We can all agree that budgeting is vital to the success of your financial journey. But that being said, it can be daunting and hard! With a world filled with Credit Card Debt and Binge spending, it is important for us to budget properly and stick to it. This will help avoid impulse buys!
One of the ways that have been very helpful to me, is using a budget planner. This simple tool has helped me save lots of money, here’s how:
- Know where your money is going!
Money can be big, but can also be small. And small money can add up! By recording and analyzing all your earnings and spending in a Budget planner you can find where you are wasting money and how much money you have coming in.
- Brings structure to my spending
Structure is often given a bad rep. And as a person who is not fund of structure, I have found it to be beneficial in my finances. Emotions can run our lives, but should never run our finances. They can come into a decision, but so should logic. This is why writing it down and taking a factual approach can help you make better financial decisions.
- Where do I find one?
There are many apps on the internet such as 22seven, a product of Old Mutual. This apps helps you by linking securely to your bank accounts and pulling out your statements. It then categorizes your spending and earning information into an easy to understand format. It helps you set a budget and notifies you of overspending.
Another Great way is using a Excel Spreadsheet. This cost effective way provides you with almost unlimited customization and reporting. If you are like me and like excel, do this! It does mean you will need to do some manual capturing, but sometimes that manual work has a deeper impact on you!
Getting a budget is place is a great first step in building a financial plan. It will help you work out how much you can invest in your future and how much money you could be saving!