Reader Lori has a question about setting up a budget.
Question:
I am curious to know what system your readers use for budgeting (excel, online tool, pen/paper, etc.). Most of us on your site are trying to save money and spend less, so I want to know how they do it? I’ve heard things about Mint, but I don’t personally know anyone who uses it, but I know there are a variety of tools out there…I just need some guidance!
I am very interested what what you guys have to say but I would like to add my two cents to this because I believe that having a budget is one of the most important things you need to do to gain control of your finances. Whether you make $25,000 a year or $250,000 a year, having a budget is an absolute must. You really need to know where ever penny is going.
Creating a yearly, detailed budget, and sticking to it, has been life changing to us. We have taken control of our finances in a way that we never have before. And, in the process, have been amazed at where our money had previously been spent.
You can check out my recommendations for Setting up a Budget and Sticking to It on a previous post I wrote. And, if you are, or are going to be, a college graduate, you might want to check out the Financial Tips for College Graduates – Setting Up Budgets & More.
But, enough of my two cents, I’m sure Lori, would like to hear your two cents as well. So, what tips do you have for Lori on setting up a budget?
If you have a questions you would like to ask the LRWC readers, you can send it to [email protected]. Put, “Reader Questions” in the subject line.