Two-thirds of Americans want to save more for long-term goals, but don't feel confident in their ability to live within their means.* Sound familiar? No worries! Let's work towards closing that gap and help you set up a budget.
Acknowledge Your FUD
Overcome FUD: Fear of financial examination, Uncertainty about budgeting, and Doubt about sticking to a budget. You can do this. FUD tends to creep up on those who lack financial confidence. To find your level of financial confidence, take our quiz here.
Track Your Income and Expenses
Write down your monthly expenses and income sources. Add your expenses and subtract them from your income. Are you in the black or red?
Build Your Budget
- Pay yourself first.
- Pay your mortgage or rent, insurance, loans, and credit cards to avoid penalties and increased rates.
- Build your emergency fund to anticipate unexpected costs.
- The rest of your monthly income can be put towards regular living expenses.
- Next, record your actual income and spending, and spot the areas that need attention.
Mobilize Your Budget
Download a budgeting app for tracking expenses and income.
Need help cutting expenses?
- Rethink your digs: Downsizing can enable you to build up your savings.
- Examine current bills: Consider cutting extras and finding cheaper alternatives.
- Pay with cash: Once in hand, cash can be harder to part with.
- Get an assist: A financial professional can help you put together a balanced budget.
*Guardian's Living Confidently Survey, 2017