Research Guides: Managing your Money for Beginners: 1. Following a Budget (2024)

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Too many people spend money they earned...to buy things they don't want...to impress people that they don't like.

–Will Rogers

Notice we say "following" a budget. It's not good enough to just create one but you have to commit to maintaining it.

You don't just make a budget once and forget about it. You need to review, revise and maintain yourbudget regularly.

To get started building a budget, write out your:

• Monthly Income -- lookat your take home pay on your paycheck
• Necessary expenses -- ie rent, groceries, car payment, student loan debt.
  • You can includeputting money savings in this category! Think of it as paying yourself. Some folks might not have the means to save right awayand that's okay. Do what makes sense for you.
• Discretionary expenses -- restaurants, movies, streaming services, that coffee you buy every morning, etc.

If you have more income than expenses you can put that extra money into your savings or put extra money towards debts. If you have less income than your expenses, it's time to look for ways to cut back on your expenses.

• Make a Budget Worksheet | Consumer.gov

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  Download and fill out this sheet if you don't know where to start.

• Budgeting 101: How to Start Budgeting for the First Time | Motley Fool

  A detailed article on how to make a budget with helpful links and strategies.

• Budgeting: How to create a budget and stick with it | Consumefinance.gov

  • 

  Article with tips and links for making and sticking to a budget. Also available in Spanish.

• A Guide to Budgeting | The Balance.com

  Overview and links to the kinds of budgets you can make to manage your money.

• Millennial Money Makeover by Conor Richardson

  Millennials are stressed. In fact, according to a 2016 survey by PwC roughly 52 percent of American millennials feel stressed about money. Conor Richardson, a millennial and a certified public accountant, has created a proven multi-step program to eliminate the stress in personal finance. The Millennial Money Makeover is a handbook of proven information that: Presents the case that everyone, with a dedicated focus, can become a millionaire Allows readers to assess their current financial status and list their account balances in order to gain a complete view of their finances Shows readers the 7 steps needed to pay off credit card debt quickly Presents a case for why readers should control their finances as early as possible Demonstrates the need to create a savings plan that builds an exceptional future Outlines which type of investment accounts are best for beginners Examines college student loans and how to tackle long-term debt Pays for itself within the first 2 chapters The Millennial Money Makeover is the first book to provide a relatable, easy-to-read, sequential, and comprehensive approach to paying off debt, building an automated savings system, buying life's early-stage big purchases, and teaching readers how to live the true millionaire lifestyle, which doesn't mean spending money as soon as you have it.

• You Need a Budget by Jesse Mecham

  Wall Street Journal Bestseller Experience a life free of financial stress and transform your relationship to money with this indispensable guide--the first book based on You Need A Budget's proven method that has helped hundreds of thousands of people break the paycheck to paycheck cycle, get out of debt, and live the life they want to live. No one should tell you what to do with your money--only you know what's most important to you. Always guiding you back to your true priorities, Jesse Mecham will fundamentally change the way you think about your money and what it can do for you. His proven method--four, simple rules--will transform money management from a paralyzing burden to a powerful tool, putting you in total control of your life: Give Every Dollar A Job. Be intentional about what you want your money to do before you spend it. Embrace Your True Expenses. Break up larger, less frequent expenses into smaller, more manageable amounts. By saving monthly for insurance premiums, holidays, or car repairs, when the time comes, your money is ready and waiting to do its job. Roll With The Punches. When life changes, so must your budget. Make adjustments and move along. Flexible budgets succeed because they're guilt-free, realistic, and sustainable. Age Your Money. As you repeat the first three rules, you'll increase the time between the moment you earn a dollar and the moment you need to spend it. When your money is at least a month old, you'll have finally broken the paycheck to paycheck cycle for good. This tried-and-true system has changed the lives of hundreds of thousands of people by teaching them how to take charge, adjust money habits, eliminate stress, and build the life they want to live. Don't waste another month counting down the minutes until payday....

• 101 Answers to the Toughest Financial Questions on Earth by Garrett B. Gunderson

  Unfortunately, we often put off finding the answers to these questions until it's too late to do us any good. The questions asked in this audiobook are designed to help you think about your fnances now, and come up with your own answers as you listen to this informational material, so that you will be on a more solid footing when the unexpected comes along. You don't have to be a genius to figure out how to be productive with your personal finances. Virtually anyone can become financially free if they understand what's in this audiobook.Learn about: Myths & the Media Getting Past Fear Building a Foundation What Are You Worth Identifying Resources Increasing Your Wealth Smart Investing Living Your Dreams