Think Enriched

Create Margin in your Budget

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Creating margin, or a buffer, in your budget gives you another level of comfort, breathing room, to Drive your MoneyBus.

Today we examine how to create margin:

  • How filling the accounts to provide for the family and your needs has given us freedom
  • When the cost of gas goes down, continue putting the money in the account to give you some breathing room for future purchases.
  • Taking time to make the budget gives you opportunity to make your choices and set yourself up for success
  • Living your most enriched life, within your means, you are creating freedom for yourself.
  • Find ways to create margin within  one portion of your budget will give you more freedom.
  • When you change the focus and look to consume less, you are living enriched.

    • The March challenge:

    • This month we are going to downsize from our rental home to an apartment.
    • 40-50% of size decrease in the home is the goal.  I am working to eliminate 40-50% of our stuff.  The junk. 
    • You can read more about the challenge, and share your comments by following along here.  
    • Week 1 is focusing on the bedrooms.  I'll eliminate the clothes we haven't worn, the clothes that don't fit properly right now, and the shoes we haven't worn in years.

      • How much do you actually need in your emergency fund?  After this experience, of an emergency trip home for Grandma's funeral, consider;

      • Make a high-level plan.  (remember those earthquake drills in elementary school...)  Just a bare bones idea of the travel involved, the hotels, food, and other necessities and write out the numbers on a one-page form.  Place this form in your budget/binder book.
      • Decide really how much will you need in the moment of crisis.  Write it out on the page in your budget binder.
      • Open a new savings account specifically for this situation.  Open the account today, either online or in person. 
      • Start the savings for this.  Make it automatic.  $25/ a week can make a big difference in a quick year or less.

        • You know about the Think Enriched Crew, but are you in yet?

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        Think EnrichedBy Amy Robles