How to create a weed budget
Aside from recession and inflation, cannabis can be expensive. But if it’s a regular part of your life, you need to treat it like any other life expense and budget accordingly.
For medical marijuana patients, purchasing cannabis is just as important as any other prescribed drug. On the other hand, recreational athletes must remain vigilant in order not to let the joyful hobby escape them and their wallets.
As boring as it sounds, budgets remain the responsible way to manage your finances, and there’s no reason why cannabis shouldn’t be part of your monthly spreadsheet. If you don’t know where to start, don’t fret! Here are some tips on how to create a weed budget.
Start with your income and calculate your expenses
First, consider your income. Are you paid monthly, weekly or bi-weekly? Do you have a permanent job or do you work freelance and get gigs? Create your budget around your income or the nearest estimate.
For example, if you are paid monthly, you may want to make monthly trips to the pharmacy. If you receive a bi-weekly check, you may want to set aside a certain amount for cannabis each week. For the self-employed, remember that your paychecks don’t include taxes, so make sure you settle the fees before putting any money into your weed fund.
Then sit down and plan your other expenses. how much do you spend on food To rent? utilities? Automobile? Phone? Other necessities? How about non-necessities like your weekly trip to Starbucks or your Disney+ account?
Now that you have an overview of your spending, take a look at how much you want to spend on cannabis.
Decide where cannabis falls on your list of needs
Do you buy cannabis for medicine or recreational use? All cannabis use is valid, but your budget may require one to take precedence over the other. As a medical patient, cannabis is probably pretty high on your list of necessities, alongside food, shelter and other essentials.
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On the other hand, if cannabis is a recreational pursuit, you might want to categorize it with things like cinema admissions or even monthly subscriptions like Netflix and Game Pass. Think of things you know you’ll be spending every month but can survive without.
Now that you’ve established the hierarchy of importance for your cannabis budget, you can decide how much you want to spend on cannabis each week or month. Dial that number and stick with it.
Stay vigilant about your cannabis consumption habits and adjust accordingly
Now that you’ve decided how much you’re willing to spend on cannabis each month, it’s time to start paying attention to your consumption habits. Is the number you chose realistic?
Go into your banking apps or dig up those old receipts. Look at how much you’ve spent in the last three months and calculate the average. Does your budget fit? If so, fantastic! If not, it may be time to watch your habits and find ways to adjust them.
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Are you always the one who throws in the most when friends come over? Perhaps your generosity is doing you a disservice that you cannot afford to continue. Do you spend a lot of money on accessories like glass? Maybe it’s time to resell some of the older pieces you don’t use that often, or take a break from building your collection.
Or maybe you find that the budget you set is just unrealistic. If that’s the case, you can look at other areas of your life where you spend money recklessly and limit them. Whether it’s stopping for fewer coffee breaks or buying the cheaper pasta sauce, make sure you strike a balance between the necessities and the non-necessities. You’re not doing yourself any good by buying more weed at the expense of more food.
Track your future spending on cannabis
You have a plan! Now it’s time to make sure you run it. Start tracking your cannabis spending every week or month according to the budget you set. This works best if you’re also tracking all of your spending so you can see where you might be underspending or overspending and make adjustments if necessary.
If you’re having a hard time keeping track of your spending, you can use free software like Excel spreadsheets or the Mint by Intuit app. This can be a good choice for those making legal purchases. The app is easy to install and linked to your debit and credit card. And you can even credit custom categories — perfect for creating a budget and monitoring pharmacy spending. There are other budgeting software that are also viable options.
Otherwise, pen and paper are your friend and can be a great resource for monitoring every dollar spent. After a few weeks or months you will get a very clear picture of how well you are staying on budget. From there, you can make adjustments as needed, or sit back and have confidence in your spending.
Remember your intention
Budgeting isn’t always fun, but it works. As you continue to track your cannabis spending, keep in mind your intent to motivate you to stick to your budget. Want better control of your spending? Build a savings account? Are you reducing unnecessary expenses? Whatever your reason, let your intention guide and motivate you to keep up with spending tracking and staying on budget, and cannabis will be just another planned expense as you reach your financial goals.
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