![]() There is nothing worse than having a surprise charge go through your bank account disrupting what you have allocated for the funds in your account, and then the account goes in the negative, causing an NSF bank charge and missed payments. Where do you stand financially?īudgeting and saving allows you to prepare for the unexpected and keeps money in your pocket. The longer you keep the funds in the account, the higher interest incentives are throughout the year to encourage ongoing deposits. Usually, the savings account has an interest rate to help earn a few extra cents. This method has you transfer your excess funds after expenses into a separate savings account. Separate savings account: Alternatively, you could have a separate savings account that you can easily make deposits to, but you can’t easily withdraw from. Write down what you spent the funds on as you go throughout the month on the envelope and analyze if you are overspending on underspending to see where adjustments need to be made to your budget.ģ. You could then withdraw the balance you have after those expenses, and split the remaining funds into your discretionary expense groups in their own envelope. You could certainly keep your income in your bank account to cover the automatic payments that are deducted (always leaving a buffer balance for the unexpected). Envelope system: This system isn’t as functional in today’s world where most want to receive an automatic debit payment. Seeing your income and expenses on paper for the month helps you see where your money is going, and where you could make some changes, if needed.Ģ. Write your budget down: On our website ( wecanhelp.ca) we have a couple of free budget sheets that you can download and use. It is a simplified app that is user friendly for people with limited technological capabilities, and is a free app to use. You manually enter your income and expenses and create a budget. It is a simple tool to track your spending habits to help you discover where your money is going and readjust your budget accordingly. Spending Tracker: This app does not link your accounts. YNAB has a free trial period, but you will need to pay a monthly or annual fee after the 30-day trial ends.ģ. This app will analyze your spending and help you to stay out of debt. It allows you to manually set up a budget, fill in your income, expenses, and balances in your bank accounts. YNAB (You Need a Budget): This is another popular app that you can link your bank accounts to, or you can opt not to. ![]() One of the biggest advantages is that it is free and easy to use.Ģ. Mint will automatically categorize your expenses and allow you to manually adjust any allocation errors. The Mint app will provide your net worth and spending history. It is an integrated app that allows you to link your bank accounts, and investment accounts to allow you to see all of your account balances and transactions in one space. Mint: This app would be the most popular, both from my own experience and from what I have heard from others. ![]() ![]() If you are looking for a budgeting app to help you organize your finances, I’ve listed the Top 3 that I would recommend for a few reasons: They are simple to use and are a good place to start tracking expenses and monitoring income levels to help create and stick to a positive budget. When you are at the point of knowing that you need to start budgeting, where do you begin? Is finding the right app going to help you create a budget and stick to it? Do you need to use the “envelope” system, or should you go back to basics and make a budget book? The answer is going to vary, based on your abilities and preference, but budgeting principles are relatively the same with any option. ![]()
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