The "B" Word...aka "Budgeting"

Financial Tip of the Day:

For many of us the ‘B’ word: ‘Budget’- causes us to cringe or feel exhausted just thinking about it. Budgeting brings to mind images of hunching over a desk, pen in hand, tediously writing down how much we earned and spent. Very few of us love tracking our budget (as I do) and the truth is, we are all very busy. But it’s not possible to improve your finances without developing and maintaining some sort of budgeting system at some point.  Companies do it, and it’s even more important for individuals to use one.

 Unless you’re old fashioned like me and prefer a pen and paper budget, look into budgeting apps like Mint.com or similar ones to help you track your income and expenses. Some apps (like Mint) will send you reminders when bills are due as well, to help you pay them on time. Many banks (like Bank of America) also offer budgeting tools as part of their apps. If your budget is fairly consistent in terms of fixed income and expenses, you can plug in this information and just adjust it if/when you experience any major changes in either area.

#budget #money #apps #income #expenses