I have been using a budget since my daughter was 3, but it wasn't always that way. Highest heart truth, there was a time when I had no concept of money whatsoever, and I left it all up to my significant other.
It's funny how once you have a kid though, you start measuring your life with your kid's age, because, yes, my daughter was 3, but I had also just broken up with her dad and asked him to move out of my the house as soon as possible, was also a significant milestone in my life at the time. Sheesh, saying it like that, makes it sound like he was unbearable. He wasn't, there were things about him that didn't make me want to commit the way I had imagined a couple would commit to their forever relationship, so it was really time to stop delaying the inevitable and just get on with my life.
My ex had taught me about investing in myself by reading a good book each month. Ahh, the good ole' days when I had so much time riding the bus to read - actually read the physical text - Now I prefer to listen to my books or podcasts while I work out, drive, and even when I get walks in with my dogs.
That's why I learned that having a savvy approach to building your business or personal situation, with the intent to upgrade your strategy as your revenue increases and budget allows is a beautiful thing.
Cutting Costs means going through that budget every few months (aka quarter) and making sure that your monthly spending is in line with your future goals, and if they haven't been, it's time to get back down to business.
Don't beat yourself up over it, just acknowledge it and move forward. Our budgets are meant to be a living goal and will need tending and effort regularly.
What I look at is this. How can I save more money, because it's not always about what I spend but how much I save when I do spend. This is a credo I have lived by since I got my s*%$ together (excuse my language), you have to understand that was all it was. My crap was in a pile, no rhyme or reason yet, just my credo.
Review my ultimate outcome regularly. For me, this means I read my reasons why I am doing this, as well as my end of year goals every few months, if not more.
Prep time. How can I make more money or have my money work for me? Have a Plan = prep time.
So here are my Tips,
Don't go house poor - That means, in a nutshell, don't outspend your budget, but don't forget to celebrate the milestones. My mantra for this is this, it's not what you spend but how much you save, so in that spirit, I try to celebrate as cost-effective as I can!! What's free??
Go over your strategy frequently - Just like how important it is to drink water when you work out, not only does that water keeps you hydrated, but it also keeps the toxins from building up, which is what can happen if your life strategy gets stagnant too.
Recover from your losses quickly - To me, this means if something knocks you down, get up and dust yourself off as fast as you can. Because the quicker you can do this, the sooner you will be able to move on from where you are currently.
Fuel the fire - I heard it described to me like this once and it has stuck with me since. Think about a campfire, no matter how big or small your fire, you need wood to burn. Now think about the wood you would use to consume. None of that is the same size either, is it? No matter what tho, that wood burns to keep you warm, heck back in the day it could be the only thing that kept a person alive, especially in Canada... Amirite or amirite… In today's age, we have many ways to keep us warm, thankfully, either way, the wood is fuel for the fire. The same way that we have to keep feeding ourselves with good thoughts, happy memories and goals to reach for, even if they are small goals and/or significant goals. These are things that fulfill us as humans and are the fire that keeps our spark burning.
Self Care - According to dictionary.com, is the practice of taking action to preserve or improve one's own health, "autonomy in self-care." Also is the method of taking an active role in protecting one's own well-being and happiness, in particular during periods of stress. "expressing oneself is an essential form of self-care." What makes this so crucial for Maximizing Results is that if there is no you, there are no future plans to make is there? There are plenty of ideas you can search for at the University of Google on self-care, but if you are struggling, make sure to reach out and get help from a professional, or message me, and I might have contacts that can help. The effects of stress include nausea and vomiting, difficulty concentrating, confusion, agitation and headaches. So make sure to really take a look at these symptoms any time they rear their ugly heads, is it stress or is it something else?
Make sure anyone can follow in your footsteps - I once read the entire Alcoholics Anonymous Book called The Big Book, just to learn about addictions. What I learned was how important it was to have simple steps that anyone can follow. A program if you will that will bring you, and anyone else through steps that will get them through whatever is tough for them at this time. Lucky for us, there are plenty of people or apps, and even books about this exactly. The big book just follows the same system that has been in place for generations. And as long as you can go back through it, you will always be able to help anyone along the way.
In Closing, cutting costs is a great way to start your entrepreneur journey. This makes taking risks a little less risky since you will know your budget as well as know what can be spent.
It's always important to mind the gap. What I mean is that it's important to explore any missing areas that can help avoid plenty of pain from nonperformance to dysfunction. Gaps aren't screaming for attention, but they can be a wellspring of opportunity to learn. The ROI in every situation must be worth its weight in gold or knowledge to push you forward.
