{"id":73229,"date":"2023-10-16T12:24:48","date_gmt":"2023-10-16T16:24:48","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/four-tips-for-budgeting-in-the-modern-world\/"},"modified":"2023-10-16T12:24:52","modified_gmt":"2023-10-16T16:24:52","slug":"four-tips-for-budgeting-in-the-modern-world","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=73229","title":{"rendered":"Four Tips For Budgeting In The Modern World"},"content":{"rendered":"
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When it comes to budgeting, some advice is timeless – don\u2019t spend more than you make, keep track of what you spend and save first are three rules that will always hold true. However, according to Stefanie O\u2019Connell Rodriguez, a financial expert and influencer, the world has changed, and financial advice needs to evolve as we evolve. She believes some of the traditional budgeting tips and advice is too rigid, and should be updated for today\u2019s world:<\/p>\n

Don\u2019t be scared of change. <\/strong>Often people don\u2019t want to sit down with their finances or create a budget because they\u2019re scared of what they will discover. More so, they fear that when confronted with their financial reality, they\u2019ll be forced to change. \u2018Taking stock of where your money is going can be a very empowering process. Knowledge is power.\u2019 O\u2019Connell Rodriguez says. \u2018Even just knowing you\u2019re in a bad place is better, because you can then set up a path forward\u2019.<\/p>\n

RE-Categorize your spending. <\/strong>Most are familiar with the traditional budget categories of fixed (utilities, mortgage) and variable (dinners, kid camps). O\u2019Connell Rodriguez feels this may be limiting. Although a gym membership may not be a fixed expenses, it is still could be a priority and shouldn\u2019t necessarily be discarded in the discretionary expenses. Instead, she recommends dividing your expenses into three categories based on your priorities: Essential, Priority and Discretionary. Essential is what you spent money on so you can live and work. Priority may be considered a discretionary, but it\u2019s important to you – like your gym membership. Discretionary is everything else: morning lattes, books, baseball tickets, travel, etc. Now, when looking to cut expenses, you\u2019ll have a better idea of what is most important to you, and what you can live without.<\/p>\n

Cut the right expenses:<\/strong> Traditional advice tells us to \u2018cut discretionary first\u2019, because it\u2019s not necessary. While that makes sense to a degree, O\u2019Connell Rodriguez suggests taking a closer look at your essential expenses. Yes, you can cut out your morning coffee, but that will save you maybe $30 per month? Reviewing your larger bills may lead to significant savings. For example, cutting down a $1000 fixed expense by 10% will end up having a larger impact on your bottom line then cutting a small expense like coffee. Car expenses is often be one of those larger budget items that can be cut down. O\u2019Connell Rodriguez recommends using a service like Kelley Blue Book Service Advisor<\/u><\/strong> to help cut car costs. Kelley Blue Book can answer key car ownership questions and provide personalized recommendations like what services to have done, when to have them performed locally, if your car has a recall, and most importantly, how much this should all cost based on similar repairs in the area.<\/p>\n

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O\u2019Connell Rodriguez\u2019s personal example of prioritizing expenses is that at 37 years old, she\u2019s never lived alone. Although now married, before moving in with her husband, she had three roommates. \u2018Living with roommates made sense for me. It\u2019s important to know yourself, accept your values and stop listening to what people tell you is right. Living with three roommates cut down on my expenses dramatically and allowed me to do more of what I love, which was travel.\u2019<\/p>\n

Budgeting is a practice. <\/strong>Finance and setting up a budget is not a one and done activity. Budgeting should be a practice. Like everything else, your priorities, income and life will change over the years, so your budget should regularly be revisited and revised to make sense for your current lifestyle.<\/p>\n<\/div>\n

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

When it comes to budgeting, some advice is timeless – don\u2019t spend more than you make, keep track of what you spend and save first are three rules that will always hold true. However, according to Stefanie O\u2019Connell Rodriguez, a financial expert and influencer, the world has changed, and financial advice needs to evolve as […]<\/p>\n","protected":false},"author":1,"featured_media":73230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-73229","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"yoast_head":"\nFour Tips For Budgeting In The Modern World | iFintechWorld<\/title>\n<meta name=\"description\" content=\"When it comes to budgeting, some advice is timeless - don\u2019t spend more than you make, keep track of what you spend and save first are three rules that\" \/>\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=73229\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Four Tips For Budgeting In The Modern World | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"When it comes to budgeting, some advice is timeless - 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