Budgeting 101: Gain Control of Your Finances

Budget: A budget is defined as an estimate of income and expenditure for a set period of time.

What is a budget, and how can I make one?

There are a few basic steps to setting a budget:

1. Identifying how much money you are spending

2. Identifying how much money you are making

3. Finally, evaluating those expenses and incomes to see how they match your financial priorities.

You may think the whole point of budgeting is to restrict you. And while there’s a slight amount of truth in that statement - the larger truth is that it helps you, a lot, when you know you’re spending less than you earn. When you don’t have to worry about paying your bills, you truly get to experience life.

Whether you’ve recently decided to start a budget, or upgrade your budget to something more automated, we can help. Think: no debt, home ownership, travel, money to spend out with your friends, and less anxiety! The method we recommend is the 50-20-30 rule. Read the details here and get started.

Best budgeting template: YNAB.com

Best budgeting app: Mint.com

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