When it comes to budgeting, you should track your monthly income in addition to your cash, credit and debit expenses. This may include everything from bills and mortgages to groceries and magazine subscriptions.
Try using one of these top budget tools to keep track of your expenses and start saving.
Below is a list of some common budget tools that can help you save money over time:
The simplest way to track your money and figure out how much is going in and out of your accounts is by using a simple notebook. Make a list of your monthly income and monthly expenses.
Write down any loans you’ve taken out, how much interest you’ll have to pay and how long you will have to pay off the loan.
Using a notebook can be helpful when mapping out how much money you have and where you want it to go. If you need help calculating your expenses, use an online calculator for various expenses such as mortgages, retirement savings, loans and so forth.
If you’re afraid of losing a notebook, try a simple spreadsheet through Excel, Google Sheets or Smartsheet, which is only $14 for an individual per month when billed annually or $25 per user per month when billed annually for a business.
Spreadsheets offer a user-friendly way to track your budget, and best of all, you can utilize the built-in equations so you don’t need to use a calculator every time you make a change. The key is to input all of your financial information and calculate your balances when utilizing this budget tool.
With modern technology, budgeting has become significantly easier. There are dozens of apps that link your credit cards, savings accounts and billing information to track your expenses and help you set aside money for future purchases.
Here are some recommended budgeting apps:
No matter what budget tool you use, it’s important to prioritize budgeting so you can pay off your bills, prepare for big expenses and save for retirement.
Now that you are familiar with the best budget tools, consider opening a savings account today. Synchrony Bank provides a variety of savings options from a high yield savings account to Individual Retirement Accounts (IRAs).
Our savings accounts are FDIC-insured up to $250,000, per depositor for each ownership category. Synchrony Bank does not provide financial advice so be sure to consult with a tax advisor or financial consultant before opening or contributing to an IRA.
To learn more about your options, call 844-345-5789 or open a Synchrony Bank account today.
The Balance: https://www.thebalance.com/what-is-envelope-budgeting-1293682
*ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of .
APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For Money Market and High Yield Savings Accounts, the rate may change after the account is opened. For CDs, a minimum of $2,000 is required to open a CD and must be deposited in a single transaction. A penalty may be imposed for early withdrawals. After maturity, if you choose to roll over your CD, you will earn the base rate of interest in effect at that time. The APY shown for CDs and IRA CDs is for a 60-month CD with a balance of at least $25,000. Click here for all CD rates and terms offered.