I am always looking for ways to make managing money easier and I know that all of you are doing that as well. I thought it would be great to talk a little about Budgeting Today and this new program for managing your budget online.
There are 3 important steps to creating and maintaining a budget:
- Make a List of all of the places you spend money. Don’t forget to include Savings and non-routine expenses like Car Insurance, Taxes and more. You want to plan for those expenses so that you don’t end up without the money by the time the payment rolls around.
- Create a Zero-Based Budget. That means you take all of the money that comes in each month and make a plan for where you will spend every last penny so there is no money remaining at the end of the month, You will want to start with Savings, pay yourself a set amount out of this total income into your savings or emergency fund and also don’t forget to plan for monthly or bi-monthly expenses. Everything you spend money on in a month should be listed on the budget.
- Track your Expenses. Once you have a budget it is so very important to keep up with where you are on your budget all month long. One of the easiest ways to track expenses and avoid overspending is by using Cash. You can set aside specific budget categories to be cash accounts, take that money out of the bank when you first get paid and divide it into envelopes for each budget category, then when the money is gone you know that you need to stop spending. This is a great way to Visually see where you stand on each of your categories. Cash is also one of the best ways to save and avoid over spending.
LearnVest has a new Budgeting and Software Tool that lets you create a budget and track your expenses. This is a great program if you are needing help setting up a budget, and it also will help you track your expenses each month so you can see exactly where you are spending your money and adjust your budget each month as needed.