Ways To Budget Your Money And Save – If you’re anything like me, the last few years have taught you that having a solid money management plan is as important as brushing your teeth (and if your dentist asks, yes, you definitely floss daily). Think about it: you can’t even go to the grocery store without seeing how inflation has affected your favorite cereal. Not only that, but the bills are rising, and most of our salaries are… well… . . staying the same.

If that stack of bills on the counter has kept you up more nights than you can count, it’s time to talk about money management: what it is, how to manage your money well, and what to avoid. Let’s get started guys.

Ways To Budget Your Money And Save

Ways To Budget Your Money And Save

Money management is the process of managing your money through budgeting, tracking expenses, paying bills, saving, and investing for the future.

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You may have to switch off like you did in Personal Finance 101. But now it’s time to take it seriously. You see, the key difference between living in your mom’s basement after college and owning your own home comes down to successfully managing your money.

Considering that 78% of Americans live paycheck to paycheck, it’s fair to say that we could all use some money management tips to help us get back on track.1 So, what do you say to get rid of financial stress and exchange it for financial peace of mind?

Let’s break down each of these money management principles one by one so you can start managing your money like a pro.

If you want to be serious about managing your money, you need to know what you’re dealing with. It’s time to take inventory, guys! Pull out all your unpaid bills, all your recurring monthly (or quarterly or yearly) bills, all your debts, credit cards, car loans. . . All. Don’t leave any account unattended. You want to know exactly what you’re paying for each month, and

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Taking an inventory will help you better understand where your hard-earned money is going. It will also show you how much debt you have, how much income you earn, and what expenses you have (including things like subscription plans you don’t even use).

If you don’t create a budget, you’re just spending it every month, just hoping you’ll have enough money to put the lights on and food on the table. Believe me, it won’t last long!

Listen: A budget allows you to manage your money. A budget allows you—not the government, credit card companies, or even your mother-in-law—to decide how you’re going to spend your hard-earned money.

Ways To Budget Your Money And Save

It’s time to move to zero budgeting. What is zero budgeting, you ask? This is when your income minus expenses is zero. (This doesn’t mean you have zero in your account. It just means you put every dollar to work…whether it’s donations, savings, or expenses!) And if you’re not big on budgeting, don’t worry. . There is an application for this – it is called EveryDollar. Download it for free, enter your numbers, and track your spending as you go. And speaking of tracking. . .

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When it comes to budgeting, sitting down and creating an actual budget is only the first step. Step two is something called

. Believe it or not, tracking your expenses is just as important as creating a budget. If you just write down some numbers but never track what you spend throughout the month, how will you know if you’re sticking to your schedule? You will not. Don’t let your overdrafted bank account be the only reason you know you’ve blown your budget.

If you budget with pen and paper, tracking is more like going through all your receipts one by one as you write down what you spent in each budget category. If this is you, then more power to you. But as a modern millennial, I barely have a pen, let alone paper. So, I stick with EveryDollar, which makes tracking even easier. Simply add your expenses as you go or upgrade to premium for seamless tracking and sync with your bank account. Then all you have to do is drag and drop. Boom. Tracking completed.

To achieve your financial goals—whether it’s getting out of debt, saving for emergencies, investing for retirement, or all of the above—you need a plan with a clear path to success. Good news: I have a money management plan for you – Dave Ramsey’s 7 Small Steps.

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Baby Steps has helped thousands of people get out of debt and on the path to wealth (including me). No matter where you are in your financial journey, this plan

Progress. Plus, if you follow the Baby Steps in order, you will no longer fall into the debt trap because your priorities will be in order.

, You are right. Personal finance is 80% behavior and only 20% mental. Some of the most mind-blowing truths are easy to learn but difficult to put into practice. But if you have the right tools and the right plan, you will remain motivated to succeed.

Ways To Budget Your Money And Save

You may have already heard about an emergency fund. Some people call it a “rainy day fund,” a “disaster fund,” or my personal favorite: the “sad daisy fund.” But whatever you call it, it’s incredibly important to have.

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The Emergency Fund turns major life emergencies into minor inconveniences. If you have debt, start with a $1,000 emergency fund (Baby Step 1). Over time, you will increase your emergency fund to cover 3-6 months of expenses (Baby Step 3). But before you do that, you’ll need to deal with the biggest threat to your money management toolkit: debt.

Debt is stupid. So I said it. And I will repeat this over and over again as many times as I need. Duty. Is. Blunt. Decide now that you will never again use debt to manage your money. Then get it out of your life once and for all (and make sure it never comes back). You might be wondering

But how can I get debt out of my life forever, George? You will always have some kind of debt.

Let me introduce you to my frosty friend, the debt snowball method. Here’s how it works: You list your debts from smallest to largest (don’t worry about the interest rate). Then pay minimum payments for everything but the smallest. You’ll spend all your extra money from side jobs and garage sales on that debt until it’s paid off. You will then transfer the amount you paid on it towards your next smallest debt. Continue until you are completely debt free. Then head to Franklin, Tennessee to enjoy the scream without the debt!

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Do you want to speed up the process of paying off debts and replenish your emergency fund even faster? You have three options: increase your income, cut some expenses, or do both to get extra credit! No matter what you do, you will feel like you got a raise.

There are a million ideas on how to increase your income and create a return on your money (to pay off debt faster): Have a garage sale. Deliver pizza in the evenings and weekends. Cancel that gym membership you signed up for back in January but never use. Deliver groceries using InstaCart or Shipt. Cancel subscriptions you don’t use. Start a side hustle. I could go on. . . There are many ways to trim your budget. All it takes is focus, hard work and a desire to improve your money management game. I believe in you!

Ways To Budget Your Money And Save

Did I really just say that? Of course I did. Okay, I’m not telling you to stop paying your bills. I’m just telling you to stop wasting money on extras. As I said earlier, one way to increase your income is to reduce your expenses. But another way to cut costs is to avoid additional expenses. You know, we all do this every day.

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Trade in this fancy $6 latte for a cup of homemade coffee. Instead of buying these fun gadgets at the Target Dollar Spot, avoid that part of the store altogether (imagine part of the floor being covered in lava, if that helps). And instead of eating out at restaurants when you don’t feel like cooking, start prepping your meals ahead of time. It’s an easy way to save $30!

It will be difficult at first, but once you train your brain to stop spending money in the blink of an eye, your wallet and your budget will see a huge difference. And when you see the difference and progress, it becomes addictive and you become more and more creative in finding other ways to donate and save.

While most people say investing for the future is one of their top financial goals, the truth is that we have some catching up to do. A Ramsey Solutions study found that about 4 out of every 10 Americans (42%) are not currently saving for retirement, and more than half

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