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Let’s Chat…Budgeting Execution!
Welcome back to the blog, everyone! And with this… we are almost fully immersed in the Holiday season. With Christmas Eve and Morning right around the corner, we hope that many of you have already reached an opportunity to unplug, squeeze in some final PTO, and begin resting and relaxing to refresh for the New Year.
We encourage you to take a few extra moments to read below on our Part 2 of budgeting… how do you execute? What platforms or programs should you use? Find out everything you need to know, here!
Helpful Budgeting Strategies for Execution:
- Applications: There are several budgeting applications available to you on your smartphone. These will help guide your budget plan and track your expenses. Use them!
- According to Nerd Wallet:
- These are all great resources and places to start! However, if you would rather develop your own plan, there are also many guides to help you form your own excel sheet through which to customize your budgeting strategy. Everything about budgeting is super personal to your own preferences, so make sure to find the route that first your finances best.
- According to Nerd Wallet:
- Bank: Many bank accounts will allow you to set up an automatic transfer from your checking account to your savings account on a monthly basis. Set an amount of money, and begin automatically transferring it to your savings account each month. The money will add up rapidly without any effort from your end required! One of our key tips for budgeting is to minimize the manual work you have to do on a daily basis. So, setting up automatic payments on credit cards, transfers to saving or investment accounts, or otherwise automating your finances is one crucial component of success.
- Update: Keep up with your budget! Your priorities will change from time to time, and accounting for these changes in expenses is super important. We encourage you to re-evaluate your budget based on compensation, activities, expense shifts, or lifestyle changes at least once or twice a year to make sure you are staying on top of shifts in your spending!
- Utilize a Financial Planner: While this may not yet fit in your expense budget, financial planners are also great partners in assisting their clients with planning their financial goals and budgeting lifestyle. Think of it this way, if this is something that you cannot currently afford with your disposable income… this might be a great first savings goal! Try putting aside enough money, to add up to the cost of a financial planning session as an initial saving goal – not only will doing so alleviate the work you put into creating the budget but will also help you to learn strategies you might not have known before.
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