Budgeting and saving are crucial tools for making sound financial decisions and can set you up for lifelong success.
How to budget:
- Calculate monthly income and map out the best budgeting method for your style.
- Try the 50/30/20 rule.
- 50% of income for needs, leave 30% of your income for wants, use 20% of your income for savings and debt repayment.
- Track and manage your budget.
How to save:
- Record your expenses to figure out how much money is spent per month.
- Include saving in your budget and plan how much money can be allocated from your income.
- Find ways to decrease spending.
- Set goals!
Find links to valuable resources to help you start saving and budgeting.
https://americasaves.org/
https://www.aarp.org/work/retirement-planning/retirement_calculator/
https://www.mymoney.gov/tools/
This budget calculator is a great tool for personal finance planning and creating a cohesive budget.