The inflation we’ve been experiencing recently has convinced even some of the most budgeting-averse to try to change their ways, in hopes of offsetting higher costs for everything from food and fuel, to rent and travel. The great news is that getting a solid handle on your personal budget now will pay big dividends long after today’s inflation is in our rearview mirror. “Getting finances in order and preparing a budget to stick to is a popular New Year’s resolution,” said Margarita Guerra, Senior Vice President and Chief Financial Officer at BluPeak Credit Union. “A basic budget plan is a great first step toward achieving financial wellness. BluPeak provides many easy-to-use tools to help you manage your personal finances, as well as free resources to keep you on track.”
But what’s the best way to start a personal budget?
For many, online is the answer. But tons of options exist, so we break it down here, sharing some of the most popular online personal budgeting tools—along with tips on how to start your own personal budget.
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How to start a personal budget
An online-budgeting tool can be really useful for identifying and categorizing all of your income and spending. But the basic principles of personal budgeting are old school, and don’t require new tech.
A budget is nothing more than a spending and savings plan, where you specify all your sources of income on one side of the “ledger” and list all of your essential and discretionary expenses on the other. Because most of us don’t have unlimited funds, budgeting is crucial for figuring out how much we can set aside each month for financial goals like building an emergency fund, paying down credit card debt, buying a car, and saving for retirement.
Hopefully, when you add up what you earn and what you spend, some money will be left over at the end of the month for your bigger financial goals. If not, or if there’s not enough to reach the financial goals you’ve set, a personal budget – call it a spending plan – is a crucial tool for getting ahead.
SOURCE: PR Web