Another good book from Zoe McKey on budgeting, with a decent background on the ongoing debt epidemic; and tips on everything from setting up a budget, to savings, to spending less. The book starts out with background on both the myths of money, and the epidemic of the debt crisis that the world is currently in. Then it went into explaining how to set up a budget, advice for spending less money and saving money. I like a fact that there was another chapter on financial tips, and a chapter for advice for women—on the fact that as a woman, I need to start having more interest and insight into my own financial standings. There are simple tips, and the simple fact that you need to make sure that your debt is either paid off or extremely low, before trying to build a savings account (and this is something I’m working on). I also liked that there is more emphasis also on trying to have a side job (or side hustle) that you enjoy, and can do that will add a little bit of money to your account (either savings or going towards paying off your debt).
As I stated on a previous review (Minimalist Budget) I know that I have a small problem with money (personal spending). This book (Budget like a Pro) has even more tips that can be added to the tips from her other books.
One suggestion is making all your financial goals—SMART goals (Specific, Measurable, Achievable, Relevant, & Time-framed). Setting up financial goals as SMART goals, it gives you a “road map” for each goal—paying off various credit cards, saving for trips, building up a savings account, saving for retirement, and so forth.
Other suggestions include “collecting memories” instead of “collecting objects”. In other words—save money for a trip instead of purchasing the new clothes, shoes, or whatever. You can still pick up a small souvenir on the trip, but pictures and memories last longer than the souvenir that will start to collect dust, and space (especially when you are having to pack)—don’t get me wrong, souvenirs are good and great—but be picky about when and what type of souvenirs you go for.
Another suggestion—think about a side hustle or side job. This could be as simple as offering to walk the neighbor’s dog, offer tutoring sessions in a subject that you excelled in when you were in school. As Zoe pointed out “the internet has created an abundance of opportunities for you to make some side cash”. This “side cash” can help in dealing with the bills, increase the savings account, or can even be used as the coffee money for the month.
I’ve slowly been in the process of trying to start my own budget (which is difficult when you are currently unemployed), and trying to determine where my money is going (what reoccurring charges do I have on various credit cards). One of my major goals is to have my credit card debt down to less than $1K by March/April of 2018; and then keeping it under $800 (for all credit cards) at any given time.
Highly recommended, for basic advice that can be tailored to anyone’s lifestyle.