1. The savings envelope is the money I put back from my business or any extra income I get in. At the end of the month, I take what's in the savings envelope and put it my savings at the credit union. My goal is to use this money for entertainment-trips, weekend get -aways, movies, dates..etc..I do have a separate savings that I put money in when I get paid that I don't touch. Well, I try not to touch it but life happens. So lets say I get an order and I make $200 from the order, I take $120 and invest it back in my business and the $80 I put $40 in savings and $40 in cash. My goal is to actually "see" what I'm doing with the money. If I leave it on my bank card, I turn into "swiper no swiping" and it disappears fast. I didn't do this as much last year that's why I am so focused on getting it together now.
2. The cash envelope...this envelope represents what cash I have on hand and when it's gone, its gone. You can decide how much you put in your cash envelope but the goal is to set an amount that will help discipline you. When I get money from an order, I also take a portion of it and put it in my cash envelope. It can be small as $20 but the goal is to use the cash and not swipe my card. Also, let's say I budgeted $160 for my electricity bill and it was $130, then I take that difference of $30 and put it in my cash envelope. I keep my cash envelope with me, it's what I can use to splurge but I have to remember, when it's gone, it's gone until next month. I usually use the cash envelope on ME! As a mother, we are always pouring into our children and homes but sometimes you want a cute new bra and panty set and those aren't cheap especially when you're a little fluffy. Or one Saturday I'm doing my normal walk through TJ Maxx and Target and I see a cute shirt on clearance and I don't want to use my debit card..BOOM, I go in my cash envelope and use what's there. It takes discipline because I constantly ask myself, "is this worth me using my cash stash for?" I have 20 minute debates with myself most of the time. LOL At the end of the month if I still have cash in my envelope, I can move it to my savings OR just add to what I am budgeting for the new month.
3. The last envelope that I am focusing on is the car maintenance one. Whew chile!! 2019 ate me up financially with car repairs. My car is foreign so you truly need a second job for the upkeep. I would have a good savings and then BOOM, I need a $900 water pump...so this year what I am going to do is start putting money in my car maintenance envelope every month, I haven't decided on an amount but the money in the envelope will be used for oil changes, repairs, inspection stickers/tags, and those sudden repairs that spring up on you. Right now I need a high beam headlight and it's $178, had I been using my car maintenance envelope, I would have been prepared for it. But, I can start now!
I will come back for a part 2 blog to talk about the other envelopes and also how I am planning to snowball my debt using my debt tracker sheets. The envelopes will be for purchase on 2/1 and they will come in a set of 12.The link will be included when I post part 2 of this topic.
What are some budgeting tips you can share with others? I am always looking for realistic ways to see my money. Leave any comments you would like.
Happy Friday!
]]>If there is one meme that describes 2019 for me it would be this one...
2019 was rocky, it was a roller coaster but I survived physically, mentally, emotionally and financially. Your best YOU is ready to come out in 2020 but you have to be willing to get in the trenches and put in the work. Don't wait for a certain day to decide you want more, wake up everyday with change on your mind.
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What's my WHY? WHY did I get into my own business?
In 2009 I lost my mother to breast cancer and I had to channel my guilt, hurt and grief into something. I got into crafting. I made jewelry and it took off locally and it kept me focused. Crafting is very therapeutic for me. From 2009 until now, I have dabbed in so many different areas of crafting but all the while, I never looked at it as a BRAND. It was a simple side hustle for me. I researched the latest things poppin and I jumped on it. It kept a little extra money in my pocket and it allowed me to create my best work. My name was KreationzbyK and at that time it was unique but as the crafting world grew, that name "kreationz" was the title of a lot of businesses. In 2017, I gave birth to The Bling and Glitter Bar...kind of like a new me who dis type thing! :) Kreationz was tied to so many negative vibes in my life that I felt I needed a new start.
My BIGGEST why.
Also in 2009, I gave birth to my second child, my daughter. I had my daughter in June and lost my mother in October. Now I had to balance being happy for new baby with being upset that my mother was no longer around. During that time I was in a what I now know was, a situation, not a relationship. I balanced being a mother to a 10 year old, a newborn and a girlfriend to someone that didn't care about me. It was around 2010 that an incident happened and it gave me my biggest WHY. One night, an argument broke out, it was raining, and I heard the words "you and those kids get out my house." I was devastated, I was crushed and the last thing I wanted to do was run to my daddy. The altercation was so bad, the police were called and I was refusing to leave. The police said, "Ma'am you have to leave, your name isn't on any paperwork here." I packed my 9 month old baby up, my 11 year old and left for the night. I didn't have enough money to get a decent hotel but we survived through the night. You see it was a routine...it wasn't 24 hours later and I got that "we need to talk" text. I didn't have enough money saved to walk away so what did I do? I went back...incident after incident kept occurring and one day it was enough. I didn't have a lot but I had to end this "situation" so I left and started over. At that moment of sitting in an empty apartment, my WHY hit me. NEVER allow yourself to be in a situation that you don't want to be in because you don't have the money to get out. Never allow a man to hold what he does for you over your head. Don't just bring something to the table, make sure you OWN that table. My WHY then were my kids, my sanity and my independence. I already had a Bachelors degree but in that empty room, I made a change that would benefit me and my kids. I enrolled in Grad school to get my Master's in Mid-Management(Education) and made a promise that after I finished, I would focus on my making my business bigger. Three years later, with my Master's degree, my own home, my now 18 year old son and 8 year old daughter, I have launched The Bling and Glitter Bar as my brand. My second endeavor that I am really pouring my all into is my Mini-Boss Bootcamp Sessions. I am still working on my WHY but I hope that throughout the process, I help some girl develop theirs. Be all that can you be no matter what you are faced with. Have your own so that you can make the best choices for you an those in your life. It's never to late to create your WHY. Every day is a new beginning.
What's your WHY?
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