3 Must Have Budgeting Techniques and Helpful Budgeting Tools
Anyone else getting bored with talking about budgets? I sure hope not! (But, I can totally understand if you are.) Today, I am talking all about budgeting techniques and helpful tools you can use to help you succeed. After all, that is the point of budgets, right? We want to succeed and save money! If we don’t save money then what is the dang point?
I never used to like talking about budgets. Honestly, I felt embarrassed and like it was rude. I mean we are taught from a young age that talking about money is rude and that we shouldn’t do it, right? However, as I am getting older I am realizing a great lesson. The things we go through in life can’t be for not. We go through hard times so we can come alongside and help when others are in similar situations.
If we are to keep all the nuggets of information that we learn from our lessons to ourselves, I believe, we would be much worse off. To date, I haven’t been hurt sharing helpful information and I don’t see that changing any time soon.
With that being said, I am here to turn the whole money talk on its head!
Let’s talk about money!
We don’t have to divulge exactly how much is in each of our accounts, but we can talk about our budgets, our strategies and our goals.
So far we have talked about developing and planning a budget and the importance of creating a budget that is realistic so you succeed. We also talked about the 4 bank accounts that every family should consider having - Emergency Savings Account, Family Savings Account, Mortgage/Rent/Utilities/Debt Checking Account and Grocery/Other Checking Account.
Next, we are going to talk about budgeting techniques and helpful tools so that all your hard work and effort isn’t for not.
Let’s get to it!
3 Budgeting Techniques and Helpful Budgeting Tools
First, let me start off by saying that some of these ideas aren’t mine. That’s right, I said it, they aren’t mine and I will give credit where credit is due. There are two budgeting techniques and a budgeting tool that I have found that work for me and my family and I wanted to share them with you!
1. Multiple bank accounts
I won’t go into it all again (because well there is a post that is waaaaay too long from yesterday that talks all about them) but suffice to say multiple bank accounts is the ultimate budgeting technique. If you only have a certain amount of money in each account then that is all you have to spend! Can’t get much simpler than that. (Disclaimer: Though I didn’t come up with the idea of multiple bank accounts, these four have really helped our family.)
2. Envelope Budgeting
This technique I definitely didn’t come up with. Envelope budgeting as been around for years. The basic principle is this: budget an amount of money for each category for each month and put that amount of money in cash in the envelope. When the money’s gone, you can’t spend any more in that category for that month.
In trying to figure out envelope budgeting and what method was going to work for me (especially because I don’t use cash all time) I came across this lovely lady, Jordan Page. She is the budgeting queen and came up with a really cool envelope budgeting system that I have since implemented.
Quickly, the principle is this, you use the envelope as a check register and have one envelope for the month. She made a 14 minute, hilarious video, that talks all about it. You can watch it here.
3. Use Mint.com
This is by far the most helpful budgeting tool that I have used. Yes, each of my banks have mobile apps where I can view my transactions, pending and historical, however mint.com has a helpful dashboard where all of your financials can live! Because mint categorizes your transactions, you can set up budgets within Mint and track them on a daily, weekly or monthly basis. You can also upload your home loan (if you have one) and stocks or IRAs you have as well as student loans and credit cards. Mint.com has so much to offer that I think you should just go check it out!
Well, another long winded blog post on budgets has come to an end. Did you get it all? What are your budget techniques that work for you? Let me know in the comments below!