This week Aaron and Tracy chat with Kumiko Love about tips for jump starting your family budget and how to stick with it.

 

LET’S CHAT!

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KUMIKO’S METHOD:

- Kumiko does the budget by paycheck method, and also implements a calendar.

- She doesn’t use a predetermined dollar amount or percentage.

 

JUMP START YOUR BUDGET:

- Learn the emotions and triggers behind your spending.

- When you’re a freelancer, knowing everything about your past spending is important.

- Meal plan! Food is a budget killer.

- Track your spending and figure out where your money is being sucked.

- Call the companies behind your monthly bills and see if you can get your costs down.

- Create an allowance for spontaneous purchases.

- Homeowners should have an emergency fund and a maintenance fund.

- Find a financial adviser you can trust, if you don’t feel comfortable making the decisions on your own.

- Kumiko thinks you’re more motivated to save if you have savings accounts labeled as your specific goal.

- “If I spend the money right now, what am I giving up in the future?”

- For student loans- sit down and figure out exactly what you have.

- There are financial counselors out there for free! Check out non-profit organizations and banks.

 

TOP 5 TIPS:

- Discover your why. Why do you want to start budgeting?

- Track your spending. It’s the number one action step.

- Look at your recurring bills and try to get them down.

- Sit down and look at your debt. Write it all out.

- Figure out what kind of learner you are? That’s how you have to organize your finances to stay motivated.

 

COMMON PITFALLS:

- They can’t change their mindset surrounding what they have/need.

- They feel stuck.

- Food! They need to meal plan.

- Not knowing where to start with debt.

 

CONTACT KUMIKO:

Website | https://thebudgetmom.com

The Gram | @thebudgetmom

Youtube | @thebudgetmom

 

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