Nitty Gritty Budget

Nitty Gritty Budget I will give you the financial confidence to pursue your dreams! 🫶

Managing your money at the next level demands understanding the difference between an asset and a liability. This is cri...
11/30/2024

Managing your money at the next level demands understanding the difference between an asset and a liability. This is critical to growing your wealth. A liability is a debt or obligation that a person or company owes to another party. An asset is a resource with an economical value that is owned or controlled with the expectation that it will provide a future benefit.

Let's take a truck for example. A truck can be an asset or a liability depending on how it's used. If you purchase a truck to drive to work with and it costs you $800 a month in insurance, loan payments and maintenance, then it is taking away from your hard earned income. It is an expense or liability! The more reasonable vehicle in this case would be a reliable, fuel efficient car that you can purchase outright or with a low monthly upkeep cost.

However, if you use the same vehicle to pick up a towing job a few times a month to bring in $1,500 extra, the truck has now become an asset. You are using the resources you have at hand to generate more money. You spend $800 on maintaining the vehicle, and generate $700 in extra income, which you can continue to invest in more assets.

Both are reasonable choices. It's important to look at the whole picture and understand how different choices can impact your wealth building plan. The more income you can regain control of, the more leverage you have to secure your financial dreams.

Black Friday is around the corner. Remember, it's a trap! 🏃
11/25/2024

Black Friday is around the corner. Remember, it's a trap! 🏃

A fear of managing money can come from uncertainty about the future. The mind believes it is easier to struggle with the...
11/24/2024

A fear of managing money can come from uncertainty about the future. The mind believes it is easier to struggle with the problems you can already handle, rather than new challenges that you aren't sure if you can succeed at.

Budgeting is often equated with being restrictive and difficult, so one of the most frequent excuses for choosing to remain blissfully unaware about spending habits is that you will lose out on living a fun life. After all, you deserve those concert tickets or that expensive hand bag! You work hard for your money, so you're going to enjoy it!

But the truth is, you can have your cake and eat it too! When you budget your money well, you can afford a nice vacation without having to finance it. The average American pays $280,000 in interest over their lifetime! Choosing to manage your money actively can change your entire life.

When you find yourself coming up with excuses about what you'll lose by managing your money well, remember to really consider the things you will lose!

✅ Stress
✅ Anxiety
✅ Uncertainty
✅ Late Fees
✅ Collections
✅ Interest Charges
✅ Embarassment
✅ Shut Off Utilities



📸 By yganko @ vecteezy.com

When you want to get in shape, you make a plan, join a gym or buy workout equipment, make friends that are active, read ...
11/23/2024

When you want to get in shape, you make a plan, join a gym or buy workout equipment, make friends that are active, read some books, watch a documentary, start small and build a new lifestyle.

Money works the same way. Knowing how to manage money is only effective when you pair it with the right tools to succeed. Tools and environment help keep you on track so that financial health becomes a routine part of your life.

When struggling to build good money habits, try adding tools to support your goals:

✅ Buy finance trackers, savings challenges and budget sheets to help track goals and spending.
✅ Join groups, pages and people on your social media to integrate regular finance reminders and tips into your life a few moments at a time.
✅ Find a mentor or professional that can coach you through getting started and setting up a good foundation to work from.
✅ Make an active effort to read a book, listen to a podcast or watch a video about finance. The more you understand money, the easier it becomes to manage.
✅ Change one small thing regularly about your finances that improves it. One small positive change repeated consistently will make you 37 times better at that skill within one year. Habits are like compound interest. Start small and repeat often for the best results!



📸 mrharits @ vecteezy.com

The right mindset is a key element to improving your financial state. Stephen Covey, an author and businessman, was the ...
02/16/2024

The right mindset is a key element to improving your financial state. Stephen Covey, an author and businessman, was the first to examine the concept of an abundance vs. scarcity mindset in his 1989 book: "The Seven Habits of Highly Effective People".

A scarcity mindset focuses on the belief that one has limited resources or is unable to provide for themselves or others. It generated feelings of helplessness, stress and uncertainty.

On the opposite end of the scale is an abundance mindset. Operating with an abundance mindset cultivates a foundation of self confidence because it's based on a belief that there are enough resources for anyone who is willing to reach for them. This belief enhances relationships and encourages giving to others because the success of others does not detract from your own.

So, how can you reapply this to your finances? Cutting expenses can only take you so far with a budget. Once your spending is being managed, you can turn your focus outward to bring in more income. There are plenty of opportunities to stabilize your finances and increase your wealth if you are open to them.

✅ Search for a new job that increases your base pay. This can include changing your role at a job or beginning a new career path. It can be scary to move out of your comfort zone, but being uncomfortable is where personal growth happens.

✅ Find a side hustle. With access to the internet, there is more information available than ever. Take time to research gigs and skills that can be done around your primary job to boost income and create multiple sources of income in case of a job loss. For many people, a side hustle can eventually become a full-time career.

✅ Be creative about how you bring in income. Every dollar makes a difference when it has a plan behind it. Have a yard sale to get rid of unwanted items. Look into renting items or spaces that you own. Use apps to get cash back on every day purchases.

✅ Start your own business. It's a big project, but Rome wasn't built in a day. Put a few dollars each paycheck towards funding your dream. Build a business plan, and work on it regularly. Brick by brick, you can create a new way of living. If others have done it, you can too! Watch videos, read books and learn from others in the same field to improve your resilience and chances for success.



📸 by Yulia Gapeenko at vecteezy.com

You don't have to keep up with the Kardashians to enjoy life. The simple things can be enjoyable too and easy on your bu...
02/08/2024

You don't have to keep up with the Kardashians to enjoy life. The simple things can be enjoyable too and easy on your budget!

Low cost and free activities can include things like:

✅ Hiking
✅ Reading a book from the library
✅ An at home movie night
✅ Baking cookies with the kids
✅ Volunteering
✅ Gardening
✅ Music and a campfire

What are some of your favorite affordable activities?



📸 By dalenpdx211485 at vecteezy.com

The more barricades you can set up between yourself and your money, the less likely you are to spend it. Using cash is a...
11/20/2023

The more barricades you can set up between yourself and your money, the less likely you are to spend it. Using cash is a hassle, and it's uncomfortable to spend it. That's ok; it's supposed to be! Those uneasy feelings about spending cash are exactly what you want to plug into to meet your financial goals. 💵💵💵



📷 by Suriyawut Suriya @ vecteezy.com

By creating financial barriers that prevent you from caving in to temptation, you can create a system that makes it easy...
11/18/2023

By creating financial barriers that prevent you from caving in to temptation, you can create a system that makes it easy to succeed no matter what the goal is!



📷 Oleg Gopeenko @ vecteezy.com

11/12/2023

Grocery budgets are overspent 39% of the time by the average American! By "shopping" from your pantry first, you can substantially reduce food waste, downsize your grocery list, and stay within budget!

11/10/2023

Awareness of your spending is the first step to better finances. Start a habit of writing down your bills and paydays on a calendar to see where your money is going. It might just surprise you!

11/09/2023

An emergency fund is critical to financial health! Most Americans have < $1,000 in savings. ❤️ If you are blessed with $1,000+ in savings. 👍 If you are building savings. Comment 💵 to learn more about how to get started!

10/20/2023

Welcome to Nitty Gritty Budget! Thank you all for following my business. If you or someone you know would like finance coaching sessions, please send me an email at the email listed at the top of the page! ☺️

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