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Financial Spring Cleaning: How to Clean Up Your Budget

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<p>Most people think about clearing out their closets when "spring cleaning" comes to mind. While I suggest everybody do that a couple of times a year, your spring cleaning routine should also apply to your finances. Here are some ways that you can spruce up your budget this season.</p>::Pexels

Most people think about clearing out their closets when “spring cleaning” comes to mind. While I suggest everybody do that a couple of times a year, your spring cleaning routine should also apply to your finances. Here are some ways that you can spruce up your budget this season.

Make Sure It’s Working

First and foremost, you need to make sure that your current budget is working for you. If it has been a while since you’ve done any financial spring cleaning, then it is likely you need to make some significant changes to your budget. You want to make sure it works for your current lifestyle. It also needs to help contribute to your larger financial goals – whatever they may be.

If your budget isn’t working for you anymore, don’t be afraid to scrap it and start from scratch! There is nothing better than a clean, blank slate to help you get back on track.

Consider Additional Budget Items

After you’ve considered whether or not your current budget is working for you, start thinking about things that you’d add to make your life easier. I know this isn’t necessarily what people think of when they think “spring cleaning.” Normally, you think about purging items from your home and decluttering. However, you should also consider what might make it easier to keep clean and organized throughout the rest of the year.

For instance, we added some organization products to our closet and it stays more tidy throughout the year. Similarly, with your budget, if you plan for things like vacation or allocate money to areas that make your life easier, it will work in your favor.

Get Rid of Things You Don’t Need

You shouldn’t only be adding things to your budget though. Just like cleaning out your closet, you need to get rid of things you don’t need too. Chances are, you probably don’t need all of those streaming services. You probably also don’t need a $6 coffee every single day. Look for areas where you might be able to cut/trim costs and make those changes.

Don’t Forget to Save

If you’re like me, you get a little too excited about that last step (getting rid of things). I’m addicted to throwing things out (seriously). Oftentimes, I’ll wind up tossing things I could have used or things I shouldn’t have thrown away at all. Saving is important too. It deserves a line on your budget.

Organize in a Way That Works for You

At the end of the day, your budget will look different than someone else’s. This is because it is designed to work for you. The same way you organize the pantry after cleaning it out applies to your finances. You want to make sure the things you use the most are accessible. More than that, you want to make sure it is functional. After a bit of financial spring cleaning, you should have a clear idea of your goals and budget.

 

The Best Credit Card for Everyday Spending for Families

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<p>Credit where credit's due. There are some great deals around which can really help stretch your budget. When you're juggling the expenses of a family, your plastic friend can really become one of your best friends.</p>::Pexels

Credit where credit’s due. There are some great deals around which can really help stretch your budget. When you’re juggling the expenses of a family, your plastic friend can really become one of your best friends.

There is one vital thing to be careful about though. You need to make sure you can pay off the balance every month and in full. That way you won’t incur interest and you won’t run up debt. Budget carefully and be wary of payday loans.

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What is the Biweekly 26 Week Money Challenge?

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<p>Looking to have more control over your finances and put away more money? The Biweekly 26 Weeks Money Challenge, or the 26 Week Savings Challenge as it is sometimes called, is an excellent way to reach your saving ambitions. In this thorough guide, we will show you how to accomplish this challenge step-by-step and monitor your savings grow. this guide is suitable for all levels of saving, from novice to experienced, and is designed to keep you on track, motivated, and make the most of investing your earned money.</p>::Pexels

 

Looking to have more control over your finances and put away more money? The Biweekly 26 Weeks Money Challenge, or the 26 Week Savings Challenge as it is sometimes called, is an excellent way to reach your saving ambitions. In this thorough guide, we will show you how to accomplish this challenge step-by-step and monitor your savings grow. this guide is suitable for all levels of saving, from novice to experienced, and is designed to keep you on track, motivated, and make the most of investing your earned money.

 

 

<p>test app</p>::Pexels

 

 

How does the Biweekly 26 Week Money Challenge Work?

A year’s worth of savings can be achieved with the 26 Weeks Money Challenge, a straightforward but powerful savings method. The idea is simple: for 52 weeks, you save a certain amount of money each two-week period. You can build up your savings in a manageable and sustainable way by starting small and gradually increasing it each week.

First, you will decide on an initial savings amount. This could be as low as $1 or as high as you like, but be realistic. The key is to pick an amount that is suitable for your financial circumstances . After determining your initial savings amount, you’ll follow a predetermined schedule that outlines how much you need to save each week.  Here’s an article on how to save 10,000 using the biweekly 26 week money challenge. 

The schedule typically follows a pattern during which you increase the savings amount incrementally every two weeks over a one year period. You may begin by saving $2 for the first two weeks, add $4 for the next two weeks, add another $6 for the third two weeks, and so on. In this case, you are incrementally adding $2 on your previously added savings amount per two-week period.

While not a Money Challenge, Self Inc offers a Credit Builder Account which allows you to build your savings and credit score at the same time by reporting your monthly deposits to the 3 big credit bureaus; Equifax, Experian, and TransUnion. The average user who make on-time payments can expect to see a credit score increase of 49 points. 

 

<p>write blog posts</p>::Pexels

 

Benefits of the 26 Week Money Challenge

There are many benefits to the biweekly 26 week savings challenge that will improve your financial situation and achieve your savings goals. Here are some advantages:

  • Builds discipline and consistency: The challenge requires you to save money consistently over a long period of time. By sticking to the schedule and saving each week, you’ll develop discipline and create a habit of saving. This can help you make smarter money decisions and keep your overall financial goals at the forefront of your mind when making purchases.

 

  • Help boost your savings by a large amount: Over the course of the challenge, the savings amount gradually increases, allowing you to accumulate a substantial sum of money if you’re consistent. By the end of the 26 week period, you’ll have boosted your emergency fund, savings account, or any other financial goal you have in mind.

 

  • Encourages financial awareness: The Biweekly 26 Weeks Savings Challenge requires you to track your progress and stay engaged with your finances. This increased awareness can help you identify areas where you can cut back on expenses, find opportunities to save more, and make better financial decisions overall.

 

 

 

Variations of the 26 Week Savings Challenge

The beauty of the 26 Week Money Challenge is that it can be customized to suit your preferences and financial situation. If you cannot adhere to the rules of the basic 26-week challenge method doesn’t resonate with your personality or budgeting goals at the time, there are other variations you can try. Here some of the more popular ones:

  • Simple 26 Week Money Challenge: This method uses 26 weeks or 6 months rather than a full year. Good for working towards a short-term goal or for individuals who are paid on a weekly basis and able to contribute more often.

 

  • Reverse 26 Week Money Challenge: In this variation, you start with the highest savings amount and gradually decrease it each week. This can be a great option if you want to front-load your savings or if you anticipate having more financial flexibility in the earlier weeks.

 

  • Double-Up Challenge: If you’re up for a more aggressive savings approach, you can double the savings amount each week. While this requires a higher level of commitment, it can result in significant savings by the end of the challenge.

 

  • Customized Challenge: Feel free to create your own version of the challenge that aligns with your specific goals and financial capabilities. You can modify the savings amounts, duration, or even add personal milestones along the way. The key is to make it work for you.

 

 

Tracking your progress during the 26 Week Money Challenge

Keeping track of your progress is essential to stay motivated and accountable throughout the 26 Weeks Money Challenge. Here are some effective ways to track your savings journey:

  • Use a savings tracker: Create a visual representation of your progress by using a savings tracker. This can be as simple as a spreadsheet or a dedicated savings tracking app. Update it each week to see how much you’ve saved and how close you are to reaching your goal. A clean copy of the free printable 26 Week Money Challenge PDF worksheet  can be downloaded here.

 

  • Celebrate milestones: Break down the challenge into smaller milestones and celebrate each one. For example, after saving for 10 weeks, treat yourself to a small reward or indulge in a favorite activity. Celebrating milestones can help maintain motivation and make the challenge more enjoyable.

 

  • Share your progress: Consider sharing your progress with friends, family, or even on social media. This can create a sense of accountability and support. You might even inspire others to take on their own savings challenges.

 

<p>write blog posts</p>::Pexels

Ways to stay motivated during the 26 Week Money Challenge

Staying motivated throughout the 26 Weeks Money Challenge is crucial for success. Here are some strategies to help you stay on track:

 

  • Visualize your goals: Create a visual representation of your savings goals. This could be a vision board, a picture of something you want to save for, or simply a written statement of what you hope to achieve. Keep it somewhere visible as a constant reminder of why you’re taking on the challenge.

 

  • Track your progress visually: As mentioned earlier, use a savings tracker to visually track your progress. Seeing your savings grow week by week can be incredibly motivating and reinforce your commitment to the challenge.

 

  • Find someone to keep you accountable: Share your goals and progress with a trusted friend or family member. Having someone to hold you accountable and provide support can make a significant difference in staying motivated. You can check in with each other regularly to share updates and offer encouragement.

 

  • Reward yourself: Set up rewards for reaching milestones or achieving specific savings targets. Treat yourself to something you enjoy or have been wanting as a way to celebrate your progress. Just make sure the rewards align with your overall financial goals and don’t derail your savings efforts.

 

 

<p>test app</p>::Pexels

 

 

Conclusion

Remember, the key to success in setting realistic goals, staying disciplined and consistent, and finding ways to stay motivated throughout the journey. With the right mindset and the tips, strategies, and resources provided, you’ll be well-equipped to make the most of the 26 Weeks Money Challenge and transform your financial future. The challenge is just one tool in your financial arsenal. Continue to build upon this success by setting new goals, exploring other savings strategies, and making smart financial decisions that align with your long-term objectives.

 

 

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How Often Should You Review Your Budget?

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Budgeting can be a huge pain, especially if it seems like you are constantly revisiting it. I feel like we are constantly examining our budget for places to trim and save more money. Even if you’re not in the midst of a financial crisis, you should review your budget on a regular basis to make sure you’re accounting for changes and saving as much as possible. So, how often should you review your budget?

<p>Budgeting can be a huge pain, especially if it seems like you are constantly revisiting it. I feel like we are constantly examining our budget for places to trim and save more money. Even if you're not in the midst of a financial crisis, you should review your budget on a regular basis to make sure you're accounting for changes and saving as much as possible. So, how often should you review your budget?</p>::Pexels

1. When There’s a Major Shift in the Overall Economy

Before we get into the periodicity of budget review, the most important time to review your budget is when there are uncontrollable economic changes that will affect your spending power. We are in unprecedented financial times where inflation can eat away at your income without notice. If you’re waiting for your periodic budget review to catch the impact of economic changes, you may be heading for increased debt.

 

2. When There’s a Change in Your Finances

You should absolutely take a look at your budget whenever there is a major change in your personal financial situation. So, you’ll want to review your budget when you’ve gotten a raise, lost income, or paid off debt. If there’s a major change in cash flow, you’ll likely need to make major changes to your budget which may be for the better. For individuals with a bit more disposable income, you’ll want to increase your savings and retirement investments. Consider opening a Webull account where you can invest for free. They even offer an IRA options and a wide variety of research tools to for beginners to reduce risk.

If you have lost income due to a pay cut, working less hours, or encountered a period of unemployment, you’ll want to trim unnecessary costs immediately in order to save money. Having liquid savings is crucial in debt reduction as it prevents us from falling into the hands of predatory lenders. First comes debt, and then goes your credit. The latter leads to even more debt.

 

3. Monthly

We are currently looking at our budget on a monthly basis because we need to identify places to trim constantly. Many others take a look at their budget on a monthly basis as well, especially if they are attempting to pay off debt. The best time to do this is generally at the end of the month. Take a look at the previous month’s budget and determine how well it worked for you and your family. Adjust certain aspects of your budget as needed. Here are 3 printable debt free charts to help track your budget.

4. Quarterly

Another great way to review your budget is quarterly. Many of us make financial goals at the beginning of the year. Revisiting those goals, and your budget, every three months can help you stay on track. It can also help you review where you may be able to trim costs on a larger scale. For instance, if you notice you’re spending a lot on entertainment the first quarter of the year, you can make a concentrated effort to scale back in the second quarter.

 

5. Biannually or Midyear

You should always take a look at your budget at the 6-month mark of the year. Did you make financial promises to yourself as a New Year’s resolution? Budgeting and better financial management are on the country’s the top 10 list of New Year’s resolutions. You’re at the halfway mark and this is the time to see how well you’ve been budgeting for the first half of the year. Another benefit to a midyear budget review is acknowledging the incoming heavy spending periods; summer vacation, back-to-school, Thanksgiving, and Christmas. If you have never conducted a personal midyear budget review, here is a great article on how to conduct a midyear budget review.

 

5. Annually

Some people thrive on an annual budget and only review it throughout the year if there is a major change in their finances. For me, this simply wouldn’t work, but if you are already debt-free and have a great savings plan in place, an annual budget review may work for you. Consider investing in dividend paying stocks.  However, keep in my that even the most profitable companies in the world conduct at least quarterly budget reviews. A lot can happen in the span of 12 months. You may be missing out on opportunities if you fail to identify budget challenges or additional savings and investment potential early on.

 

6. Conclusion

If you’ve ever asked yourself how often should you review your budget, you’re not alone. It is a question I’ve struggled with occasionally. Keeping constant tabs on your finances can be exhausting but the financial freedom it can lead to is motivating! Budgeting is never a once size fits all situation so I suggest you try starting with a monthly budget review then decrease the frequency depending on your budget spending and income variations.

Readers, how often do you review your budget? 

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Why You Need A Personal Mid-Year Budget Review and 5 Steps to Take Now

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<p>The Mid-Year Financial Checkup: Do You Need One for Your Budget?</p>::Pexels

 

The Mid-Year Financial Checkup: Do You Need One for Your Budget?

Congratulations, you’ve made it to the halfway mark of 2023. From multiple claims of UFO sightings to the OceanGate tragedy being the biggest news story of the year so far, 2023 was certainly off to a wild and unpredictable start. Home prices are still through the roof, knock on hardwood, and the average cost of a new car is edging towards $50,000. We were told by the experts to expect lower interest rates and lower prices in 2023, but here we are.

Not much has changes in the overall economy, so now is the time to ensure that our budget goals are still on track considering the current financial climate. The earlier you catch areas in your budget that are primed for improvement, the better. We are now looking towards back-to-school season, Thanksgiving, and Christmas. It is likely that your carefully devised budget plan that got you through the first half of the year will not be feasible going forward. Here are 5 budget and debt reduction actions you should take to finish the year strong.

 

1. Celebrate Your Budget Wins

Start with these funny debt free quotes. Whether you started out with a new year’s resolution or circumstances forced you into a slightly unfavorable penny-pinching situation, it is imperative that you identify, and bask in the glory of your progress. Going out less? It’s a win! Stop opening those “60% Off Everything” emails from your favorite online store? Certainly a win. If you’re having trouble identifying a tangible financial win, take this opportunity to pat yourself on the back for taking the first step in seeking out a better approach in managing your finances. After all, it is not about being perfect, it’s about being better than you were yesterday.

 

 

 

2. Identify New Challenges

There are some elements in life that are just beyond our control. Monitoring your budget variations over time is as important as the execution. Recognizing and categorizing new challenges early on can prevent budget overruns and headaches from backtracking to figure out why your goals aren’t being met. For example; a new upcoming toll road will be part of your daily commute starting in a few months. Are you close to the end of the lease on your residence? There is a high chance that your landlord will raise the rent under the premise that they’re experiencing the challenges of inflation as well. Snow tires? The list goes on. Costs such as daycare, insurance, gas, and general inflationary increases are challenges that should be monitored and accounted for when implementing a preemptive approach in managing your budget.

 

3. Reallocate Funds As Necessary

One of the most important elements of budget management is reallocating or moving your funds around to stay within your budget lines. Let’s somewhat apply the theory that for every action there is an equal and opposite reaction. If one of your budget categories are seeing frequent overruns, see where that value can be recovered in another category. If you are unable to stay within budget, there is a high chance that one or two items on your list may be the culprit. Use a printable debt free chart or a budget management excel spreadsheet to give a clear visual of how your spending is being allocated. Color code the items that are close to, or beyond the budget limit. Another option is to use our free printable debt free charts. Cutting back or completely giving up on the items you love will certainly be a challenge, but no one said this would be easy.

 

 

 

4. Reassess Your Budget Goals

Are your budget and debt reduction goals still realistic? Maybe the frugal budget plan you implemented is leaving you with a bit more spending power than expected at the end of the month. Now is the time to pivot and adjust accordingly. If you aren’t meeting your saving or spending goals, don’t be hard on yourself if you can prove that you did the best you could with your current financial resources. Sometimes the numbers just don’t work. However, this is not an excuse to ignore opportunities for improvement. The greatest stories of financial freedom often start with a period of sacrifice, so stay focused as there is light at the end of the tunnel.

If the budget you created is providing great results, and your hard work is paying off in the form of additional funds being available for use, the last thing you should do is reallocate your leftover capital to more spending. Yes, it can be tempting, but keep your eyes on the prize – financial freedom. Think long-term, separate the needs from the wants, and find ways to let your money work for you.

Webull offers transparent and commission-free trading coupled with a wide variety of trading tools for beginners and experienced trader alike. They also offer fractional shares which allows budget-friendly traders to own fractions or small pieces of their favorite high prices companies. Another option is investing in dividend paying stocks. One of the few consumer benefits to higher interest rates is financial institutions offering higher yields on savings, checking, and certificate of deposits (CD). If you’re not comfortable with investing in the rollercoaster of a stock market, today you can safely find more banks offering 4%+ interest rates on savings accounts, and higher than usual rates on checking accounts.

 

<p>budget review debt reduction</p>::Pexels

 

5. Renew Your Commitment To Yourself And Loved Ones

This may be a permanent lifestyle change, or a plan to get out debt. Maybe you’re saving for a big purchase, or to start a business. Whatever the case, take this time to reflect and remind yourself why its important that you weather the storm and continue on your journey to financial freedom. Write down your plan if you need to, and place it in area where its highly visible. Sometimes we can be our biggest critic, so get your biggest cheerleader friends involved to keep your grounded and motivated. Here are 4 daily habits to keep you motivated and put a dent in your debt.

It’s one thing to try and budget when you’re on your own, but it’s a more complicated challenge when you’re the head of household or the one managing the finances for the family. Communication is key here. Gather everyone around to discuss the family’s financial goals, and how you plan to achieve them as a team. Do not make it a lecture. Avoid the “back in my days” stories, and never present it in a way that will have your family feeling as if they’re being punished. Use this time to educate the young ones on the value of money and the importance of budgeting so they will have the tools necessary to succeed in the future.

 

 

 

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How to Create a Bi-Weekly Budget

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<p>There are a number of budgeting methods out there. Thankfully, you can always cater your budget to what your current needs are. For the most part, people find it easiest to set up their budget around when they get paid. Because many people get paid bi-weekly, the bi-weekly budget set up is the most common. Here's how to set one up.</p>::Pexels

There are a number of budgeting methods out there. Thankfully, you can always cater your budget to what your current needs are. For the most part, people find it easiest to set up their budget around when they get paid. Because many people get paid bi-weekly, the bi-weekly budget set up is the most common. Here’s how to set one up.

Different Budgeting Methods

When it comes down to it, there are five different types of budgeting methods to choose from. Depending on where you are in your personal financial journey, each has its perks.

  1. Line item budget: This type of budget is what people generally think of when they imagine a budgeting system. Think excel sheet with different expenses on each line. A line-item budget can be detailed and is generally good for beginners to get an idea of their expenses and incoming cash.
  2. Proportional budget: Proportional budgeting has you divide your budget into three main categories: needs, wants, and savings. Then you assign a percentage to each category. Typically, your needs and savings should be the highest percentages while you keep the “wants” relatively low.
  3. “Pay yourself first” budget: You’ve probably heard personal finance blogger after personal finance blogger telling you to pay yourself first. This budgeting method is built around that idea. You decide that you are going to save a certain percentage of each paycheck, let’s say 25%. Then you build the rest of your budget around what is leftover.
  4. Envelope budget: The envelope system is pretty old school. To do this, you have a set amount of money designated for each budget category and you put that cash into envelopes. In the digital age, you can do this by setting up different “envelopes” via online banking. The goal of this method is to make the cash in each envelope last throughout the entire month.
  5. Zero-sum budget: The zero-sum budget is what we will be looking at for our bi-weekly budget setup. At the end of each month, you will have spent all of the incoming money you have. Now, that doesn’t mean you will be spending frivolously. You will still have a line for savings and potentially even your investing contributions.

The Bi-Weekly Budget

So, how do you set up a bi-weekly budget?

Depending on your own personal needs, a bi-weekly budget may not work for you. You may benefit from a weekly or monthly setup more than bi-weekly, especially if you get paid more (or less) often. For us, we have our main income come in every two weeks and we set up a zero-based budget to make the most of those paychecks. Here’s how we set it up…

  1. First, print out a calendar or buy a planner. We use a planner for ours. This makes things more visual.
  2. Start plugging in your expenses to the calendar. Think about what expenses you have each month and how they are divided up throughout the month.
  3. Take varying expenses into account as well. If you have regular recurring expenses that aren’t on a monthly basis, make sure you take note of them and plan for them accordingly. The best way to do this is to set money aside into a sinking fund for these.
  4. Save! You should always have a line item for savings. Whether you are building an emergency fund or sinking funds, save some money out of each check and put it in your budget.
  5. Track your spending. Once you have what you think is a good budget in place, begin to track your spending to be sure your budget is accurate and will work for you.

Choose What Works For You

The last item in setting up a bi-weekly budget is possibly the most important. You have to choose a budgeting method that will work for you. Track your spending and get familiar with your finances. Doing this will ensure you are being realistic in your expectations. Similarly, if you are paid on a weekly or monthly basis, a bi-weekly system may not be the best option for you. Take all of your personal needs, financial goals, and expenses into account to find the best budgeting method for you.

Readers, what budgeting method do you use?

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Get Organized and Start Planning With This Free Budget Planner

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<p>Obtaining control of your finances is no simple feat, especially if you feel you've lost control of them in the first place. With the new year right around the corner, many people will be planning to better their lives in some way. Some will participate in money challenges, others may vow to pay off debt. This year, vow to become financially organized by using a budget planner. (Download this free budget planner to get started now.)</p>::Pexels
Obtaining control of your finances is no simple feat, especially if you feel you’ve lost control of them in the first place. With the new year right around the corner, many people will be planning to better their lives in some way. Some will participate in money challenges, others may vow to pay off debt. This year, vow to become financially organized by using a budget planner. (Download this free budget planner to get started now.)

Why Budgeting is Important

Budgeting is the core of everyone’s personal finances and if it isn’t at the core of yours, it’s time to make that change. Having a budget helps you control your expenses as well as plan for emergencies. Budgeting is also an important part of getting out of debt (and staying there). Budgeting will also make it easier to forecast your finances or prepare for the future. You can even out the highs and lows of your cash flow throughout the month to make your finances easier.

You’re probably thinking, “Budgeting sounds great, sign me up!” Well, budgeting can be difficult. Usually, you’ll need tools to help, including a budget planner.

How to Use a Budget Planner

Budget planners make it easier for people to visualize their budgets. Oftentimes, seeing the numbers on paper (or on a computer screen) makes people realize how much money they are spending or, better yet, how much money they could be saving.

To use a budget planner, you’ll first want to note how much money you are making (your net income). Knowing how much cash you are bringing home every month will be important when utilizing the rest of your budget planner.

After you find your net income, track your expenses. Keep all of your receipts, track your online banking statements and any other bank document you can to see where you are spending money. Once you’ve tracked your expenses for about a week, take a look at where you are spending the most and where you are spending the least.

Then you’ll make a plan. Say you want to save money for a new home and you want to save $500 a month. You may have to scale back on dining out and going to the movies but you’ll be able to do it by using your budget planner.

Once you have a plan, take any action needed to adjust your spending habits to better fit your needs. As your needs and wants change, you should revisit your budget and make adjustments.

Want to start budgeting now? Download this free budget planner. You may also find the Non-Monthly Budget Planner helpful. 

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5 Simple and Free Budgeting Tools You Should Be Using

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<p>When it comes to handling your personal finances, budgeting can be extremely difficult. In fact, some people spend money learning how to budget or better handle their finance. What you may not know is that there are some great free budgeting tools out there that can help everyone.</p>::Pexels
When it comes to handling your personal finances, budgeting can be extremely difficult. In fact, some people spend money learning how to budget or better handle their finance. What you may not know is that there are some great free budgeting tools out there that can help everyone.

Free Budgeting Tools

When you’re looking for budgeting tools, remember that not everyone thinks the same. So, your budget may need to be a bit different than your mother’s was. These five budgeting tools are free and really easy to use:

Spreadsheet

Spreadsheets are one of the easiest ways to set and keep track of your budget. By entering your monthly income and expenses into a spreadsheet you can see where you have the opportunity to cut some expenses. Of course, to have a budgeting spreadsheet you’ll need to have Microsoft Excel or a similar application. However, if you don’t have access to the program, you can access Excel for free through Google. You can also access Excel and a computer at your local library (though you’ll want to be careful about logging any personal information on those computers).

Check out this FREE expense tracker spreadsheet.

Envelopes

As far as free budgeting tools goes, this is one of the most hands-on. To budget with envelopes, you will have to write down a budget and have a set amount of cash for each of your expenses. For example, if you spend $400 per month on groceries you would put $400 cash in an envelope marked groceries. This will insure that you don’t go over your budget and, for many people, makes them realize how much they are spending.

Pay in Cash

If you’re not into separating your money into envelopes but still want to budget and become more aware of your spending, think about paying in cash. After you’ve put money in savings, pay everything else throughout the month in cash. Many people who pay in cash tend to better stick to their budget and turn away from unnecessary purchases. Paying in cash is a great budgeting approach for many people.

You can also participate in fun money challenges like the Biweekly 26 Week Money Challenge with your change if you pay in cash regularly.

Balancing Your Checkbook

Not many people carry around checkbooks anymore but if you’re having trouble with budgeting it can be a great tool (and it is free). Balancing your checkbook requires you to stop and write down everything that you spend. It will let you take a look and realize if you are within your budget or not. Like many of the free budgeting tools mentioned above, it helps you gain awareness of your finances.

There’s an App For That

Last but not least, technology has made it easier for you to budget as well. When it comes to finance, there are a plethora of apps out there designed to help you better yourself. One of the best among them is Mint. If you’ve not heard of it, Mint is a finance app created to help people budget, monitor their credit, pay off debt and save. You can monitor your accounts, your spending and even your savings all through one single app. It is definitely one of the best free budgeting tools out there.

 

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Bills Are Going Up And We Want To Move

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<p>Our bills are going up. Really, all of them seem to have crept up and up over the last year or so. In December, the biggest hit was our rent going up to nearly $1,800 per month (yikes). So, we're putting our heads together and trying to figure out a way to move later this year because we have to renew again.</p>::Pexels

Our bills are going up. Really, all of them seem to have crept up and up over the last year or so. In December, the biggest hit was our rent going up to nearly $1,800 per month (yikes). So, we’re putting our heads together and trying to figure out a way to move later this year because we have to renew again.

However, I know that picking up and moving isn’t the right option for most people. So, here is what we sat down and talked about to come to this decision.

How Much Are Bills Going Up?

When we moved here in 2020, our rent was $1,400. So, in just two years, our rent has gone up $400. On top of that, our car insurance went up when we bought a new car, along with our car payment. Utility prices are also creeping up there, especially when it comes to natural gas and electricity in my area.

Not to mention, we have a little one whose needs are constantly changing. We are always buying new clothes, she is eating more, drinking more, and just doing more things. To nourish her life completely, we need to find a way to decrease some of our expenses. For our family, that will likely mean relocating (yet again).

Our biggest deciding factors here are: the cost of living, moving before Dahlia is in school, and still being close enough to family.

Deciding To Move

After a lot of discussions, my husband and I think it will be in our best interest to try and move by the end of the year. We are likely going to have to relocate to find something cheaper to rent, though. So, here’s our plan currently.

  1. Start saving money for the move. We’ll need between $5,000 and $8,000 to move, especially if we are going across state lines again. This will cover movers, the moving truck, deposits, and getting things set up at the new place.
  2. Begin scouting areas we think we might like and visit. We’ve made the mistake of moving somewhere before we ever saw it (Atlanta). So, to avoid those same troubles, we are likely going to take some trips around to cheaper places to see how we like it. Our sights are on Eastern Tennessee for now.
  3. Slow down our debt payoff so that we can focus on saving and prepping for the move.
  4. Put all of our windfalls towards this goal of moving.
  5. Start downsizing things and cleaning out closets so it’s easier at the end of the year.

Moving is one of my least favorite things, but if it decreases our cost of living and improves our quality of life, I’m here for it. Both of us think that will be the case with this move.

Readers, when was the last time you made a big move? Do you have any advice?

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If It Says “Guaranteed Payday Loan No Third Party” Run Away!

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Guaranteed Payday Loan No Third Party

If you’ve been struggling with debt, your credit has likely taken a hit as well. For me, having a low credit score and a high level of debt caused me to panic. How was I going to survive? The scary thing is – predatory lenders know when you’re feeling overwhelmed. That’s when the “Guaranteed Payday Loan No Third Party” envelopes begin coming in the mail.

How to Spot Predatory Lenders

Predatory lenders are everywhere. These lenders are referred to as being predatory because they tend to target people with bad credit, a lot of debt, and low incomes. Most of the time, they don’t truly care whether you can pay the loan or credit card off. Not to mention, most types of predatory lending also comes with a high-interest rate.

Consolidation loans and other quick-money loans can be tempting, especially if you are struggling financially. However, taking on new debt with a high-interest rate will only add to your financial stress in the long-run. You can typically identify predatory lenders by the wording used in their offer. They will use the words “guaranteed approval,” “payday loan,” “bad credit, no credit,” or “money now.”

Avoid Offers Like “Guaranteed Payday Loan No Third Party”

I’ve had a number of these “Guaranteed Payday Loan No Third Party” offers come through my email and land in my mailbox. At times, it can be hard to turn down the extra cash. Many of the lenders even market the offers as a “consolidation loan.” Having read/seen the mistakes myself and others have made, I know better than to fall victim to one of these lending traps. Here’s why…

  1. They simply continue the cycle of debt and feed into it. Payday loans, guaranteed approval loans, and most bad credit loans are feeding into the cycle of debt. Generally, the interest is so high on these loans they are practically impossible to pay off.
  2. No loans are guaranteed. If anyone guarantees you approval for anything, especially if your credit is bad, it should be a huge red flag. You’ll likely end up paying three times the amount of the loan.
  3. Almost all of the “guaranteed” loans come with a high-interest rate. We are talking 22% interest and higher. If you’re already struggling, this will be nearly impossible to keep up with.
  4. You may have to provide collateral to be approved. Some guaranteed approval loans require you to put up your house or car as collateral on the loan. Don’t do it! You don’t want to
  5. These lenders don’t honestly care about your ability to pay off your loan. As mentioned above, many of these companies are feeding into the cycle of debt. If they are guaranteeing you money without knowing anything about your finances, they don’t care about your ability to pay it off or your financial freedom.

Even in the tightest financial situation, you should avoid these predatory loans at all costs. Consider getting a loan from a friend or transferring some of your debt to a credit card with a lower interest rate. Whatever you do, try to avoid anything that guarantees approval.

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