My mom has always been fantastic at money management. She’ll sit down in front of the computer with all the receipts for an entire month and keep track of where any money was spent. She makes a grocery list and looks for coupons. She shops sales so that she can get the best deals. She has a budget with an amount set aside for everything that we might spend money on. Ever since my siblings and I were little and first started earning money, my mom has had us set aside some money every month to save to go to college and to serve missions. When my dad changed jobs and started getting a smaller paycheck, my parents went through the budget and decided what to cut. We got rid of most of our channels on TV, my mom started making homemade bread, and we stopped buying a lot of unnecessary items.
My mom is excellent at the whole “keeping track of money” thing. I, on the other hand, am not. There was one time when I was in high school that I had to keep a budget for three months for a project. Of course, I went to my mom for help, and she told me all sorts of things about money management, but I mostly just rolled my eyes and did the bare minimum to complete the project. Back then, I didn’t worry much about money. I didn’t make very much in a month, but I also had very few expenses, so it just wasn’t a big deal! But now I’ve moved on to a different story. Now I have to pay rent, buy my own groceries, pay for myself at restaurants, and pay for my own gas. Life is expensive! So this month, I decided to make a budget. I wrote down everything I could think of where I might spend money, and then I called my mom (of course) to see if I missed anything. But then came the hard part: staying within my budget!
I haven’t had a budget for long, but I’ve learned a few things already:
1) There are always unexpected expenses!
2) Some of those unexpected expenses can be controlled but some can’t be controlled.
3) It’s a lot of work to keep track of all my expenses; it’s easy to lose those receipts or forget that I bought something.
4) It takes a lot of self-control to stay in a budget, especially when I really want to buy ice cream at the grocery store!
Hopefully, I’ll get better at the whole “keeping track of money” thing. Maybe one of these months I’ll even manage to spend less than I earn! But until then, at least I’ve taken the first few steps towards successful money management.
BY LAURA BUSHMAN