"It's really about progress, not perfection." "Small steps lead to progress," she said. Start setting aside small quantities of money every month, or set small goals, such as choosing a restaurant where you won't spend more than $40, McCreary said. If 50/30/20 isn't realistic for you, there are still ways to save and tackle debt. If you prefer apps, Mint, PocketGuard, and EveryDollar are among Bankrate's top five budgeting apps.
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The Federal Trade Commission offers a budget template in a PDF format that can be printed, and Microsoft offers Excel templates for special occasions, such as saving for a wedding or home construction. And they're really helpful," Pelayo said. "There are lots of online templates that'll help you look at spending categories and expense categories for personal finance.
But if you need help visualising what's coming in and going out, there are resources available. Writing down your after-tax salary and then adding your expenses in a notebook or a blank spreadsheet might be enough to make a plan. This method works for many people, but it might not be right for you if necessities eat up more than 50 per cent, in which case you'll need to allocate less for savings or things you want to do or buy. Websites such as NerdWallet or Every Dollar Counts offer calculators to help. "It helped me to see how beneficial it is, and that we have more discretionary funds when I follow this method," said Rogers, an intake co-ordinator for a non-profit organization. Wiltrice Rogers, of Allen Park, Michigan, has used this system for more than 30 years. These include looking at how many online subscriptions you pay for, or how often you eat in restaurants, and cutting back where you can.Ī well-known budgeting system is the 50/30/20 rule, where 50 per cent of your income is allocated for necessities like food and rent, 30 per cent for things you want, and 20 per cent for savings and debt repayment.
"Much like going to the gym, the hardest part is showing up, so you just have to decide that you're going to try it out."Įven with prices high due to inflation, Elena Pelayo, educator at How Money Works, a financial literacy organisation, said there are small steps you can take to manage your money. "A lot of people think it's over-complicated and a hard thing to do," McCreary said. Photo / 123RFīudgeting is key to managing your finances, whether you're trying to pay off debt, start a rainy-day fund or deal with the consequences of inflation.Ĭreating a budget is much like trying to eat better or exercise more - everyone tells you it's good for you, but it's hard to get into the habit, said Colleen McCreary, consumer financial advocate at Credit Karma. Budgeting can be hard, so here are a few tips to get started.
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