Ladies, it’s time to dive into a topic we know you’ve been eagerly waiting for – managing your beauty expenses without sacrificing your budget. That’s right, today’s post is all about being “bougie on a budget” – a mantra we’re absolutely loving and we think you will too!
Bougie on a Budget: The Ultimate Glam Up Guide
First off, let’s address the elephant in the room. We’ve all been there – staring at our bank accounts and wondering how we’re going to afford our next hair appointment, nail fill, or that much-needed facial while keeping our finances in check. (Or without using a credit card) But fear not! We’re here to show you how to budget for these essentials without feeling the pinch.
Savings Buckets: Your Financial Best Friends
Introducing the concept of savings buckets – think of these as mini-accounts for specific purposes. One for your glam up needs, one for gifts, another for medical expenses, and perhaps one for holiday savings. The idea is to allocate funds to these buckets regularly, so when the time comes, you’re fully prepared.
Imagine opening a glam up account, and every time you contribute to it, you do a little hair flip feeling all sorts of accomplished. But seriously, this is about taking control and feeling empowered by your financial decisions.
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How to Budget for Your Glam Needs
Budgeting for your glam up fund is simpler than you might think. It all starts with understanding your yearly expenses in this category. How often do you get your nails done? Your hair? How much do you spend on makeup annually? These are the questions we need answers to.
Take the total number of times you visit the salon or the spa in a year, divide that by 12, and voila, you have your monthly allocation for your glam up fund. This method ensures you’re never caught off guard and always have the funds ready for your next appointment. This is particularly important since these type of appointments aren’t simply every month, they’re usually every 3 weeks or every 6 weeks or some sort of rotation.
So, let’s say you get your nails done every 3 weeks and it costs $45 (with tip). We would simply do this math to get your monthly budget amount to ensure you always have enough in there:
- 52 / 3 = 17.333 (Let’s round up to 18. You get your nails done 18 times a year or so.)
- 18 x $45 = $810
- $810 / 12 = $67.5 (Let’s round up again to $70 since prices almost always go up)
- Now, you’ll transfer $70 to your savings bucket every month. You might do $35 a paycheck if you get paid every other week, you might do all $70 if you get paid once per month. If you want to get cash out and put it in an envelope (still a savings bucket!), that works well too!
Don’t Forget the Extras
A pro tip from us – always factor in the tip and consider paying in cash when possible. Not only does this help you stick to your budget, but it’s also appreciated by service providers who are often small business owners because the credit companies pass on the fees for cards. This approach not only benefits your budget but also supports local businesses.
The Power of Planning
What this system offers is freedom – the freedom to enjoy the pampering sessions you love without financial guilt. By budgeting for these expenses, you remove the stress and the surprises from the equation. It’s about knowing exactly what you’re spending and making informed choices that align with your lifestyle and your financial goals. One of our favorite examples of doing this was when we planned this out for a single mom and her daughter. She loved doing this as special quality time with her daughter and knowing she could afford it and the money was already set aside was such a great feeling for her!
Embrace Being Bougie on a Budget
This method isn’t about restricting your lifestyle; it’s about enhancing it. By planning and saving for your glam needs, you’re embracing a savvy way of living that allows for indulgence without compromise. It’s about being fabulous and financially responsible – because yes, you can be both.
Your Homework
- Print out our Savings Bucket Template: Start by listing all your glam-related expenses to get a clear picture of your annual spend.
- Open Your Glam Up Account: Whether it’s a physical envelope or a digital account, get it set up and start contributing to it.
- Adjust and Adapt: As you go along, adjust your savings as needed. Remember, this is about flexibility and empowerment.
We want to hear from you! Are you ready to embrace being bougie on a budget? Share your thoughts and experiences with us in the comments or join the conversation in our Facebook group, “Financial Coaching for Women.“
And remember, beauty doesn’t have to break the bank. With a little planning and savvy saving, you can keep looking fabulous without sacrificing your financial well-being.
Book Your Free Call Now!
We are excited to create the time & space to talk to you about your current money situation. This is a free, no-obligation call where we can answer questions you may have and maybe find some quick wins for your budget.
What do you have to lose?