Breaking down Budgeting 101
This course is divided into six shortened segments. So, make some time to enjoy each when you can. Here are the topics we cover:
Chapter 1 — What is a budget
How to start a budget
Ask ten people and you might get ten different answers. We provide the options here.
Chapter 2 — Goals vs. aspirations
Saving for a goal
Simply put, goals help you attain those things you might aspire to have or do.
Chapter 3 — Budget breakdown
Break down a budget
You can’t build a budget unless you know the fundamentals. We share useful how-to’s here.
Chapter 4 — Current spending habits
Budgeting help for spenders
Once you know what those habits are, you’re empowered to change them.
Chapter 5 — Changing spending habits
Simple money saving tips
Examine how you’re spending money and compare it to your goals to help meet your aspiration.
Chapter 6 — Automating spending habits
Organize your finances
No two budgets are alike. Here we show you how to support your goals via technology.
What are you waiting for?
Dig in and create a personalized budget that sets you on the right path for your financial wants and needs.
From financial woes to budgeting like a boss
Ever find yourself wondering where your money went when you look at your account balance after the weekend? You're not the only one.
But, no one is born with the talent and know-how to handle their personal finances. So, we pick up some tips and try to form new habits to help ourselves figure out a budget and plan that works.
The beauty of setting up a financial budget is you learn how to put your money to work for you. If you can relate, Budgeting 101 is an excellent starting point.
Budgeting tip: Start your allowance on Monday. You'll likely be mindful of your spending during the week to ensure funds are left for the weekend.
Budgeting starts with your financial goals
Think about where you want to be in a few years, or even what you want to do in the next few months. A budget could be your game plan to help you make your goals happen.
Be realistic and make a list of the things that are important to you. Then, put your money where your priorities fall. Whether it's simply keeping the lights on, eradicating burdensome debt or traveling, a budget may help you save the money to get you where you want to be.
Budgeting tip: Writing down your goals and aspirations are key to achieving them.
Learn the ins and outs of budgeting
After you've set your goals, hit the ground running and figure out what it'll take to make them happen. Collect and spread out your paychecks, bills and other expenses so you can figure out where to align the money you have coming in.
Download our budgeting guide to help you map it all out.
Budgeting tip: Decide on timelines for your goals and revisit every six months to check on your progress.
Take a closer look at your spending habits
Take honest inventory of where you like to spend money. Does your shopping put the squeeze on what you've set aside to cover your fixed expenses?
Try giving yourself a weekly or bi-weekly allowance – straight out of your paycheck. This will help you protect the money you've assigned to cover fixed expenses while leaving you a specific amount to spend on you.
One way to keep your money organized is to set up separate accounts that handle your different expenses, spending and savings. If you decide this would work for you, be flexible and willing to make adjustments as you need so these accounts support your plan the way you need them to.
Budgeting tip: Make sure you review your system any time there's a change: a raise, job loss, wedding, etc. Remember, automatic transfers will try and pull the money whether it's there or not.
Your budgeting 101 checklist
- Watch the Budgeting 101 video.
- Download the Budgeting 101 Worksheet.
- Make time to get a better handle on your personal finances.