Did you know less than half of Americans uses a budget? According to a survey by the National Foundation for Credit Counseling only 47% Americans uses a budgeting method to keep track of their finances. A budget is imperative to know where your money is going. An article from Student Loan Hero, explains how a proper budget can improve your financial wellness. Also, the article discusses Five Different Budgeting Methods to Consider. Click Here To Read More
Additionally, there are different budgeting apps, that specialize in budgeting tools, bill tracking, and money management system.
An article from The Balance provides a great overview of the Best Budgeting Apps.
Budgeting needs are different for everyone. There are many methods. Create a budget that works for you.
Personally, I use the Mint App. The Mint App is great for me to track and manage my money with the ability to link my banking and credit card accounts. I love the alerts feature, that keeps me on track to not go over my budget.
Additionally, I use Elizabeth Warren’s 50/30/20 rule of thumb for a budgeting plan to live below (not within) my means. The allocation is based upon:
- Needs (50%) – Mortgage, Rent, Groceries, Utilities, Car Expenses
- Wants (30%) – Hobbies, Vacations, Dining, Entertainment, Shopping
- Financial Goals (20%) – Retirement, Savings, College Planning, Debt Payments
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Using this Free Budget Planner Worksheet based on the 50/30/20 rule or one of the other Budgeting Methods, create a budget that works for you.