5 reasons to start making a personal monthly budget

With the global economic downturn affecting people everywhere, now more than ever is the right time to budget on a monthly basis. Budgeting has long been seen as the foundation required to ensure you effectively manage your personal finances. Here are 5 reasons to start making a personal monthly budget.

 

1. Budgets make you look at your finances. 

 

It’s easy to just spend and spend and to wake up and realize one day, you don’t have any money left until next pay day. That is not a good way to manage money. By creating a budget you are forced to look at how much you bring in and how much you put out. At times, it can be frustrating when you realize you are in the red almost every month, but taking an honest look at your money (what comes in, what goes out, when and why) you are able to put a plan in place to manage your finances.

 

2. Budgets make you realistic. 

 

When you have a budget, you know what you can and cannot afford to do with the money you have. This keeps you realistic about whether you can take that $600.00 vacation next month, when you already have two past due notices plus current expenses calling your name. Without the budget, you are not really in tune with your expenses and income and it makes it more likely to overstate what you really bring in without really considering all, and I mean ALL, of your expenses! With a budget, once you sit down and right out your monthly, bi-weekly, weekly, or other budget plan (based on how often you receive your income), you know right away what you have left over for fun and play!

 

3. Budgets help you eliminate debt. 

 

As a budget maker, once you’re able to look at what you owe out to your creditors, it makes you want to eliminate that debt as soon as possible so you will have more money to do the things you want, and not just the things you have to do! You will find yourself saying, “Well, if I did not have to pay these three credit cards and that car note, I can have $500.00 extra per month!” It motivates you to get rid of all the debt you possibly can so that you can get that extra cash in your pocket or the bank!

 

4. Budgets can teach you self-control. 

 

When you have a budget, you will, without a doubt, be tempted to throw it out the window and splurge. But each time, you don’t splurge and stick with your budget you strengthen your ability to say no to that impulse buy and control yourself when you temptation is staring you in the face… at the mall! Self-control is a must in financial security, without being able to control your spending, saving and debt, you will not be able to live the kind of life you desire. By creating a budget and sticking to it, you are on the right path to establishing control-of-self when it comes to your money.

 

5. Budgets help you reach your goals. 

 

Budget tracking can help you achieve your financial goals because you know where your money is going and why. For people who want to eliminate all of their credit card debt, having a budget can give you a workable plan to pay it off. If you want to take a vacation next year to Hawaii, your monthly budget will help you see where the money will come from, how long it will take to save for it, and how you can adjust other expenses to make it happen. Without a budget, you may just have an idea in your head of what you want, but with the budget, you now have something on paper (or electronically in this day and age) you can look at to guide you along the way.

If you are using android device use this free app that will help you plan and track your expenses.

Lastly, never underestimate the power of having a realistic monthly budget and sticking to it. As you continue with it, you will begin to see how it’s creating more freedom in your mind and life, and eventually your wallet. It may not seem like it at first, but the rewards of self-controlled planned spending 95% of the time (just keeping it real… we do fall every now and then) are well worth it.

Free for download on google play store.

Mobile app for your monthly budget

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When we plan our budget, we do it in a manner that will help us save and use our income in the most appropriate way possible. However, without discipline, lack of impulse control and a keen awareness of how much we can afford, we find ourselves out of money sooner than we expect. Fortunately, you can take advantage of iSaveMoney app to help you in tracking all your expenses and converse your budget as much as possible.

In just one click, you will access the core functionality of iSaveMoney core that lets you add new incomes or expenses on its menu. This app has large and clear buttons to allow smooth and intuitive navigation. When you insert an expense, the app will display the fields which you fill data such as amount and payee. It is very easy to use iSaveMoney mobile app together with your family as a solid budgeting and expense management app. This app comes with an easy to use a family sharing feature that will allow you to set a budget and then sync the income and expense by synchronizing your and your family’s spending by connecting via an inbuilt Bluetooth app.

 

The app also comes with inbuilt templates of categories that will help you to create a new monthly budget to help you save together with your family. The app will let you create unlimited categories for each monthly budget. The app will also help you in calculating your monthly budget based on your income and recurring expenses. It also monitors each individual daily expense and display a bar chart that shows the variation of individual daily total expenses.

Download for free on google play store

ISaveMoney mobile app main aim is to help you to save money by tracking expenses. For this reason, the app has an option where you just need to press the okay button and display your total incomes, expenses and how much money you have in your savings. The app will clearly display the category that you are spending more. This will not only help you to spend wisely but also help you to plan for more saving for the coming months. The App allows you together with your family members to create an unlimited monthly budget.

 

If you are looking for fun and enjoyable way to track your expenses, iSavemoney is the most reliable and convenient application. The App also features an integrated calculator and is able to display up to six months expenses for you to do the comparison of your spending in a pie chart. Even though you are traveling, this app will ensure that it keeps track of all your expenses for you to stay in top of your finances as you go along.

Download for free on google play store