As my regular readers know, I’m a planner. My thrill in life is to organize, color-code and make lists that help bring a beautiful idea to life. I get a lot of questions asking how to plan out everything from what furniture to buy to how to plan a big party. As a result, I’ve decided to start a series dedicated to sharing one awesome planning tip a week.
Now these tips may seem fairly obvious or straightforward, but you’d be surprised how many times we (myself included) forget. So I’ll play “Captain Obvious” with the first and most important tip for planning anything, know your budget.
Our budget is the biggest indicator of what we can and can’t do. If you’re planning your wedding, as I learned last year, it’s the factor that will have to biggest influence on the outcome of your goal. Your budget is the first piece of information required before doing research or browsing.
If you are planning a more complex goal like a special event or redecorating your home, tracking your budget is key. My husband calls me the “queen of spreadsheets” because I kept tracking of every purchase, source of income and error resolutions. I use a budget even for something as simple as baking a birthday cake because it keeps all the priorities clear!
Not everyone likes to stare at Excel all day. That’s why I recommend using an online service like Mint.com, which keeps tracks of your everyday purchases for you. It’s easy to categorize, set limits, and receive alerts when you’ve gone over budget.
Knowing your budget in any planning situation will make things so much easier. You have to be honest about what you can afford. It saves time, narrows down your search and keeps your wallet happy!
Basic formula: Income – Mandatory Expenses = Money to play with!
Have any planning dilemmas?? Ask away and I’ll provide my best advice!
