{"id":31703,"date":"2023-07-05T11:55:52","date_gmt":"2023-07-05T15:55:52","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/how-to-make-and-keep-a-budget\/"},"modified":"2023-07-05T11:55:53","modified_gmt":"2023-07-05T15:55:53","slug":"how-to-make-and-keep-a-budget","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=31703","title":{"rendered":"How To Make And Keep A Budget"},"content":{"rendered":"
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I have lived in some of the more expensive cities in the world, like San Francisco and Milan, but moving to New York came as a particular shock to the wallet. I have a friend in New York who likes to say, \u201cIf you leave the house, it\u2019ll cost you $100.\u201d It can be difficult to stick to a budget and live your best bougie life. This article to walks through the basics of budgeting and some ideas to maintain a bougie lifestyle while sticking to a budget.<\/p>\n

Budgeting Basics<\/h2>\n

Listed below are some major considerations in creating a budget.<\/p>\n

\u2022 Be realistic:<\/strong> If you try to tighten the belt buckle too much, your budget will be impossible to stick to. Understand what you are spending per month and build a budget around that.<\/p>\n

\u2022 Understand your net income per month:<\/strong> Your gross income (pre-taxes, pre-deductions) is not the number you take home. I run into a lot of people who can tell me their gross annual income but have no idea what hits their bank account every month. Build your budget after looking at your paycheck and what comes out after your taxes, insurance, HSA\/FSA, and 401(k) contributions.<\/p>\n

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\u2022 Build in some savings:<\/strong> I run into a lot of high-income people who fall into living \u201cpaycheck to paycheck\u201d because every time their income increases, their spending matches it. Building in a buffer for monthly savings or investment can protect from this risk. You should have about 3-6 of expenses months in emergency reserves. If that monthly spending turns out to be $10,000, one should have $30,000-$60,000 saved.<\/p>\n

\u2022 Understand your future goals:<\/strong> Whether you\u2019re hoping to buy a house someday, start a business, retire, pay for someone\u2019s education, pay for a wedding, go on a nice vacation, or anything in between, it\u2019s important to understand what those future goals are and plan to incrementally save for it. This needs to be factored into the budget.<\/p>\n

\u2022 Separate expenses into non-discretionary and discretionary<\/strong>: Non-discretionary expenses are the expenses that must come out to meet your most basic needs. Discretionary expenses can vary month to month and are not essential to keep you alive. For bougie people, the discretionary expenses can be a significant chunk of their total budget and that is perfectly okay, if you are sticking to these other points.<\/p>\n

Considering these ideas might lead to your budget looking something like this hypothetical example:<\/p>\n

Being Bougie On A Budget<\/h2>\n

Now that we\u2019ve gone through some of the budgeting basics, I want to go through some ideas for the discretionary side and how to stay bougie in New York on a budget.<\/p>\n

Theater<\/h3>\n

I probably go to three Broadway or off-Broadway shows per month and rarely pay over $50 for a ticket. Here\u2019s how:<\/p>\n

\u00b7 Broadway Lotteries: You can enter a lottery to pay $30-45 for tickets that are usually orchestra seats.<\/p>\n

\u00b7 TodayTix: You can get tickets on heavy discount along with same-day rush tickets.<\/p>\n

\u00b7 Club Freetime: You can get frequent off-Broadway and some Broadway tickets for a reservation fee of $5.<\/p>\n

\u00b7 Theater Development Fund: You can get heavily discounted tickets to opera, dance, off-Broadway, and Broadway.<\/p>\n

Art Galleries<\/h3>\n

New York regularly holds gallery events and free art walks, especially in Chelsea. Dress up, drink wine, and be your best bougie self at a gallery event. Just be warned that if you do want to make a purchase, consult that budget!<\/p>\n

Museums And Gardens<\/h3>\n

Many museums and botanical gardens (such as the Met, the Museum of Natural History, and the New York Botanical Garden) offer free days to the general public and Pay-As-You-Wish to New York residents.<\/p>\n

Concerts<\/h3>\n

Through organizations like Club Freetime and DoMore NYC, you can get free concert tickets.<\/p>\n

Work-Out Classes<\/h3>\n

Usually, there are no shortage of free workout classes in New York over summer. Hudson River Park and Bryant Park both regularly put on free yoga and HIIT classes.<\/p>\n

Wining And Dining<\/h3>\n

The more time that goes by, the more I want to be able to have delicious food, a nice cocktail, and be in bed at a reasonable hour. This is well-suited for happy hours and pre-fixe lunch menus. There are dozens of lists out there of great happy hours and pre-fixe menus from groups like Secret NYC, TimeOut, and Infatuation. Pulsd also offers heavily discounted food, drinks, and events on their website.<\/p>\n

Conclusion<\/h2>\n

I hope I\u2019ve given you some considerations for both creating and sticking to a budget as a bougie New Yorker. It is possible to make and stick to a budget, save for your future goals, and enjoy the finer things in life with a little extra thought.<\/p>\n<\/div>\n

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This informational and educational article does not offer or constitute, and should not be relied upon, as financial advice. <\/p>\n

Cicely Jones (CA Insurance Lic. #:0K81625) offers securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA, SIPC (Equitable Financial Advisors in MI & TN) and offers annuity and insurance products through Equitable Network, LLC, which conducts business in California as Equitable Network Insurance Agency of California, LLC). Financial Professionals may transact business and\/or respond to inquiries only in state(s) in which they are properly qualified.\u00a0Any compensation that Ms. Jones may receive for the publication of this article is earned separate from, and entirely outside of her capacities with, Equitable Advisors, LLC and Equitable Network, LLC (Equitable Network Insurance Agency of California, LLC).\u00a0AGE-5727621.1(06\/23)(exp.06\/25)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

I have lived in some of the more expensive cities in the world, like San Francisco and Milan, but moving to New York came as a particular shock to the wallet. I have a friend in New York who likes to say, \u201cIf you leave the house, it\u2019ll cost you $100.\u201d It can be difficult […]<\/p>\n","protected":false},"author":1,"featured_media":31704,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-31703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-featured"],"yoast_head":"\nHow To Make And Keep A Budget | iFintechWorld<\/title>\n<meta name=\"description\" content=\"I have lived in some of the more expensive cities in the world, like San Francisco and Milan, but moving to New York came as a particular shock to the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=31703\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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