Budgeting doesn’t have to be stressful. After all, a budget is just a spending plan that can help you maximize what you have, enjoy your money, and hit your savings goals. Here are some stress-free ways to budget:
Put everything on one card
If you’re using multiple credit cards for different expenses, it can be hard to track and monitor your spending. You might be using several online accounts, and different cards can have payments due at different times of the month. To make things easier, try keeping all your spending on one card. This will help you track exactly where your money is going and understand exactly how much you’re spending each month. Plus, it’s easier to pay just one balance per month.
Use an app
There are tons of apps out there to help you track and manage your budget. Try a few and find one that works best for your needs. Some apps even offer features that can make budgeting even easier, like reminders when bills are due or alerts when you’re overspending in certain categories.
List recurring expenses
Come up with a list of all the regular expenses you have each month, such as rent and utilities—list everything from your streaming subscriptions to the life insurance premium you pay for your term life insurance. This can help you get an idea of where your money is going and how much you might have for savings or unexpected costs.
Try the 50/30/20 rule
This popular budgeting technique divides your income into three buckets—50% for essential expenditures (rent, food, gas), 30% for wants (trips, entertainment), and 20% for savings. The 50/30/20 rule is great for busy people because, rather than track and categorize every little thing, you only need to roughly categorize your expenses. While the percentages may vary depending on your lifestyle, the 50/30/20 rule can be a great way to make sure you’re keeping up with all your obligations while still leaving room for fun.
Go for a goal
If you’re not feeling motivated to save or budget, it might be because you don’t have a clear goal. When setting goals, some things are important for financial security, like saving for retirement or setting up an emergency fund. But it’s also important to have things you look forward to as goals, like saving for a vacation or concert. Knowing you’re working toward something you’ll enjoy can keep you motivated.
Don’t put pressure on yourself
Budgeting isn’t something that you have to do perfectly all the time. Don’t get too stressed about making the perfect plan—just focus on making manageable and realistic goals for yourself.
