Most people dont really keep a budget, even though we know we should.
Thats the boat I was in not long ago.
But my wife and I could seewe were heading toward a financial cliffand really needed some help.
Without even realizing it, we were spending a lot more than we were bringing in every month.
We were overdrafting our account at least once a month, and our credit card balances kept creeping higher.
I knew something had to change.
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A lot of the things I had believed about budgeting were either exaggerated or simply not true.
Did you know?
While I useExcelto manage my budget, youll want to use a platform that feels comfortable for you.
Explore other systems likeMint,EveryDollarorYou Need a Budget.
They all have free versions!
EveryDollar is my favorite because it feels most intuitive and user-friendly.
It also has a mobile app so you might track your budget on the go.
If those options sound daunting, its perfectly OK to use a piece of paper and pencil.
Just like that, you have a simple budget!
But the truth is, none of that is really necessary.
All it takes is a little addition and subtraction!
Once youve listed your income and expenses, add them up separately.
After that, simply subtract your total expenses from your total income.
If you end up with a negative number, you know you better startcutting down on your expenses.
If you subtract your expenses from your income and come up with a positive number, congratulations!
Youre already a lot further ahead than I was at this point, and thats worth celebrating.
And that half hour has made a huge difference in my life.
It has helped me learn to control my spending each month, which means less stressing over money.
It doesnt have to!
If you like togo out to eatevery day, thats fine!
Just put it in your budget.
All youre doing is setting the money aside to see to it its there for that activity.
Some people might complain, But that takes all the fun out of everything!
I want to be spontaneous!
If thats you, work some spontaneity into your budget.
The trick here is prioritizing.
Myth #5: But…
I Already Have a Budget
No, you dont.
Not if you set it up six months ago and havent looked at it since.
Thats exactly what I did before I truly began keeping a budget.
It was a rough framework, yes, but not enough to actually help me control my spending.
Thats the only way youll really be able to see where your money goes, versus where itshouldgo.
Its not only effective, it also feels good.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
