Cannabis can be expensive. Now, add in the recession and inflation. We get it.
However, when cannabis is a regular part of your life, you need to treat it just like any other life expense and budget it in.
For our medical marijuana patients, cannabis purchases are just as important as any other prescribed medicine. On the other hand, our recreational users must also stay alert and not spend every dime take over their wallet.
It may sound boring, but having a weed buget is a responsible way to manage your finances. There is no reason cannabis shouldn’t be a part of your montly budget and/or in your spreadsheet. Whatever method works best for you.
Creating a Weed Budget
Here are a 5 easy tips on how to create a weed budget.
- Start with your income and calculate your expenses
- Decide where cannabis falls on the necessities list
- Stick to your cannabis spending habits & adjust accordingly
- Continue to track your cannabis spending
- Remember your intention
Start with your income and calculate your expenses
As with all budgets, you must first start with your income. Are you paid monthly, weekly, or biweekly? Do you have a steady job(s) or do you pick up gigs here and there?
Sit down and budget out all your other monthly expenses ( ex: rent, utilities, food, gas, phone, other necessities, etc).
Then, create your budget around your income or closest estimate. Pick an amount that is appropriate to spend on cannabis for each month and/ or break it down by week, biweekly.
For example, if you’re paid monthly, you may want to order from us on a monthly basis. If you get a biweekly check, you may want to set aside a specific amount each week for cannabis.
Decide where cannabis falls on THE necessities LIST
Are you buying cannabis as medicine or for recreation?
We understand that any and all cannabis use is valid. However, your budget may require one to take precedence over the other.
As a medical patient, cannabis is likely pretty high up on your list of necessities. On the other hand, if cannabis is strictly for recreational enjoyment, you may want to categorize it into your “fun necessities/outings/events”. Can you live without something else to have a larger budget for weed?
Now with determining the importance of cannabis being a necessity, you can decide your budget. Choose that number and stick to it.
Stay vigilant with your cannabis spending habits and adjust accordingly
Now that we have determined how much you are going to be spending on cannabis each month, it’s time to pay attention to your consumption habits. Is the number you’ve chosen realistic?
Open up your banking apps, or dig through those old receipts we have sent to your email. Look at how much you’ve spent over the last three months and calculate the average. Does your budget fit into this?
If so, yay! If not, it may be time to start observing your habits and finding ways to adjust them.
Continue To Track Your Cannabis Spending
Hooray, you have a weed budget. Now stick to it! Starting now, track how much you are spending on cannabis each month , bi-weekly or weekly. This will work even better if you continue to track all your other spendings as well.
Decide on a method this is best for you and follow through. Use an excel spreadsheet, make a chart on paper, whatever works.
Remember your intention
We understand that budgeting isn’t always a fun thing to do, but it works. As you continue tracking your cannabis spending, remember your intention to motivate you to stick to your budget.
Do you want to be in control of your spending habits? Are you building a savings account? Can you cut out spending on things that are not necessary?
Whatever your reasoning, let your intention be a guide to motivate you to keep up with tracking your spending and sticking to your budget. Cannabis will become just another planned expense as you continue to reach your financial goals.
Thanks to Leafly for providing us with these 5 easy tips on creating a weed budget.
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