If you are a young professional like myself, you are probably learning how to adult, budget, and start a new job all at once. Everyone around you is probably telling you to save your money but you just can’t figure out how. In this blog post, I will walk through how to budget as a beginner as a corporate girl so you can figure out the areas in your life where you can save a bit of money.
How to Budget: Introduction
Now, I already have a few in-depth blog posts on how to divide up your income and where your money should be going. I’ll link those in this post. However, there will always be expenses that go over our estimates, no matter how much we try to learn how to budget as a beginner. So, here are five places you can try to save money and budget for.
{Related Post: Money Management Advice for Your Financial Growth}
Limit Beauty Products
Beauty is a huge part of our everyday life, especially as corporate girls trying to look professional and put together. Shopping for new products and opening up packages is such an exciting thing to do, and the term “retail therapy” wasn’t invented for no reason. However, we tend to dive into the consumerist and influencer world a little too much sometimes, especially after a stressful week of work. We buy more products than we will ever use or need because society is telling us “we need it”.
We spend way more than we need to on beauty products and this is an easy place to budget and save money. Take inventory of what skincare, haircare, and makeup products you have, and how many you have in each category. If you have more than 2-3 products, you don’t need to be buying more until they run out.
Learning how to budget as a beginner means taking a hard look at your spending habits. See how much you’re spending in the beauty category and either give yourself a dollar amount or product number cap each month so you don’t overspend because chances are you already have more than enough products in your arsenal.
Don’t Buy Fashion Trends
This goes hand-in-hand with the previous category, but fashion trends is another huge spending category I see corporate girls splurging in. No matter how much you think you need the newest, latest, trendiest bag, you probably don’t.
Rather than falling for these trends that you’ll spend hundreds of dollars on, pick a style you enjoy and invest in it. Trends will come and go meaning your hard-earned money will be spent on something you only wear a few times. The best way to learn how to budget as a beginner in the corporate world is to learn where your money is well spent. Instead of opting for the Y2K trends that are coming back, stick to outfits you know you will love and wear. You will be surprised by how much you save by just buying pieces that make sense for you.
Give yourself a maximum here as well, or a clothing limit to how many items you can buy each month. You’ll start to be happier with the items you already own, and you’ll save so much money in the long run.
{Related Post: 7 Steps to Financial Freedom: Financial Planning as a Young Professional in Your 20s}
Limit Drinks at Bars
We all love going out, and it is a fun way to destress after a long work week and hang out with friends. These events allow us to be in new environments, meet new people, and catch up with old friends. But, more likely than not, you’re receipts are running high with the alcohol purchases. Many bars charge high prices for a single cocktail, and the prices can add up rather quickly.
Instead, learn how to budget as a beginner by trying to reduce this number. Pre-game with friends beforehand, stick to one drink at dinner or host your own little club apartment party. I’m not saying don’t have fun; I am saying there are cheaper ways to have the same amount of fun if not more.
Try to reduce the amount you are spending going out, and hopefully, you will see that your bank account skyrocket with the money you have saved.
{Related Post: How to Save Money in Your 20s: 15 Smart Money Moves for Young Professionals}
Avoid Takeout Everyday
A good, comforting meal hits the spot after a long day, but it can also take a hit to the bank account, especially with the price hikes these days. Rather than ordering Uber Eats or DoorDash, try to pick up the food if you are going to order takeout. Or better yet, try to cook more meals at home.
Of course, this is not always possible, but part of learning how to budget as a beginner is taking a look to see where unnecessary money is being spent. An otherwise $10 meal can quickly become $20 with delivery and service fees.
Sometimes you do need it to just be delivered to your home, but if you have the time, capacity, and energy think about how saving that money can add up. Especially if it’s a daily occurrence.
Look Out Lifestyle Creep
One of the biggest mistakes I see corporate girls make when they are learning how to budget as a beginner is inflating their lifestyle past what they need. This could mean living in more luxurious apartments, eating out at expensive restaurants, or buying designer items because they see other people living like that. Lifestyle creep is one of the biggest money drainers out there because we want to match the influencers and people we see around us to “fit in”.
If someone has the newest Lululemon athleisure set, likely you’ll want to see if it is worth the hype and buy it yourself. That is just the way we have been wired as a culture to think. But, you’ll save a lot of money and be happier if you realize that what you have is perfectly content. If you love your work bag, and it is in good condition, there is no reason to go out and buy a more expensive one just because you might be earning more now.
Do yourself a favor and as you are learning how to budget as a beginner, keep in mind that you don’t always need to “upgrade” your lifestyle just because you can.
Final Thoughts
These are five areas that you can easily save money in as you are learning how to budget as a beginner. I hope you found this blog post helpful, and please let me know in the comments if you have implemented any of these tips!
With love,
Aditi <3
Aditi Rani – Figuring Out Life in Your Twenties
*Disclaimer: This is not professional advice. Some links are affiliate. By clicking and/or purchasing, I may receive a commission. It does not alter the price or change your buyer experience.