When it comes to cannabis, it can get expensive. But just like any other life expense, it’s crucial to budget for it accordingly. For medical marijuana patients, cannabis purchases are just as important as any other prescribed medicine. As for recreational users, it’s important to avoid overspending on this joyous hobby.
Budgeting may sound boring, but it’s the responsible way to manage finances, and cannabis shouldn’t be an exception. If you’re not sure where to start, don’t worry! Here are some tips on how to make a weed budget.
Begin by looking at your income. Do you get paid monthly, weekly, or biweekly? Determine your budget based on your income pattern. For instance, if you’re paid monthly, plan your trip to the dispensary on a monthly basis. If you get a biweekly check, allocate a specific amount each week for cannabis. If you’re self-employed, remember to account for taxes before putting money in your weed fund.
Next, list down your other expenses. How much do you normally spend on food, rent, utilities, car, phone, and other necessities, as well as non-necessities like your weekly trip to Starbucks or Disney+ account? Once you have an overview of your expenses, decide how much you want to spend on cannabis.
Consider where cannabis falls on your list. Is it a necessity for medical reasons, or is it a recreational enjoyment? Categorize it accordingly with things you know you’re going to spend money on each month but can survive without.
Once you determine how much you’d like to be spending on cannabis each month, start being mindful of your consumption habits. Look at your banking app or old receipts and calculate your average spending for the past three months. If your budget fits into this average, great! Otherwise, look for ways to adjust your habits. For instance, you might be overspending because of being too generous with friends, or you’re spending a lot on accessories like glass.
Track your cannabis spending going forward, and compare it to your budget. Use free software like Excel spreadsheets or Mint by Intuit to track all of your spending, and create custom categories for dispensary-related purchases. After a few weeks or months, you’ll have a clear picture of how well you’re sticking to your budget. From there, you can adjust as needed or feel confident in your spending.
Remember your intention behind creating the weed budget. Whether you want to take greater control of your spending, build a savings account, or cut back on superfluous spending, let your intention motivate you to adhere to your budget. This way, cannabis will just be another planned expense as you reach your financial goals.
