How to budget realistically as busy working women

Having a solid and reliable budget is considered to be a financial must-have. However, it also requires to have a certain level of discipline, as well as time to keep track of several expense streams. When you’re a busy working woman looking for extra hours in the day, managing a budget may not exactly rank high on your list of favorite things to do.

Don’t get me wrong, budgeting works extremely well for many people. However, for others, it may feel like getting ready for a root canal. When you work hard for pretty much everything in your life, sometimes the last thing you want to do is work harder at your budget.

Even as an accountant by trade, I never particularly enjoyed rigid and conventional budgets. I resented having to check my budget often and monitoring my expenses closely. Doing it for work was enough. I had no desire to do it for myself. Instead, I thought managing the money I worked hard for should be more enjoyable.

If you happen to be an extremely busy working woman who resents rigid budgets yet still want to keep on top of your finances, here are some realistic, and even fun, tips:

Start with your non-negotiables

Whatever you do, begin your budgeting process with your non-negotiables. These include your rent or mortgage, basic living expenses, utilities, emergency savings, debt payment, and retirement. While many may not consider emergency savings and retirement as non-negotiables, they actually are and should be accounted for in priority. These can be paid right at the beginning of the month or automated for ease of processing.

Starting with these essential expenses allows to get critical expenses out of the way. This takes a massive weight out of the process, freeing up time and resources to focus on other pursuits. Whatever money you have left over can be used more flexibly.

Think about what will help you accomplish your goals

Once your non-negotiables are taken care of, focusing on your future goals should be the next step. It’s also more fun to think about what you want to achieve with your money. Make a list of your financial goals, according to what’s important to YOU.

Some of your financial goals may include setting aside some money to travel or bolstering your emergency savings. You may also be considering investing as a way to generate extra income in the long-term and build wealth.

This will require you to delay gratification and instead focus on how long it will take to reach your goals. Based on this, you can make a commitment to devoting your funds to these.

Distinguish between your wants and needs

You may not have the time, or even the desire to spend more time than necessary on your budget. However, even for a realistic and flexible budget, it’s important to make the difference between what you want and need.

This distinction will help you save time in making financial decisions, and reduce the need for adjusting or constantly checking on your budget.

Make a list of what you enjoy spending money on

Last but not least, make a list of what you enjoy spending money on. This is the last part of building a flexible and fun budget. It’s also a motivating factor when budgeting your money. However, this doesn’t mean you should be wasting money. The point of it is to spend money on things and experiences that truly bring you joy.

You will also feel more comfortable doing this as you would have already taken care of your essential expenses, addressed your financial goals and distinguishing between your needs and wants.

In Conclusion

Yes, you need a budget to manage your finances efficiently and productively. However, you don’t have to abide by a complicated budgeting model that takes all the fun out of earning (and spending) money.

Instead, you can still take care of your essential expenses. You can also satisfy your goals and be more intentional as to your wants and needs, while still being able to use your money for your enjoyment.