What I learned from a group of young women about budgeting. Sure I was there to lead the discussion but I learned some things and remembered some tips from years ago.

• Living on a tight budget is sometimes easier. This may sound ridiculous but there’s some logic to it and here’s why. Lifestyle expectations must be in line with your budget because when you don’t have access to credit, the bank of mom and dad or other resources, you must live within your means.
• Priorities are obvious – shelter, food, clothing are first in line
• You must make choices with respect to how much you spend on your meals and clothing
• Household supplies and toiletries are expensive
• Budgeting for your interests is important – it’s what makes life enjoyable
• Saving even a small amount each week or month adds up

Making sure that fixed obligations are as low as possible allows for greater discretion with remaining money. Expenses such as rent and debt can take up a large portion of your monthly income, be aware of the monthly payments.

The ability to live on less is a skill and when it really comes down to it, very few things are necessities.