Quicken does all of the hard work of downloading transactions, categorizing them, and creating reports.
5. Celebrate Successes
This is something that doesn’t happen as much as it should with money goals. Too many times, we are so focused on saving money and living frugally, we forget to live and enjoy life.
You need to stop and smell the roses.
In this case, you need to celebrate your wins along your journey.
Here at Money Bliss, we like to focus on…
Life. Money. Enjoy.
Life is first. You need to enjoy your life and figure out how money relates to your life. You need to budget your life.
Don’t be afraid to celebrate your success. And if you don’t believe us…One of the steps in the Money Bliss Steps to Financial Freedom is about celebrating success and doing something for you.
How to Set up a Budget
Setting up a budget shouldn’t be hard or complicated.
Don’t overanalyze. Don’t give up.
Most people have to work on setting a budget that works for them over a couple of months. Each month making small refinements.
The end goal is to set a budget that works for you.
A High-Level View of Budgeting:
Determine what your money goals are
Figure out your income
Track how much you are spending
Set up a Budget or Spending Plan
Track your progress
Yes, this is a very high-level view of setting up a budget. At this point, you don’t have to divide up into budgeting categories if you don’t want to.
There are plenty of resources on our site to help you finalize a budget that works for you.
Find detailed resources on how to make a budget.
The key to setting up a budget is be realistic.
You want to set yourself up for success – not instant failure.
One of the key ingredients to make you a success is pocket money. Personally, I believe this one category can make or break your budget. Understand how pocket money (AKA slush money) works.
When setting up a budget for the first time, set aside time to work through the budgeting process. A solid budget that will work (remember that is a key ingredient for success) needs to be based on your life’s visions. Not just slapped together in 5 minutes.
Learn How to Budget Money
Learning how to budget money is completely doable.
Budgeting shouldn’t be cumbersome or overwhelming. In the long run, the benefits of budgeting outweigh living paycheck to paycheck or stressed about money.
A budget makes sure your expenses (and savings) are below your income. From there you can decide how detailed you want to get with your budget.
The purpose of a budget is to help you successfully reach your life’s visions. The point where you start managing your money and not being managed by your money.
Further resources on budgeting:
Make sure to download our free budget printables!
From all of the free and paid budgeting apps, here are our top budgeting apps to check out!
This section may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. Please read the full disclosure below.
Empower Personal Wealth, LLC (“EPW”) compensates Money Bliss for new leads. Money Bliss is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.
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There’s nothing better than coming home from a long and busy day to a warm and cozy home that makes you feel instantly calmer and more relaxed. If you’re looking to make your home feel as cozy as possible, Amazon’s Down to Earth hub is a treasure trove of possibility. The curated collection of home decor finds contains everything you need to make your space feel peaceful. Whether you’re looking for ultra-soft textures or soothing colors, Amazon’s Down to Earth hub has got you covered.
While refreshing your home decor can be expensive, it definitely doesn’t have to be, especially when you’re shopping on Amazon. So, we’ve rounded up 14 of our favorite home decor items from Amazon’s Down to Earth hub under $50 that can breathe new life into your space without breaking the bank.
Best Decor Finds in Amazon’s Down to Earth Hub Under $50
Kiampon Gold Industrial Table Lamp with USB Ports, $30 (was $39)
Kasantex Three-Piece Coverlet Set, $50
Calyan Wax Co. Scented Candle, $29
Maison d’Hermine Decorative Pillow Cover, $17 with coupon (was $19)
Briful Artificial Monstera Plant, $19
Joyreap Three-Piece Reversible Quilt Set, $35
Danjor Linens Six-Piece Sheet Set, $25 with coupon (was $29)
Mellanni Four-Piece Sheet Set
Amazon
Your bed should be the most calming, comfortable place in your home, and this microfiber Four-Piece Sheet Set from Mellanni is the perfect place to start. It comes in dozens of colors, including soothing earthy hues and versatile neutrals as well as a handful of classic patterns. The sheets are available in seven sizes, ranging from twin to split king, and they have deep pockets, so you can rest assured they will fit snugly and stay in place throughout the night. Mellanni’s microfiber sheets are breathable and soft, described by one reviewer as feeling. “Just like heaven.” Best of all, they are easy to wash, quick-drying, and resistant to wrinkles and pilling.
Monday Moose Decorative Throw Pillow Covers (Set of Four)
Amazon
These Monday Moose Decorative Throw Pillow Covers are made from 100 percent polyester velvet and each set comes in a cohesive color scheme. Each pillow cover is double-sided with contrasting colors, and one shopper said they are, “perfect for adding a lot of color without a lot of pattern,” to your space. These pillow covers are ideal for your living room or for the finishing touch on your bed, and they come in seven sizes to match any pillow inserts you may already have. With 12 different color options, there’s bound to be a perfect fit for every decor style and color palette.
Bedsure Boho Three-Piece Duvet Cover Set
Amazon
Changing up your duvet cover can instantly transform the look and feel of your bedroom, and this Boho Three-Piece Duvet Cover Set from Bedsure will infuse your space with whimsical, boho style. Available in six sizes, the bedding has a simple, geometric pattern made up of textured embroidery, and as one shopper pointed out, it is, “very soft and easily washable.” The comforter set includes a duvet cover and two pillow shams, and it comes in more than 25 different colors, ranging from soft, neutral tones to bold and vibrant colors. The pieces are made from polyester microfiber fabric, making it resistant to shrinking and fading over time. Thoughtfully designed, the duvet cover has eight corner ties inside so your comforter stays in place and doesn’t bunch throughout the night.
Binoster Marble Ceramic Jewelry Tray
Amazon
This Binoster Marble Ceramic Jewelry Tray is a sophisticated catch-all for jewelry, coins, keys and other small trinkets. It comes in gray or pink marble patterns, both of which have an elegant gold rim. The jewelry tray is made from premium high-fired ceramic, and it comes in two different sizes: 5.3 inches and 8.4 inches. Style it on your dresser, end table, entry table, or console or use it in the kitchen as a small serving tray. Lightweight and compact, this adorable tray also makes a great gift.
A cozy throw is a must-have for every living room, and this Bourina Decorative Herringbone Faux Cashmere Throw Blanket is as soft and comfortable as it is elegant. The herringbone pattern is timeless and effortlessly chic, and it comes in eight colors that can add a touch of fun to your space. The blanket’s faux cashmere is smooth to the touch: “very soft, and feels like cashmere,” says one shopper. It’s also much easier to clean than genuine cashmere, which is not machine washable. Even though it’s lightweight, it’s still cozy and warm, and the rolled finger edges are a subtle, but refined finish. Toss it over the arm of your couch, arrange it in a basket in your living room, or hang it on a blanket ladder to make it a focal point of your decor.
While the world is a busy and sometimes chaotic place, your space should be inviting and help you instantly relax the moment you walk through the door. Home decor changes big and small can transform your home into a soothing, peaceful sanctuary, even if you’re on a budget. You can find more of our favorites from Amazon’s Down to Earth hub below, all under $50.
Some of the best budgeting methods include proportional budgeting, zero-based budgeting, and reverse budgeting.
This article was originally published on Arrest Your Debt and has been republished here with permission.
A budget method sets out how an individual, company, or organization plans to spend money over time. Budgeting for beginners can be an extensive process, but a failure to budget is a quick path to long-lasting debt problems.
Multiple budgeting methods address different needs—some people might only need to set a budget for a specific purchase, while others might be looking for long-term financial strategies. Here, we’ll explore several different budgeting methods and valuable personal finance resources to help you address future financial questions.
The Traditional Budgeting Method
The traditional way to budget is rooted in the business and corporate world. Those who are willing to invest the time can use this method to handle their personal finances.
With this method, you study the income and expense figures from a previous month or year to help you plan out an upcoming period. You subtract the expenses from your take-home income, the funds in your checking account, or cash in your savings account. With this method, you’ll also need to account for inflation and any significant changes to your income.
Track Your Expenses
Check with your bank for options to get spending reports, and use banking apps to help streamline this process. You can then update your expenses daily or weekly for the most accurate results.
This type of accounting helps you understand what you’ve brought in, what you’ve spent, and what you have left each period. You can then decide where you may need to trim spending—especially if you find that your funds are running low each month. For example, you might see opportunities to lower food expenses by:
Using store-label or generic brand groceries rather than national name brands
Cooking more and eating out less
Opting for water instead of sodas at the restaurant
Change Your Shopping Habits
Switching up your shopping habits based on sales and price hikes is an excellent way to save money. Some common habits to target include:
Driving less can help lower your monthly gas or EV charging expenses.
Ordering online, especially if you can avoid shipping and handling charges.
Purchase foods that can serve multiple meals to reduce the time and money spent at grocery stores.
Wait to grab extra supplies until you’re already commuting from work or running errands.
Zero-Based Budgeting Method: AKA Zero-Sum Budget
In this approach, you give a task to every dollar you bring home. Since you account for every dollar of income, you should not have any money left over in your budget at the end of the month.
Here, you don’t simply rely upon expense categories. However, you would identify specific categories for food spending and then set funds aside for that distinct purpose.
Below is an example of a zero-based budgeting system for a particular month:
Total Monthly Income: $3,000.00
(-) Expenses:
Rent – $700.00
Electrical – $100.00
Water – $50.00
Cable and Internet – $175.00
Wireless/Cell Phone – $200.00
Grocery Shopping – $400.00
Dine out – $75.00
Car Payment – $200.00
Gasoline – $200.00
Car Insurance – $150.00
Credit Card 1 – $75.00
Credit Card 2 – $100.00
Doctor’s Visit – $25.00
Church Offering – $100.00
Deposit to Savings Account – $450.00
(=) $0 leftover after paying all expenses
You have all of your $3,000 in take-home pay allocated to various expenses and items in this example.
The zero-based method might not involve as much detail and time as you think. Remember that you have many fixed expenses such as mortgage or rent, car payments, and phone or cable bills. If one-time expenses crop up that are high priority, you can briefly pull funds from non-essential items.
Proportional Budgeting Systems
In a proportional budget, you devote a certain amount of your monthly income to specific categories. Unlike the zero-based method, you focus less on specific items. Instead, general areas of expenses guide the budgeting process.
The 50/30/20 Budget Method
The 50/20/30 method calls for you to reserve 50% of your funds for fixed expenses (i.e. rent & car notes), 20% for emergencies, long-term savings goals, and paying extra on your debts. The remaining 30% can then go to your wants.
Suppose you have a monthly after-tax income of $3,000. In the 50/20/30 budget, you distribute your money as follows:
(50%) Essentials: $1,500
(20%) Savings, Retirement, Emergency-Fund: $600
(30%) Discretionary: $900
The 50/30/20 helps you keep long-term savings in mind, but it might not be effective if your income is low and inflation is high. When the cost of living increases, it’s easy for the essential budget to exceed 50% of your monthly income.
The 60/40 Budgeting Style
The one-time MSN Money Editor-in-Chief Richard Jenkins developed another proportional budget. In the 60/40 approach, you spend 60% of your net income on committed expenses. This categorization of spending includes mandatory expenses and non-essentials to which you commit.
You then dedicate savings and money that might not have any utility beyond “fun” to the remaining 40%. Ideally, you can distribute these funds in 10% increments across three 401(k) or retirement plans, including a tax-free account. In developing his budgeting plan, Jenkins expressed a strong preference for saving well above the recommended 5% of income.
With enough income and the ability to shave expenses from your committed expenses, you might reach significant savings goals and future spending power in a few years.
Proportional Budgets for Would-Be Homeowners
If you plan to buy a home, your monthly debt payments should not exceed 43% of gross (pretax) monthly income. In calculating this debt-to-income ratio, you include car loans, student loans, credit card debt, and the anticipated monthly mortgage payment in debt. For example, your debt payments should stay at or below $2,580 per month on a monthly gross income of $6,000.
Also, consider the cost of maintaining your home. Some financial or home experts suggest budgeting 1% of your home’s price for maintenance. Other advisors include maintenance costs with mortgage payments and suggest that your housing costs do not exceed one-fourth of your income.
Reverse Budgeting: AKA Pay Yourself First Budget
Reverse budgeting makes saving the top priority. Most budgets have you start with mandatory expenses such as debt payments, food, and utilities. When you put the budget in reverse, you first decide how much to save and then set funds aside for your other expenses.
Reverse budgets should include a mixture of short-term and long-term savings goals. If you’re planning to buy a home or car or save a certain amount for college or retirement, start the process by estimating the cost of the particular benchmark.
Envelope Budget AKA Cash Envelope Method
Many budgeting techniques focus on determining how much to spend on particular categories depending on your financial goals. With the cash envelope system, you’re mentally forcing yourself into a planned spending limit.
Specifically, you label envelopes according to spending categories. Your take-home pay goes into particular envelopes based on your budget for each category. To that end, you might use some of the methods we’ve discussed, especially a proportional budget method, to decide how to allocate the money.
As you want or need to pay for something, you take money out of the envelope for that category and pay for the items with cash. Once you have emptied the envelope, you no longer spend on that category. With discipline and commitment, you resist the urge to borrow from another category.
Calendar Budgeting
Calendar budgeting encourages you to base your spending on your paydays and your monthly due dates. For example, if you get paid on the first and the fifteenth of each month, you would mark down those days on your budget along with the amount you expect to receive.
Next, you can mark down each fixed payment that will be due during your payment periods. If you receive $1,500 on the first and you have an $80 smartphone payment due on the 10th, you’ll want to jot down $1,500-$80 on your budget. Knowing how to read your paycheck stub is vital to effectively using this method.
Value Proposition Budgeting
Value proposition budgeting, also called “priority-based budgeting,” prompts people to measure the importance of every item they spend money on. The more integral an expense is, the more it’s justifiable if a large percentage of your budget is spent on it.
Businesses and entrepreneurs might favor this method, as it illustrates which expenses are worth their weight in revenue and which you can trim down. Using this method before applying for small business loans can also help you stay within your limit.
Budgeting Methods FAQ
A lot of questions can surface when you’re building out a budget. Here are some of the most common questions we’ve encountered.
What is the best budgeting model?
Budgeting isn’t a one-size-fits-all process, so there isn’t one model that beats the rest. It helps to learn about as many different budgeting strategies as possible to help you construct a plan that suits your specific needs.
The following information will highlight some of the most prominent budgeting methods people use. However, incorporating ideas and budgeting categories from multiple different methods is also a fantastic strategy.
What Things Do I Need to Include in My Budget?
Excel spreadsheets, Google Sheets, a printable monthly budget template, or a budgeting app can all help you account for your income and expenses. Start by listing your take-home pay and other income you received in a given period. If you’re basing the budget on a year, find your W-2 form and subtract all of the taxes withheld from the gross income. As an easier approach, use your final pay stub for the calendar year or total the paystubs in the particular previous month.
Next, list your common expenses for each month. You might have debt payments such as mortgage, car, student loan debt, and credit cards. Other categories of expenses include transportation, food, clothing, utilities, entertainment, television, and other media and insurance.
Build a Better Budget with Credit.com
The budgeting method that works best for you is a personal preference and depends on your financial situation, goals, and ability to be detail-oriented. Whatever you use to create your budget, budgeting should enhance your financial literacy, help you find approaches to debt repayment and other financial goals, and afford you discipline and structure in your spending habits.
A successful budget involves total buy-in and a belief that you can achieve financial independence and finally fix your debt payoff problems. Choose one of these simple budgeting methods to take control of your financial future and reduce your overall money stress.
Check out Credit.com’s guide for managing debt if you need help recovering from a financial setback. When you’ve got the funds, our investing guide can help you learn more ways to strategically increase your income.
What to Make of Week’s Weakest Levels After Solid PCE Data
By:
Matthew Graham
Fri, Jun 28 2024, 3:34 PM
What to Make of Week’s Weakest Levels After Solid PCE Data
Things looked good for the bond market earlier this morning. While yields were still quite a bit higher than those seen earlier in the week, there was an immediate, positive response to the on-target PCE data. The gains didn’t last long with sellers running the table mostly between 10am and 11am ET. While some of the move could be due to traders moving to the sidelines ahead of near-term potential political developments, month/quarter-end positioning likely had a much bigger impact. Bonds ended the week at their weakest levels, but this pull-back doesn’t inform next week’s trading in the slightest. That honor goes to the active slate of bigger ticket economic data.
Core M/M PCE
0.1 vs 0.1 f’cast
last month revised to 0.3 from 0.2
Core Y/Y PCE
2.6 vs 2.6 f’cast
08:39 AM
slightly weaker overnight and slightly stronger after data. MBS up 6 ticks (.19) and 10yr down 2bps at 4.267
11:08 AM
Tanking now. 10yr up 5.3bps at 4.34. MBS down an eighth on the day and a quarter point from rate sheets.
03:04 PM
Still near weakest levels. 10yr up 6bps at 4.346 and MBS down 6 ticks (.19).
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After initially announcing the development of a new Home Equity Conversion Mortgage (HECM)-backed Securities (HMBS) program in January, government-owned company Ginnie Mae — which oversees the government’s mortgage-backed securities (MBS) portfolio — released a highly anticipated term sheet this week for what is being referred to as “HMBS 2.0.”
To get a better understanding of the newly proposed program and what it hopes to accomplish, HousingWire’s Reverse Mortgage Daily (RMD) sat down with a Ginnie Mae official to get the organization’s perspective on what it hopes to achieve through the new program, what it hopes stakeholders can contribute during a comment period and the state of industry liquidity.
Liquidity and hopes for HMBS 2.0
While the liquidity picture has improved “a lot” over the past couple of years, liquidity pressure is still a reality of the HMBS market, and that’s what HMBS 2.0 is aiming to address, the official explained.
Ginnie Mae has learned that the reverse mortgage sector is highly sensitive to rate changes, and the development of a program like HMBS 2.0 could be a meaningful development in future high-rate environments, the official suggested.
The program as currently laid out is designed for long-term liquidity benefits, but the mandatory buyouts from HMBS pools projected over the next 12 months are not small, according to the official. Issuers are continuing to rely on private-label securitization (PLS), and PLS execution is still relatively fragile.
That’s why the potential for HMBS 2.0 could provide “more confidence for the financing of those older vintage mortgages once we implement the program,” the official explained. Handling it now as opposed to leaving the problem to other, future Ginnie Mae leaders also could alleviate structural challenges.
Reverse mortgage industry collaboration
A key partner in the development of HMBS policy is the reverse mortgage industry itself. Ginnie Mae recognizes the subject-matter expertise and collaborative value of engaging with the business and associations like the National Reverse Mortgage Lenders Association (NRMLA), the official said.
The reverse mortgage industry, they added, has generally been “quite indispensable” in assisting Ginnie Mae think through HMBS issues that have emerged over the past couple of years. Individual reverse issuers and NRMLA have also helped to provide important context and spot issues in the space.
NRMLA introduced a proposal similar to HMBS 2.0 in the past, so the grasp of the association’s issuer members remains a valuable assistive resource for Ginnie Mae. But at the end of the day, the company is most interested in gaining as much substantive feedback as possible, and it encourages any stakeholders that submit comments during the period to focus on the entirety of the new term sheet.
Among some of the issues that Ginnie Mae is looking for feedback on, the company wants to ensure that HMBS 2.0 as proposed is not overly complex for issuers themselves and that the proposal is operable for them. The company also wants feedback from market makers, a constituency it doesn’t engage with as often.
The company also wants to ensure that HMBS 2.0 can accommodate as much HECM collateral as possible, but it is seeking comprehensive feedback about the entire document over the next 30 days.
“The different elements of the term sheets interact with each other, so we are seeking comments on all of it,” the official said.
Utility of HMBS 2.0
Ultimately, Ginnie Mae is seeking to provide more utility to the HMBS market. Should the program be implemented, it sees HMBS 2.0 as a vehicle to provide “superior pricing and monetization of HECM asset balances relative to private funding markets,” the official explained.
Having more funding options available through the Ginnie Mae guarantee will be attractive, the company believes.
“We want more investment participation in general,” the official said. “We believe that having the Ginnie Mae label puts those things on the table, which is really important.”
That makes active participation by stakeholders during the comment period more important, as it will help Ginnie finish designing the program and work toward implementation.