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What are some common budgeting mistakes to avoid?
FEATURED EXPERT:
Allison Baggerly
Founder of Inspired Budget and author of “Money Made Easy”
One mistake to avoid is writing a budget that is completely unrealistic. The first time my husband and I ever wrote a budget, we decided that we were only going to spend $10 eating out at restaurants for the month. As a married couple who wants to go out to dinner and wants to go on dates, clearly, that was so unrealistic. It's laughable. Another mistake to avoid is writing a budget and then ignoring it. Writing a budget for a budget's sake isn’t going to get you anywhere. I recommend printing it out and displaying it somewhere you can see it. That way, you can compare your real-life spending to your budget. Plus, this will actually help you become better at budgeting because it allows you to recognize your own spending patterns.
This interview has been edited and condensed for clarity. You can read an extended version here.
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money win
An inside look at how women are building wealth.
“I received a 6.5% raise in the spring, which put me over the six-figure mark. This is a big deal for me since I'm also the first generation in my family to have a college degree”
— Brittiny W (IN). Increase. that. income. But friendly reminder: Beware of lifestyle creep.
Scored a raise, saved up for a big purchase, or reached another money goal? Tell us about it here. Quotes are edited and condensed for clarity.
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investment piece
The items celebs and influencers think are worth the big bucks.
Melissa Butler, the founder and CEO of The Lip Bar, is known for creating quality lipsticks. But the makeup maven is doing more than serving face, she’s also crafting some seriously stylish looks. Ahead, Butler fills us in on a recent fashion staple she bought to prep for chilly fall and winter temps.
Tell us about a recent investment purchase you made.
I bought a Canada Goose coat from the collab they did with Reformation. TOTALLY OBSESSED. It’s bright and fun like me. I can pair it with a Lip Bar lippie for a total fashion moment, and it’s incredibly warm. I live in Michigan, so a girl has to bundle up.
How much did you spend on it?
$1,595.
Why do you consider it a good investment?
In winter, your coat is your outfit and a good one will last you for many years. At nearly $1,600, I certainly plan to use this for years to come.
Answers are edited and condensed for clarity.
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