Cash Envelope System: Get Started With The Ultimate Guide

Cash Envelope System: Get Started With The Ultimate Guide

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All Free.

Printables, planners, and eCourses to create your life of financial freedom!

All Our Money Resources, All Free.

Printables, planners, and eCourses to create your life of financial freedom!

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Here’s a crazy stat:

Two-thirds of Americans don’t have a budget.

That means that 218 million people are spending their money will-nilly with no game plan.

Two hundred and eighteen million people who are not financially successful.

Because, let’s face it:

If you need to start budgeting, get started with the easiest budgeting method! The budget by paycheck budgeting method is so simple and straightforward, anybody can do it. If you want to stop stressing over money, you need to start this budget by paycheck. A budget by paycheck budgeting method is perfect for beginners and is the exact method we used to pay off debt and become financially sound. Click to download your budget by paycheck bundle (printables free). #budgeting #budgetbypaycheck

Some of the links in this post are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission.

Without a budget, you are highly unlikely to be able to afford your lifestyle, pay down debt, or save money.

Are you one of these people?

It’s ok if you are.  I was too.

It gets better, though:

Creating a budget (or a plan) for your money is hella easy.

What isn’t always easy is sticking to your budget.

However, when you use a budgeting method, such as the 50/30/20 budget method, you can significantly increase your chances of sticking to a budget.

And, when you stick to a budget, you’ll be able to:

  • afford your lifestyle
  • pay down debt (and stay out of debt)
  • save more money
  • free up money for personal use

and more.

That sounds pretty sweet, right?

I know.  It totally does.

So, let’s get started.

Free Budgeting Printables!

Sign up for our resource library to access tons of free budgeting printables!

Free Budgeting Printables

Sign up for our resource library to access tons of free budgeting printables!

Why You Definitely Need A Budget 

Learning how to budget is super crucial if you want to stop living paycheck to paycheck and reach your financial goals.

But, budgeting can be the worst, so people tend to avoid it.  (Two-thirds of Americans to be exact!)

Here’s the deal, though:

Not budgeting is a huge, huge mistake.

Because, if there is one thing that you should keep organized in your life, it is your money.

So, why do so many people avoid budgeting their hard-earned cash?

Two reasons:

  • budgeting is can be time-consuming
  • budgeting is can be stressful

See, money is often the cause of stress, tension, and arguments between partners.  And, money controls most aspects of our lives, leaving us feeling like we often do not have enough.

So, why even bother with it all, right?

Wrong, wrong, wrong.

You 100% need a budget, regardless of how ‘little’ or ‘big’ your income is.

Because, here’s the deal:

Without a proper budget (and understanding of your finances), you will never, and I mean never, feel satisfied with your income and standard of living.

A budget is necessary if you want to:

  • afford your lifestyle
  • stop fighting about money
  • pay off debt (and stay out of debt)
  • save money

So, let’s dive in and see if a cash envelope system is right for you!

How To Set Up A Cash Envelope System

To set up a cash envelope system follow these steps:

  1. Determine Your Why Factor
  2. Collect Your Financial Information
  3. Calculate Your Income & Expenses
  4. Cut Costs (if necessary)
  5. Set Up Your Cash Envelope System
  6. Track Your Budget

And don’t miss these:

Super cute cash envelopes for sorting your money!

Who Is A Cash Envelope System Good For?

A cash envelope system of budgeting is awesome for people who have poor spending habits and who are unfamiliar with budgeting.

Wanna know why?

When you have and spend physical cash, you’re more likely to connect to the money flowing in and out of your hands.

I mean, it’s pretty damn easy to go a little crazy at Target when you’re swiping plastic, right?

But, with a cash envelope system, you can count the money you have, track the money you’ve spent, and become conscientious of your spending habits.

There are a few downsides to the cash envelope system, though.

Being that:

You’ve gotta use cash.  Meaning you have to go to the bank and get cash every time you are paid.

And, what about all those bills you pay online every month?  What’s the deal with those expenses when using a cash envelope system?

I hear ya.  Here’s the deal:

I highly suggest only using a cash envelope system for the ‘wants’ part of your budget.

Things like groceries, transportation costs, entertainment, personal spending, etc.

Yes, you will have to stop at your local ATM every time you get paid, but it’s worth it!

And, for your fixed expenses like rent, insurance, internet, etc, use a zero-based budget, budget by paycheck system, or an automated budgeting system.

Step 1:  Determine Your Why Factor

We’ve already established this:

Every single person needs a budget if they want to be financially successful.

But why.

This will be different for everybody, and you can determine your why factor by asking yourself these questions:

  1. What will budgeting help me do?
  2. How will budgeting make my life simpler?

For example:

You might want to start budgeting to stop living paycheck to paycheck, to pay off debt, or to save more money.

Knowing your why is essential because it creates meaning for your purpose.  Without it, you’d have no motivation to continue budgeting.

Because let’s be honest:

If you do not have a plan for your money, how are you going to afford your dream life?

Here’s a hint:

You won’t be able to.

So, once you establish the reason you want to start budgeting, I urge you to write it down!

Why?

Because writing it down makes it real and it reminds you of why you started in the first place (if/when budgeting gets tough).

Step 2:  Collect Your Financial Information

Want to know the best part about this step:

It’s hella simple and shouldn’t take you much time at all.

You’re simply going to gather up your financial information. (i.e., pay stubs and bills)

You’ll need:

  • a months worth of pay stubs (and your partners, if applicable)
  • all the bills you currently pay, their individual costs, and when they’re due
  • an average of monthly variable expenses

And that’s all folks!

Step 3:  Calculate Your Income + Expenses

The start of every budget begins by calculating your income and expenses.

It is a crucial step to creating a budget that works because:

If you’ve never budgeted before, you probably don’t have a firm understanding of your finances.

Therefore, you’re probably spending more than you can afford (or not spending your money efficiently).

So, to determine if you need to cut back on expenses before you start budgeting (for better budgeting success) calculate your income and expenses now.

Your Income:

Using the information you gathered during step two, calculate your total monthly income (after taxes) from all sources.

Once you know exactly how much money you earn each month, you can determine if you are living within or beyond your means.

For the purposes of this post, let’s pretend my total monthly income is $4,500 and I am paid weekly.

(Monthly Income Organizer & Financial Evaluation available in the Budget Boss Planner)

Your Expenses:

Next, you’ll want to calculate your total monthly expenses.

For the purposes of your cash envelope system, break your expenses into two categories:

1. Fixed Expenses

2. Variable Expenses (what you’ll be using cash for!)

If you aren’t sure what your monthly expenses are, begin tracking your spending in a financial planner to calculate an average at the end of the month.

(Monthly Expense Organizer available in the Budget Boss Planner)

For the purposes of this post, let’s pretend my fixed expenses total $2,250 and my variable expenses total $1,350.

Step 4:  Cut Costs (if necessary)

Once you’ve calculated your monthly income and expenses, you can quickly decipher if you’re living within or above your means.

To do this, simply subtract your total expenses from your total income.

If the number is a positive number:

You’re in the green and should be able to afford your lifestyle with ease each month and can easily move onto setting up your zero based budget.

If the number you calculated is a negative number:

You’re in the red and cannot afford your current lifestyle, meaning you will have to decrease your expenses if you want to successfully start budgeting.

If you’re in the red and need to cut costs, use these tips and resources:

1.  A Budgeting Planner – Use budgeting printables, like the ones found in the Budget Boss Planner, to begin tracking your finances and your spending.  Then, begin decreasing your expenses by stopping poor spending habits and canceling unused subscriptions.  Get your budgeting planner here.

Pssst!  Wanna save 70% on the Budget Boss Planner?  Sign up here to save!

2.  BillBargain – A fantastic resource that will help you lower your monthly expenses.  BillBargain has successfully negotiated over 85% of the bills they receive for cell phone bills, Wi-Fi, cable, and more.  The best part?  BillBargain is 100% risk-free.  If they don’t successfully negotiate a lower price for your bills, you don’t owe them a dime.

Get started with BillBargain for free here!

2.  Trim – Referred to as a financial health service, Trim securely connects to your bank account(s) to analyze spending, subscriptions, and recurring bill pay.  Then, Trim will help you cancel unused subscriptions, negotiate lower bill prices, and more.  In the last month alone, they’ve helped their users save over 1 million dollars.

Sign-up for Trim for free here!

3.  The Ultimate Guide To Frugal Living – Learn over one hundred ways to save money every day (thousands/year!).

Get your free frugal living checklist by signing up for our resource library.

If you need to start budgeting, get started with the easiest budgeting method! The budget by paycheck budgeting method is so simple and straightforward, anybody can do it. If you want to stop stressing over money, you need to start this budget by paycheck. A budget by paycheck budgeting method is perfect for beginners and is the exact method we used to pay off debt and become financially sound. Click to download your budget by paycheck bundle (printables free). #budgeting #budgetbypaycheck

Step 5:  Set Up Your Cash Envelope System

To get started:

Next, follow these steps:

1.  Add up your monthly income (after taxes)

2.  Figure out which expenses you plan to use cash for (such as groceries, transportation costs, clothing, entertainment, etc.) and budget your monthly income accordingly

3.  Each time you are paid, visit the bank or ATM to withdraw your budgeted cash for the week or next two weeks

4.  Place budgeted cash into allocated cash envelopes for spending

For example:

My monthly take-home pay is $4,500 and I am paid weekly.  And, I have a $500 monthly budget for groceries.

So, each week, I will withdraw $125 ($500/4 weeks) to place into my ‘groceries’ cash envelope.

Here is the most important part though:

You MUST NOT take money from one envelope to make up the difference of overspending from another envelope.

For instance:

If you have $125 for groceries and the cashier rings you out at $128, you have to put something back.  Do not take $3 from your gas cash envelope.

Your cash envelope budget will not work if you don’t stick to this rule!

Step 6:  Tracking Your Budget

Most people forget this crucial part of budgeting and end up wondering why their budget failed a month after implementing it.

If you have a budget, then you need to track it.

Because, here’s the deal:

If you do not track your budget, you cannot make sure that you are sticking to your budget.  And, if you aren’t making sure that you’re sticking to your budget, your budget will fail.

You might be wondering:

How do you track your budget?

These are my recommendations:

1.  The Budget Boss Planner ($27 value)

A printable and digital budgeting planner designed to help you create & stick to a budget, pay off debt, save money, and more.  The Budget Boss Planner is un-dated so you only have to purchase once to use this planner forever.

To take a peek inside the Budget Boss Planner, click here.

HINT: When you sign up here to become a VIP, you can score the Budget Boss Planner for just $9 (instead of $27!) — You’ll be automatically redirected to a discounted purchase page.

2.  Honey Money ($50 value)

An online resource to track your budget.  Honey Money is the internet’s version of a printable financial planner.  Within your dashboard, you can create your budget, track your budget, create debt repayment and savings goals, and more.  If you aren’t a pen and paper kinda person, I highly recommend this budget tracking resource.  

Get started with Honey Money for free here.

Again, when you track your budget, you ensure that the system you put into place is working correctly.

Don’t let the time you spent creating a budget go to waste by avoiding this simple step!

Wrapping Up

A cash envelope system is a great way to open your eyes up to poor spending habits and get your spending under control.

You’ll be able to:

  • recognize spending habits
  • create spending rules and boundaries
  • stop wasting your hard-earned cash

So, take action:

Gather your financial information, implement your cash envelope system, and track your budget for success.

And, cheers to stressing less about money!

What budget system do you currently use?  Are you going to start a zero based budget?  Comment below!

Happy Budgeting!

Michelle

If you need to start budgeting, get started with the easiest budgeting method! The budget by paycheck budgeting method is so simple and straightforward, anybody can do it. If you want to stop stressing over money, you need to start this budget by paycheck. A budget by paycheck budgeting method is perfect for beginners and is the exact method we used to pay off debt and become financially sound. Click to download your budget by paycheck bundle (printables free). #budgeting #budgetbypaycheck

RELATED READS

JOIN THE WHO SAYS WHAT COMMUNITY!

HOME  |   CONTACT  |   LEGAL

Copyright 2016-2019 Who Says What

CREATED USING DIVI   |   POWERED BY TMDHOSTING

50/30/20 Budget Method: Everything You Need To Know To Get Started

50/30/20 Budget Method: Everything You Need To Know To Get Started

All Our Money Resources,

All Free.

Printables, planners, and eCourses to create your life of financial freedom!

All Our Money Resources, All Free.

Printables, planners, and eCourses to create your life of financial freedom!

  • 40
    Shares

Here’s a crazy stat:

Two-thirds of Americans don’t have a budget.

That means that 218 million people are spending their money will-nilly with no game plan.

Two hundred and eighteen million people who are not financially successful.

Because, let’s face it:

Click to read about the 50/30/20 budget method! The basis of the 50/30/20 budget is simple; assign 150% of your income to your needs, 30% to your wants, and 20% to savings and debt repayment. Don't miss this ultimate guide to the 50/30/20 budget if you want to take control of your finances and prepare for a rich financial future. Plus, get your 50/30/20 budget worksheet, template, and printables. #budget #503020budget #budgetingmethods

Some of the links in this post are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission.

Without a budget, you are highly unlikely to be able to afford your lifestyle, pay down debt, or save money.

Are you one of these people?

It’s ok if you are.  I was too.

It gets better, though:

Creating a budget (or a plan) for your money is hella easy.

What isn’t always easy is sticking to your budget.

However, when you use a budgeting method, such as the 50/30/20 budget method, you can significantly increase your chances of sticking to a budget.

And, when you stick to a budget, you’ll be able to:

  • afford your lifestyle
  • pay down debt (and stay out of debt)
  • save more money
  • free up money for personal use

and more.

That sounds pretty sweet, right?

I know.  It totally does.

So, let’s get started.

50/30/20 budget printable set

Sign up for our free resource library to access your 50/30/20 Budget printable set!

50/30/20 Budget Printable Set

Sign up for our free resource library to access your 50/30/20 Budgeting printable set!

Why You Definitely Need A Budget 

Learning how to budget is super crucial if you want to stop living paycheck to paycheck and reach your financial goals.

But, budgeting can be the worst, so people tend to avoid it.  (Two-thirds of Americans to be exact!)

Here’s the deal, though:

Not budgeting is a huge, huge mistake.

Because, if there is one thing that you should keep organized in your life, it is your money.

So, why do so many people avoid budgeting their hard-earned cash?

Two reasons:

  • budgeting is can be time-consuming
  • budgeting is can be stressful

See, money is often the cause of stress, tension, and arguments between partners.  And, money controls most aspects of our lives, leaving us feeling like we often do not have enough.

So, why even bother with it all, right?

Wrong, wrong, wrong.

You 100% need a budget, regardless of how ‘little’ or ‘big’ your income is.

Because, here’s the deal:

Without a proper budget (and understanding of your finances), you will never, and I mean never, feel satisfied with your income and standard of living.

A budget is necessary if you want to:

  • afford your lifestyle
  • stop fighting about money
  • pay off debt (and stay out of debt)
  • save money

So, let’s dive in and see if a 50/30/20 budget is right for you!

How To Set Up A 50/30/20 Budget

To set up a 50/30/20 budget follow these steps:

  1. Determine Your Why Factor
  2. Collect Your Financial Information
  3. Calculate Your Income & Expenses
  4. Cut Costs (if necessary)
  5. Set Up Your 50/30/20 Budget
  6. Track Your Budget

And don’t miss this:

Your free 50/30/20 budget starter bundle!

Who Is A 50/30/20 Budget Good For?

I’m gonna be honest:

A 50/30/20 budget is not for everybody.  In fact, I’d go as far as to say that this budget is not for most people.

Why’s that?

With a 50/30/20 budget, you will be spending 50% of your budget on needs, 30% of your budget on wants, and 20% of your budget on savings/debt repayment.

The first time I heard about a 50/30/20 budget, I thought:

“Wouldn’t that be nice!”

My point being that, a 50/30/20 budget is really restrictive and doesn’t work well for people who have a tight income to expense ratio.

A 50/30/20 budget IS good for you, though, if you have a lot of freedom in your budget and are looking for a more structured approach to your finances.

Step 1:  Determine Your Why Factor

We’ve already established this:

Every single person needs a budget if they want to be financially successful.

But why.

This will be different for everybody, and you can determine your why factor by asking yourself these questions:

  1. What will budgeting help me do?
  2. How will budgeting make my life simpler?

For example:

You might want to start budgeting to stop living paycheck to paycheck, to pay off debt, or to save more money.

Knowing your why is essential because it creates meaning for your purpose.  Without it, you’d have no motivation to continue budgeting.

Because let’s be honest:

If you do not have a plan for your money, how are you going to afford your dream life?

Here’s a hint:

You won’t be able to.

So, once you establish the reason you want to start budgeting, I urge you to write it down!

Why?

Because writing it down makes it real and it reminds you of why you started in the first place (if/when budgeting gets tough).

Step 2:  Collect Your Financial Information

Want to know the best part about this step:

It’s hella simple and shouldn’t take you much time at all.

You’re simply going to gather up your financial information. (i.e., pay stubs and bills)

You’ll need:

  • a months worth of pay stubs (and your partners, if applicable)
  • all the bills you currently pay, their individual costs, and when they’re due
  • bank account information

And that’s all folks!

Step 3:  Calculate Your Income + Expenses

The start of every budget begins by calculating your income and expenses.

It is a crucial step to creating a budget that works because:

If you’ve never budgeted before, you probably don’t have a firm understanding of your finances.

Therefore, you’re probably spending more than you can afford (or not spending your money efficiently).

So, to determine if you need to cut back on expenses before you start budgeting (for better budgeting success) calculate your income and expenses now.

Your Income:

Using the information you gathered during step two, calculate your total monthly income (after taxes) from all sources.

Once you know exactly how much money you earn each month, you can determine if you are living within or beyond your means.

For the purposes of this post, let’s pretend your total monthly income is $4,500.

(Monthly Income Organizer & Financial Evaluation available in the Budget Boss Planner)

Your Expenses:

Next, you’ll want to calculate your total monthly expenses.

For the purposes of the 50/30/20 budget, break your expenses down into two categories:

1. Needs

2. Wants

If you aren’t sure what your monthly expenses are, begin tracking your spending in a financial planner to calculate an average at the end of the month.

For the purposes of this post, let’s pretend our needs total $2,250 and our wants total $1,350.

Step 4:  Cut Costs (if necessary)

Once you’ve calculated your monthly income and expenses, you can quickly decipher if you’re living within or above your means.

To do this, simply subtract your total expenses from your total income.

If the number is a positive number:

You’re in the green and should be able to afford your lifestyle with ease each month and can easily move onto setting up your zero based budget.

If the number you calculated is a negative number:

You’re in the red and cannot afford your current lifestyle, meaning you will have to decrease your expenses if you want to successfully start budgeting.

If you’re in the red and need to cut costs, use these tips and resources:

  • A Budgeting Planner – Use budgeting printables, like the ones found in the Budget Boss Planner, to begin tracking your finances and your spending.  Then, begin decreasing your expenses by stopping poor spending habits and canceling unused subscriptions.  Get your budgeting planner here.

Pssst!  Wanna save 70% on the Budget Boss Planner?  Sign up here to save!

  • BillBargain – A fantastic resource that will help you lower your monthly expenses.  BillBargain has successfully negotiated over 85% of the bills they receive for cell phone bills, Wi-Fi, cable, and more.  The best part?  BillBargain is 100% risk-free.  If they don’t successfully negotiate a lower price for your bills, you don’t owe them a dime. Get started for free here!
  • Trim – Referred to as a financial health service, Trim securely connects to your bank account(s) to analyze spending, subscriptions, and recurring bill pay.  Then, Trim will help you cancel unused subscriptions, negotiate lower bill prices, and more.  In the last month alone, they’ve helped their users save over 1 million dollars.  Sign-up for free here!
  • The Ultimate Guide To Frugal Living – Learn over one hundred ways to save money every day (thousands/year!). Get your free frugal living checklist by signing up for our resource library.
Click to read about the 50/30/20 budget method! The basis of the 50/30/20 budget is simple; assign 150% of your income to your needs, 30% to your wants, and 20% to savings and debt repayment. Don't miss this ultimate guide to the 50/30/20 budget if you want to take control of your finances and prepare for a rich financial future. Plus, get your 50/30/20 budget worksheet, template, and printables. #budget #503020budget #budgetingmethods

Step 5:  Create Your 50/30/20 Budget

To get started:

Next, follow these steps:

1.  Add up your monthly income (after taxes)

2.  Multiply your total monthly income by 0.5.  This is how much money you should be spending on your needs.  (Refer to the list your made earlier.  If you’ve exceeded 50%, you need to cut costs to make this budget work.)

3.  Multiply your total monthly income by 0.3.  This is how much money you can spend on your wants.  (Refer to your list.  Does this number match up?)

4.  Multiply your total monthly income by 0.2.  This is how much money you have to put towards debt repayment and/or savings.

As you can see, the 50/30/20 budget is great for becoming more intentional with how you spend your money.

If your percentages aren’t evening out correctly, try decreasing your expenses, making more money, or trying a different budgeting method.

To get started with your 50/30/20 budget, download your free printable bundle here.

Step 6:  Tracking Your Budget

Most people forget this crucial part of budgeting and end up wondering why their budget failed a month after implementing it.

If you have a budget, then you need to track it.

Because, here’s the deal:

If you do not track your budget, you cannot make sure that you are sticking to your budget.  And, if you aren’t making sure that you’re sticking to your budget, your budget will fail.

You might be wondering:

How do you track your budget?

These are my recommendations:

1.  The Budget Boss Planner ($27 value)

A printable and digital budgeting planner designed to help you create & stick to a budget, pay off debt, save money, and more.  The Budget Boss Planner is un-dated so you only have to purchase once to use this planner forever.

To take a peek inside the Budget Boss Planner, click here.

HINT: When you sign up here to become a VIP and download your 50/30/20 budget printables, you can score the Budget Boss Planner for just $9 (instead of $27!) — You’ll be automatically redirected to a discounted purchase page.

2.  Honey Money ($50 value)

An online resource to track your budget.  Honey Money is the internet’s version of a printable financial planner.  Within your dashboard, you can create your budget, track your budget, create debt repayment and savings goals, and more.  If you aren’t a pen and paper kinda person, I highly recommend this budget tracking resource.  

Get started with Honey Money for free here.

Again, when you track your budget, you ensure that the system you put into place is working correctly.

Don’t let the time you spent creating a budget go to waste by avoiding this simple step!

Wrapping Up

A 50/30/20 budget is the perfect way to spend your money mindfully.

You’ll be able to:

  • afford your bills and necessities with ease
  • have extra money for your wants (who doesn’t love that!?)
  • easily pay off debt and/or save money

So, take action:

Gather your financial information, implement your 50/30/20 budget, and track your budget for success.

Don’t forget your free 50/30/20 buget printables bundle!

And, cheers to stressing less about money!

What budget system do you currently use?  Are you going to start a zero based budget?  Comment below!

Happy Budgeting!

Michelle

Click to read about the 50/30/20 budget method! The basis of the 50/30/20 budget is simple; assign 150% of your income to your needs, 30% to your wants, and 20% to savings and debt repayment. Don't miss this ultimate guide to the 50/30/20 budget if you want to take control of your finances and prepare for a rich financial future. Plus, get your 50/30/20 budget worksheet, template, and printables. #budget #503020budget #budgetingmethods

RELATED READS

JOIN THE WHO SAYS WHAT COMMUNITY!

HOME  |   CONTACT  |   LEGAL

Copyright 2016-2019 Who Says What

CREATED USING DIVI   |   POWERED BY TMDHOSTING

Zero-Based Budget: Everything You Need To Know To Get Started

Zero-Based Budget: Everything You Need To Know To Get Started

All Our Money Resources,

All Free.

Printables, planners, and eCourses to create your life of financial freedom!

All Our Money Resources, All Free.

Printables, planners, and eCourses to create your life of financial freedom!

  • 608
    Shares

Here’s a crazy stat:

Two-thirds of Americans don’t have a budget.

That means that 218 million people are spending their money will-nilly with no game plan.

Two hundred and eighteen million people who are not financially successful.

Because, let’s face it:

Budgeting is essential to your financial success. A zero based budget is a great way to take control of your finance and life. Click to learn how to make a zero based budget. And, don't forget your zero based budget printable! If you want to know what is a zero based budget and how it can help you pay off debt, save money, and more, don't miss this post. Get started today with your zero based budget so you can have a better financial future. #zerobasedbudget #budgetingmethods #budgeting

Some of the links in this post are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission.

Without a budget, you are highly unlikely to be able to afford your lifestyle, pay down debt, or save money.

Are you one of these people?

It’s ok if you are.  I was too.

And it gets better:

Creating a budget (or a plan) for your money is hella easy.

What isn’t always easy is sticking to your budget.

However, when you use a budgeting method, such as the zero based budget method, you can significantly increase your chances of sticking to a budget.

And, when you stick to a budget, you’ll be able to:

  • afford your lifestyle
  • pay down debt (and stay out of debt)
  • save more money
  • free up money for personal use

and more.

That sounds pretty sweet, right?

I know.  It totally does.

So, let’s get started.

zero based budget printable set

Sign up for our free resource library to access your Zero Based Budgeting printable set!

Zero Based Budget Printable Set

Sign up for our free resource library to access your Zero Based Budgeting printable set!

Why You Definitely Need A Budget 

Learning how to budget is super crucial if you want to stop living paycheck to paycheck and reach your financial goals.

But, budgeting can be the worst, so people tend to avoid it.  (Two-thirds of Americans to be exact!)

Here’s the deal, though:

Not budgeting is a huge, huge mistake.

Because, if there is one thing that you should keep organized in your life, it is your money.

So, why do so many people avoid budgeting their hard-earned cash?

Two reasons:

  • budgeting is can be time-consuming
  • budgeting is can be stressful

See, money is often the cause of stress, tension, and arguments between partners.  And, money controls most aspects of our lives, leaving us feeling like we often do not have enough.

So, why even bother with it all, right?

Wrong, wrong, wrong.

You 100% need a budget, regardless of how ‘little’ or ‘big’ your income is.

Because, here’s the deal:

Without a proper budget (and understanding of your finances), you will never, and I mean never, feel satisfied with your income and standard of living.

A budget is necessary if you want to:

  • afford your lifestyle
  • stop fighting about money
  • pay off debt (and stay out of debt)
  • save money

So, let’s set up your zero based budget so you can prepare for a kickass financial future.

How To Use A Zero Based Budget

To set up a zero based budget follow these steps:

  1. Determine Your Why Factor
  2. Collect Your Financial Information
  3. Calculate Your Income & Expenses
  4. Cut Costs (if necessary)
  5. Create Your Zero Based Budget
  6. Track Your Budget

And don’t miss this:

Your free zero based budgeting starter bundle!

Who Is A Zero Based Budget Good For?

Everybody can benefit from a zero based budget, especially if you really, really like to plan (like me!).

Why’s that?

With a zero based budget, you will be assigning every dollar you earn to a category, such as expenses, savings, or debt repayment.

Simply put, a zero based budget will:

  • establish a plan for every dollar you earn
  • make sure you’re living within your means
  • help you pay off debt and save money

The pros of a zero based budget include:

  • being able to easily eliminate poor spending habits by not allocating money to that category of spending
  • always having enough money allocated for bills and other necessities
  • quickly paying off debt by allocating more money to debt repayment efforts
  • easily saving money by allocating spare money to a high-interest savings account

 The cons of a zero based budget are:  None.

But really:

A zero based budget is simple, straightforward, and doesn’t restrict your lifestyle in any way.

Let’s dive into the deets.

Step 1:  Determine Your Why Factor

We’ve already established this:

Every single person needs a budget if they want to be financially successful.

But why.

This will be different for everybody, and you can determine your why factor by asking yourself these questions:

  1. What will budgeting help me do?
  2. How will budgeting make my life simpler?

For example:

You might want to start budgeting to stop living paycheck to paycheck, to pay off debt, or to save more money.

Knowing your why is essential because it creates meaning for your purpose.  Without it, you’d have no motivation to continue budgeting.

Because let’s be honest:

If you do not have a plan for your money, how are you going to afford your dream life?

Here’s a hint:

You won’t be able to.

So, once you establish the reason you want to start budgeting, I urge you to write it down!

Why?

Because writing it down makes it real and it reminds you of why you started in the first place (if/when budgeting gets tough).

Recommended:  Need a spot to write down your motivation for budgeting?  I highly recommend investing in a budgeting planner, like the Budget Boss Planner.  Keeping all your financial information in one tidy spot makes budgeting a whooole lot easier!

Step 2:  Collect Your Financial Information

Want to know the best part about this step:

It’s hella simple and shouldn’t take you much time at all.

You’re simply going to gather up your financial information. (i.e., pay stubs and bills)

You’ll need:

  • a months worth of pay stubs (and your partners, if applicable)
  • all the bills you currently pay, their individual costs, and when they’re due
  • your personal spending habits

This is crazy, but:

Most people don’t actually know how much money they make or how much money they spend.

And, when you don’t know this information, it is impossible to budget.

So, to avoid playing guessing games, take the time to gather your financial information before you try to create a budget.

Helpful Hint:  If you are unsure of your exact income and expenses, track your finances in a budgeting planner to find out!

Step 3:  Calculate Your Income + Expenses

Before you can assign your income to categories (i.e., create a zero based budget), you need to establish your average monthly income and expenses.

Here’s why:

If you’ve never budgeted before, you probably don’t have a firm understanding of your finances.

Therefore, you’re probably spending more than you can afford (or not spending your money efficiently).

So, to determine if you need to cut back on expenses before you start budgeting (for better budgeting success) calculate your income and expenses now.

(Knowing your exact monthly income and expenses is also critical for planning out a zero based budget.)

Your Income:

Using the information you gathered during step two, calculate your total monthly income (after taxes) from all sources.

Once you know exactly how much money you earn each month, you can determine if you are living within or beyond your means.

For the purposes of this post, let’s pretend your total monthly income is $4,500.

(Monthly Income Organizer & Financial Evaluation available in the Budget Boss Planner)

Your Expenses:

Next, you’ll want to calculate your total monthly expenses.

For the purposes of most budgets, break your expenses down into two categories:

1. Fixed Expenses

2. Variable Expenses

Fixed expenses are bills that you are required to pay monthly, such as rent/mortgage, utilities, cell phone, credit cards, insurance, etc.

Variable expenses are those that vary in cost each month and could be decreased or eliminated if needed.  These expenses include things like groceries, transportation, entertainment, and more.

If you aren’t sure what your monthly variable expenses are, begin tracking your spending in a financial planner to calculate an average at the end of the month.

For the purposes of this post, let’s pretend our total fixed expenses equal $2970 and our total variable expenses equal $730.

(Monthly Income Organizer & Financial Evaluation available in the Budget Boss Planner)

Step 4:  Cut Costs (if necessary)

Once you’ve calculated your monthly income and expenses, you can quickly decipher if you’re living within or above your means.

To do this, simply subtract your total expenses from your total income.

If the number is a positive number:

You’re in the green and should be able to afford your lifestyle with ease each month and can easily move onto setting up your zero based budget.

If the number you calculated is a negative number:

You’re in the red and cannot afford your current lifestyle, meaning you will have to decrease your expenses if you want to successfully start budgeting.

If you are in the red and need to cut costs, these are the best resources:

1.  Use BillBargain

This is a fantastic resource that will help you lower your monthly expenses.  BillBargain has successfully negotiated over 85% of the bills they receive for cell phone bills, Wi-Fi, cable, and more.  The best part?  BillBargain is 100% risk-free.  If they don’t successfully negotiate a lower price for your bills, you don’t owe them a dime.

Get started with BillBargain for free here!

2.  Pay Off Your Debt

Credit card debt will suck you dry every month if you don’t work hard now to pay off what you owe.  I highly recommend consolidating your credit card debt into a low-interest personal loan to save tons of money and pay off your debt in half the time. (Doing this helped me pay off $15,000 in debt in only 12 months!)

3.  Sign Up For Trim

Referred to as a financial health service, Trim securely connects to your bank account(s) to analyze spending, subscriptions, and recurring bill pay.  Then, Trim will help you cancel unused subscriptions, negotiate lower bill prices, and more.  In the last month alone, they’ve helped their users save over $1,000,000!!

Sign-up for Trim for free here!

101 Ways To Save Money:  Read our ultimate guide to frugal living to discover 101 ways to save thousands of dollars a year!

Budgeting is essential to your financial success. A zero based budget is a great way to take control of your finance and life. Click to learn how to make a zero based budget. And, don't forget your zero based budget printable! If you want to know what is a zero based budget and how it can help you pay off debt, save money, and more, don't miss this post. Get started today with your zero based budget so you can have a better financial future. #zerobasedbudget #budgetingmethods #budgeting

Step 5:  Create Your Zero Based Budget

To get started:

Next, follow these steps:

1.  Add up your monthly income (after taxes): $4,500

2.  Total your monthly fixed expenses: $2,970

3.  Total your monthly variable expenses: $730

4.  Subtract your total monthly expenses from your total monthly income to see how much money you have left to budget:  $4500 – $3700 = $800

5.  Assign the rest of the money ($800) to debt repayment, savings, retirement, vacation fund, and more.

6.  Subtract steps 2-4 from step 1 to get ZERO.

The goal is to reach zero at the end of your budget planning and calculations, meaning that every dollar you earn has a job each month.

This is great because you’ll be able to easily budget for your lifestyle while also affording to pay off debt and save money.

And, the best part:

Your zero based budget can change every month to align with your current financial goals.

Remember:  If your budget doesn’t balance to zero and instead equals a negative number, you have to cut costs.

To get started with your zero based budget, download your free printable bundle here.

Step 6:  Tracking Your Budget

Most people forget this crucial part of budgeting and end up wondering why their budget failed a month after implementing it.

If you have a budget, then you need to track it.

Because, here’s the deal:

If you do not track your budget, you cannot make sure that you are sticking to your budget.  And, if you aren’t making sure that you’re sticking to your budget, your budget will fail.

You might be wondering:

How do you track your budget?

Here are the best budget tracking resources:

1.  The Budget Boss Planner ($27 value)

A printable and digital budgeting planner designed to help you create & stick to a budget, pay off debt, save money, and more.  The Budget Boss Planner is un-dated so you only have to purchase once to use this planner forever.

To take a peek inside the Budget Boss Planner, click here.

HINT: When you sign up here to become a VIP and download your zero based budget printables, you can score the Budget Boss Planner for just $9 (instead of $27!) — You’ll be automatically redirected to a discounted purchase page.

2.  Honey Money ($50 value)

An online resource to track your budget.  Honey Money is the internet’s version of a printable financial planner.  Within your dashboard, you can create your budget, track your budget, create debt repayment and savings goals, and more.  If you aren’t a pen and paper kinda person, I highly recommend this budget tracking resource.  

Get started with Honey Money for free here.

Again, when you track your budget, you ensure that the system you put into place is working correctly.

Don’t let the time you spent creating a budget go to waste by avoiding this simple step!

Wrapping Up

A zero based budget is the ultimate way to take control of your money (and your life).

In fact:

A zero based budget is the exact budgeting method we used to pay off over $15,000 in debt in under a year.

I know.  These are high claims for a simple budgeting method.

But, it’s true.

And, I want the same things for you.

So, take action:

Gather your financial information, implement your zero based budget, and track your budget for success.

Don’t forget your free budget by paycheck bundle!

And, cheers to stressing less about money!

What budget system do you currently use?  Are you going to start a zero based budget?  Comment below!

Happy Budgeting!

Michelle

Budgeting is essential to your financial success. A zero based budget is a great way to take control of your finance and life. Click to learn how to make a zero based budget. And, don't forget your zero based budget printable! If you want to know what is a zero based budget and how it can help you pay off debt, save money, and more, don't miss this post. Get started today with your zero based budget so you can have a better financial future. #zerobasedbudget #budgetingmethods #budgeting

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How To Track Finances With A Budget Binder

How To Track Finances With A Budget Binder

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If I can tell you one thing about budgeting, it’s this:

Your budget won’t work if you don’t track it.

Why not?

Click to learn how to track finances with a budget binder (and why you absolutely need to start!).  Tracking your finances with a budget binder with help you create and track your budget, pay off debt, and save more money.  These are the exact budget binder printables we used to track our finances and pay off thousands of dollars in debt.  Don't miss these awesome printables for tracking finances!  Click to explore your track finances resources now. #trackfinances #budgetbinder

Some of the links in this post are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission.

Because if you don’t track your budget you can’t know for sure if you’re sticking to it.

And, what’s the point of a budget unless you stick to it?

You guessed it:

There is no point to a budget if you don’t stick to it.

Here’s the sad truth:

If you want to stop living paycheck to paycheck, pay off debt, save money, and live the life of your dreams, you have to take control of your money.

So, review this post, invest in a budget planner to track your finances, and start kicking your budgets butt!

The Budget Boss Planner

Easily organize & track your finances with custom budget printables!

THE BUDGET BOSS PLANNER

Easily organize & track your finances with custom budget printables!

Why Do You Need To Track Your Budget?

Simply:

You need to track your budget to make sure that you keep budgeting.

Less simply:

You need to track your budget if you want to:

  • stick to your budget
  • pay off debt
  • save money (for emergencies, retirement, college, etc.)

 

  • organize your finances
  • stop poor spending habits
  • stop stressing about money

Here’s the deal:  If you do not track your budget, your budget will not work.

As I’m sure you’ve already discovered.

change your money mindset

It is awesome to research budgeting methods and write down a plan for your money.

But how will you create action steps to make sure your financial plan is working without tracking your budget?

You’re right:  You can’t.

To make sure the budget you worked so hard to create keeps working for you and your family, you need to start tracking your budget.

How To Track Your Finances With A Budget Binder

Organizing your finances with budget binder printables is the best way to track your money.

To set up your budget binder, here’s what you’ll need:

 

Then, once you’ve printed out your Budget Boss Planner Toolkit you can organize it in your binder, using the dividers to separate each month.

Now, let’s dive into exactly how to track finances using a budget binder!

Tracking Your Income & Expenses

It is important to track your income and expenses to understand how much money you earn and how much money you spend.

Without this knowledge, you cannot create a budget, pay off debt, or save money.

Using monthly income and expense organizing printables, you can list out and calculate your exact monthly earnings and responsibilities.

And, with that, you can get a clear picture of your financial wellbeing (or lack thereof).

For example:

productivity planner - planner productivity - productivity tips - productivity planner organize your life - productivity planner time management - productivity planner goal setting

When you subtract your total monthly expenses from your total month income, are you in the green or in the red?

If the number you calculated is positive, you’re in the green and are living within your means.

If the number you calculated is negative, you’re in the red and are living beyond your means.

Bottom line?

This information is the foundation to your financial success.

Helpful Hint:  If you’re in the red and need to cut costs, check out this list of 101 ways to save money without trying! (Or download the checklist below.)

Tracking Your Budget

I know you’ve heard it from me before:  Your budget will not work unless you track it.

Using budget binder printables, like the ones below, you can create a budget plan and then track it throughout each month to make sure you’re sticking to it.

Whether your budgeting weekly or bi-weekly, the Budget Boss Planner has you covered.

See, when you create a budget and then track it, you’ll:

productivity planner - planner productivity - productivity tips - productivity planner organize your life - productivity planner time management - productivity planner goal setting
  • never be short for bills
  • save strategically
  • never miss a bill payment
  • pay off debt quickly
  • be prepared for surprise expenses
  • stop fighting about money with bae

And, most importantly, you’ll never stress about money again!

Tracking Your Bill Pay

Nobody likes paying bills.

But, more importantly, nobody likes paying late fees on top of paying bills.

So, avoid missed bill payments by tracking your bill pay.

To track your bill payments throughout the month:

Use a bill pay calendar and/or a bill pay checklist.

This way, you can make sure you pay your bills on time and avoid late fees!

Helpful Hint:  If you do get hit with a late fee, use Cushion to negotiate refunds for ATM fees, monthly service fees, foreign transaction fees, minimum balance fees, credit card interest charges, account maintenance fees, late fees, and more.  Get started for free today!

Tracking Your Spending

If you do not track your finances, it can be very difficult to recognize poor spending habits.

And, if you don’t recognize your poor spending habits, you can’t stop them.

The best way to discover where you overspend is to track your finances in a budget binder using a monthly ledger and daily expense tracker.

Tracking your spending will help you to:

(a) keep your accounts balanced and,

(b) visualize your flow of money and will allow you to see, point-blank, where you overspend.

For instance:

Spending $5 a day on coffee doesn’t seem like much until you’ve totaled up your spending for the month and visualize that this equates to $150 a month.

Now, paying down your debt doesn’t seem so out of reach when you know you could reallocate your coffee money to additional debt payments.

Once you recognize your poor spending habits, whether it be that you spend too much on cable or that you shop too often at Target, you can stop them in their tracks.

And, once you stop overspending, your relationship with money will drastically improve.

Click to learn how to track finances with a budget binder (and why you absolutely need to start!).  Tracking your finances with a budget binder with help you create and track your budget, pay off debt, and save more money.  These are the exact budget binder printables we used to track our finances and pay off thousands of dollars in debt.  Don't miss these awesome printables for tracking finances!  Click to explore your track finances resources now. #trackfinances #budgetbinder

Tracking Your Money Goals

Having financial, debt repayment, and savings goals are super important.

But, more important than the goal itself, is the plan you have to accomplish your goals.

So, to help you visualize and track your goals, use financial, debt, and savings goals printables and trackers.

Take these for instance:

Financial Goals

Using a financial goals and roadmap printable, set goals and action steps at the beginning of the year.

Then, throughout each month track your progress to ensure your financial success!

Debt Repayment Goals

Organize your debts at the beginning of the year and create a repayment plan with action steps.

Then, each month, track your debt repayment progress and become debt free quickly.

Savings Goals

Saving money is pretty hard when you don’t have a plan, right?

I mean, Taco Bell…come on.

But with a savings goals printable, you can create concrete goals and action steps to help you achieve those goals.

For example:

With a savings goals and roadmap printable, you can create yearly savings goals with action steps.

Then, throughout the year, track your savings progress on a savings tracker printable!

Another Option For Tracking Finances

Not a planner kind of person?

That’s ok!  I’ve got another option for you.

It’s called Honey Money and is a web-based version of a budget binder.

Through your Honey Money dashboard, you can create a budget, savings plan, debt repayment plan, and more.

Then, like a budget binder, you can track your progress.

Honey Money is super simple to use and I highly recommend it as an alternative to the Budget Boss Planner.

To get started for free with Honey Money, click here.

Take Action

Now you know why it is imperative to track your finances and how to do so.

Next, take action:

Invest in your finances and your future by purchasing the Budget Boss Planner Toolkit.

Included in the toolkit is every printable mentioned in this post, plus many more.  With 40+ budget printables, the Budget Boss Planner Toolkit will help you:

  • organize your finances
  • track your budget
  • pay off debt
  • save more money

It gets better:

For a limited time only, the Budget Boss Planner Toolkit is on sale for only $9 (originally $27)!

To learn more about the toolkit, click here.

To purchase your planner for just $9, click here.

Don’t like planners?

It’s cool.  Honey Money is a web-based budget binder that will help you organize your finances, create a budget, and track your budget for success.

Check Honey Money out for free here.

Wrapping Up:

If your failing budget keeps leaving you baffled, I have one question for you:

Do you track your finances?

I know your answer is no since the common denominator to every failed budget is this:  The lacking of a plan and the tracking of its success.

So, stop feeling stressed about money once and for all by starting the simple habit of tracking your finances!

Don’t forget!

The Budget Boss Planner Toolkit is on sale for $9 for just a few more days.

Make the smart money move by grabbing it now before it goes back up to $27! wink

How do you track your finances for success?  Leave a comment below!

BEST,

michelle

Click to learn how to track finances with a budget binder (and why you absolutely need to start!).  Tracking your finances with a budget binder with help you create and track your budget, pay off debt, and save more money.  These are the exact budget binder printables we used to track our finances and pay off thousands of dollars in debt.  Don't miss these awesome printables for tracking finances!  Click to explore your track finances resources now. #trackfinances #budgetbinder

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14 Easy Ways To Decrease Expenses From Your Budget (Without Sacrificing Your Quality Of Life!)

14 Easy Ways To Decrease Expenses From Your Budget (Without Sacrificing Your Quality Of Life!)

All Our Money Resources,

All Free.

Printables, planners, and eCourses to create your life of financial freedom!

All Our Money Resources, All Free.

Printables, planners, and eCourses to create your life of financial freedom!

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Is money tight?

I’ve been there! (I think we all have!)

It is absolutely no fun being short for bills or worrying about how you’ll afford dinner.

It gets better, though:

If money is tight then you need these 13 simple ways to cut expenses. Click to explore all the simple ways to cut expenses from your budget. These frugal living tips will significantly cut your expenses, improving your financial wellbeing. For example, I switched phone carriers and saved over $1,000 a year! For more ideas to cut expenses, don't miss this post. Saving money is simple with these cut expenses articles. #cutexpenses #savingmoney #frugalliving #budget

Some of the links in this post are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission.

It is simple to decrease expenses from your budget and save loads of money.

I’ve got 13 ways you can decrease your expenses (without sacrificing your quality of life) so you can stop stressing about money.

Let’s dive in!

Free printables?!  Heck, Yeah!

Join our resource library and get instant access to tons of free printables to help you become financially successful!

free printables?!  Heck, yeah!

Join our resource library and get instant access to tons of free printables to help you become financially successful!

1.  Create A Budget

The first thing you should do to decrease expenses from your budget is to actually create a budget.

Because here’s the deal:

If you don’t have a budget, you cannot know exactly how much money is coming and going each month.

And, until you have that information handy, it will be very hard to cut expenses.

So, take action:

Read this post about how to start budgeting.

Then, start budgeting! (Tips 2-4 will be much easier after.)

Don’t forget to track your budget to ensure success!

productivity planner - planner productivity - productivity tips - productivity planner organize your life - productivity planner time management - productivity planner goal setting

2.  Get Rid Of Variable Expenses

Once you have a budget in place, you should have an understanding of how much you spend on variable expenses every month.

Things like food, gas, trips to Target, etc.

(If not, track your spending in a budget planner to get an accurate number to work with!)

Variable expenses are the easiest things to cut from your budget or decrease in cost.

Get started by:

Listing out all of your variable expenses and their costs.

Next, go through the list and cross off any expenses that you do not need.

Finally, research ways to decrease any variable expenses that you cannot get rid of, like food and transportation costs. (More on that soon!)

(Monthly Expense Organizer found in our Budget Boss Planner)

3.  Find Lower Costs For Fixed Expenses

To lower your fixed expenses, you’re going to do the same thing you did for your variable expense.

Firstly, list out your fixed expenses and their costs.

Now, since you can’t really get rid of a fixed expense (quickly anyway) your going to try to reduce the expense by as much as possible.

For example:

Your phone bill.

It used to cost us $110/month for our two cell phones with T-Mobile.

Then, we switched to Mint Mobile and saved $70/month.

So, take action:

Analyze your list of fixed expenses and do whatever you can to decrease (or get rid of) each one.

You have the potential to save thousands of dollars every year by doing this simple thing!

4.  Track Your Spending (And Then Slash It)

Do you know how much money you spend each month on coffee?  Trips to Target?  Random late night shopping sprees?

It’s cool.  Neither did I.

It wasn’t until I started tracking my spending in a budget planner that I realized this:

It is insane how much money I was spending without even realizing it.

And, you probably are, too.

It’s a simple fix though:

Start tracking your spending in a budget planner and then stop your bad spending habits.

By doing this, I cut my personal spending expenses by $250/month! (And you can too!)

5.  Utilize Expense Cutting Services

Services like BillBargain and Trim can help you drastically decrease your expenses – with little to no effort.

Here’s the low down on both of these killer resources:

BillBargain:

Simply send your bills to BillBargain and they’ll negotiate lower prices for you.

BillBargain has successfully negotiated over 85% of the bills they have received and specialize in decrease your:

  • WiFi bills
  • Internet bills
  • Cable bills
  • Satellite TV bills
  • Home Alarm System bills

To cut your expenses, get started risk-free with BillBargain here.

Trim:

Connect your accounts to Trim and they’ll start analyzing your spending for recurring subscriptions and bill payments.

Then, they’ll cancel unused subscriptions and negotiate lower bill prices for you.

It doesn’t get much easier than that!

To decrease expenses with Trim, click here.

6.  Earn Rewards For Every Day Spending

Taking advantage of cash back apps and reward credit cards can help you decrease expenses on stuff you have to buy.

For example, if you use Ebates, you can earn up to 10% cash back on everyday purchases – essentially saving you money.

These are my favorite cash-back apps:

Ebates:

Saving money with Ebates is super easy!

Before you shop, simply:

  • Open the Ebates App or login via Ebates.com (or connect your debit card to Ebates to skip this step)
  • Find the store you want to shop from and shop as usual
  • Earn as much as 10% cash back for your purchase

You can turn in your cash for PayPal payments or a check.

Get $10 for free by signing up for Ebates today!

Ibotta:

To save money with Ibotta:

  • Download the app
  • Add eligible offers from your favorite retailers (like Target, Uber, Olive Garden, and more) to “My Offers”
  • Shop as usual online or in store
  • Snap a pic of your receipt to get cash back!

 

You can turn in your cash for PayPal payments, gift cards, or Venmo payments!

Sign up today to start saving and earn your free $10 welcome bonus!

Dosh:

The Dosh app is my favorite way to earn cash back because there’s no work involved.

All you have to do is download the Dosh App and connect your debit or credit card.

Then, shop as usual and earn cash back instantly.

You can earn as much as 15% cash back on normal purchases by swiping the same card you always do.

Here’s the best part:

Dosh will give you $5 for free just by signing up and linking a card & you’ll get $5 for every friend you refer!

#ilovefreemoney

7.  Get Out Of Debt

The faster you pay off your debt, the sooner you can significantly lower your expenses.

Between school loans, credit cards, car payments, and more, your debt payments can quickly reach the thousands.

To get rid of this huge monthly burden and possibly cut your expenses in half, make a debt repayment plan.

(Debt Repayment Goals & Roadmap + Debt Repayment Tracker found in our Budget Boss Planner)

Once your debts are written down and your repayment plan is clear, you can immediately get to work paying down your debts.

To eliminate debt as quickly as possible, I recommend:

The quicker you get rid of your debt, the better off you’ll be financially.

These are 13 expenses to cut if you want to stop being poor. If money is tight you can't miss these tips to cut expenses. With these cut expenses ideas, you can save over $20k a year. So, click to read how to cut expenses without sacrificing your quality of life. Don't worry, it is easy to cut expenses, especially after these tips. Don't forget your budget planner to help you analyze spending and cut expenses. Click to read how to cut expenses so you can stop being poor. #cutexpenses

8.  Start A No Spend Challenge

Wanna know the easiest way to cut expenses?

Stop spending money!

Stop spending money on:

  • clothes
  • shoes
  • purses
  • makeup
  • coffee
  • take out food
  • movies
  • concerts

You get it.

Instead, do free things like:

  • hiking
  • biking
  • going to the park
  • enjoying the clothes, shoes, purses, makeup, etc that you already have 😉
  • cooking at home

Start now:  I challenge you to not spend a dime for a whole month!

9.  Save Money On Food

We all need to eat food to survive.

So, unfortunately, this isn’t an expense that you can get rid of.

But, you can cut your food bill in half.

Here are my best tips:

Seriously, I cut my food bill in half with these tips!

10.  Switch Banks

You can relate, right:

You log into your online banking and F@%K!  You’re in the negatives.

You forget Netflix was scheduled to come out, and now your $7.99 bill turns into a $35 overdraft fee.

Not cool banks, not cool. (Deny the charge goddammit!!)

So, what’s my point?

change your money mindset

My point is: you can bank, free of fees, with Chime Bank!

That’s not even the best part about Chime, though.

See, with a Chime account, you’ll get:

 

  • Award-Winning Online Banking
  • An Automatic Savings Feature

(Read more about why I love Chime, here!)

I wish I’d know about Chime sooner but am grateful to cut my expenses with them now.

To grab your $50 free gift, sign up for Chime here.  (All you need is your full name and email address! So easy!)

11.  Do It Yourself

Don’t call the plumber for your leaky sink!  DO IT YOURSELF!

Doing things yourself around the house will save your bucketloads of money every year.

I know what you’re thinking:

“Mmmmm, but, I don’t know how to fix my sink…”

Ah, well, with one small investment, you can learn how to do it all!

Seriously, for $20 you can pick up The Complete Do It Yourself Manual and learn everything (and I mean everything) you’d ever need to know about your home.

From emergency repairs to plumbing to remodeling a basement, cut expenses by doing it yourself.

(You could literally build a house from the ground up with this bad boy)

12.  Buy Used

Cut your spending expenses in half by buying used products instead of new.

This goes for:

  • clothes/shoes
  • furniture
  • electronics
  • cars

For clothing and shoes, shop at your local thrift store.  (Especially for kids who need new wardrobes every season!)

Thrift stores are also great for used furniture, as well as Craigslist.

And, if you’re in the market for electronics, shop on Gazelle for certified pre-owned products for half the price.

13.  Downsize

The ultimate way to cut expenses from your life is to downsize.

This is going to take the biggest effort but has the largest payoff.

For instance:

Do you really need two cars?  Or could you save hundreds of dollars a month and get by with one?

And, is your home maybe bigger than you need?

I mean, you could cut your mortgage in half by downsizing or moving somewhere more affordable.

Downsizing would save you HUGE amounts of money, so if you’re desperate to cut expenses, don’t overlook this option just because it is a little hard. (We moved from MA to upstate NY because housing is a third of the cost!)

14.  Live Frugally

Adopting a frugal lifestyle can dramatically cut your expenses when times are tight.

Here’s the deal:

Saving money doesn’t have to mean being boring or spending no money at all.

Yup!  And, it gets better:

Frugal living is super simple.

When you use the tips in this post, you’ll be saving money on autopilot without even realizing it.

Skipped To The Bottom?

Skip to the bottom?  It’s cool, most of us do 😉

Here’s the recap:

1.  Create A Budget:  Create a budget so you know where you stand financially.

2.  Get Rid Of Variable Expenses:  Make a list of your variable expenses and get rid of as many as possible.  Reduce the ones you cannot get rid of.

3.  Find Lowers Costs For Fixed Expenses:  For your fixed expenses, research cheaper options.  For example, switch to Mint Mobile and save an average of $100/month on your phone bill.

4.  Track Your Spending (And Then Slash It):  Track your spending in a budget planner to see how much you actually spend at Target.  Then, stop your bad spending habits in their tracks.

5.  Utilize Expense Cutting Services:  Use BillBargain and Trim to decrease your expenses without any work.

6.  Earn Rewards For Every Day Spending:  On the stuff you have to buy, earn cash back for your purchases with Ebates, Ibotta, and Dosh.

7.  Get Out Of Debt:  Significantly cut expenses by getting rid of your debt.  I recommend consolidating your debt into a personal loan, using the debt snowball or debt avalanche methods, and tracking your debt repayment progress.

8.  Start A No Spend Challenge:  I challenge you to not spend for one whole month!

9.  Save Money On Food:  Save money on that dang stuff you gotta buy by making a shopping list, not buying name brand, using $5 meal plan, swiping coupons from Coupon Surfer and Coupons.com, and more.  (You gotta go back and read this one!)

10.  Switch Banks:  Switch to Chime Bank to stop paying unnecessary fees.  (And get paid two days earlier than your coworkers!)

11.  Do It Yourself:  Don’t hire people to repair your home; do it yourself!  This book will help tremendously.

12.  Buy Used:  Shop for second-hand clothing and used furniture at thrift stores and use Gazelle for used electronics. (Cars, too.  Never buy a new car!)

13.  Downsize:  Move into a smaller home, get rid of your second (or third) car, or move somewhere cheaper!

14.  Live Frugally:  The tips in this post will help.

There you have it!  14 ways to cut expenses from your life.

Good luck 🙂

Any ways to cut expenses that I missed??  Share with us below!

BEST,

michelle

These are 13 things to do to drastically cut expenses when money is tight. By cutting these expenses, you can save up to $20k/year! Through frugal living, you can cut expenses and start saving money fast. Don't miss these frugal living, cut expenses, and saving money tips. And, download your budget planner to start a budget (tip #1), analyze spending (tip #4), and pay down debt (tip #7) to drastically cut expenses when times are tough. #cutexpenses #frugalliving #savingmoney

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Chime Bank Review 2019: Should You Open An Account?

Chime Bank Review 2019: Should You Open An Account?

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Printables, planners, and eCourses to create your life of financial freedom!

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Printables, planners, and eCourses to create your life of financial freedom!

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Have you heard of Chime Banking?

I hadn’t either until a few months ago, but damn do I wish I had known about them sooner.

Here’s why:

Click to read our Chime Bank Review for 2019. You'll learn about Chime Bank's features, the pros, the cons, and how to get started with Chime Bank. Chime Bank is an award-winning online bank that has transformed our finances. With Chime Bank, you'll pay zero fees, get your paycheck two days early, save money automatically, and more. To learn more about Chime Bank and why you should open an account, click here. (Get a $50 free gift when you open a Chime Bank account!) #chime #chimebank

Some of the links in this post are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission.

With Chime Bank you get:

  1.  A $50 Free Gift
  2. Award-Winning Online Banking
  3.  Paid 2-Days Earlier Than Your Coworkers
  4.  No Fees (+ No Monthly Minimum Balance Required!)
  5. An Automatic Savings Feature
  6. Top-Level Banking Security & Control

Keep reading this 2019 Chime Bank Review to see explore all of its features, the pros, the cons, and how to get started.

Free printables?  Yes please!

Sign up for our free resource library to access tons of printables!

Free printables?  Yes Please!

Sign up for our free resource library to access your favorite printables!

Score Your $50 Free Gift

I like to get this little tidbit out of the way (since it’s usually what everybody wants to know about first!)

When you start using Chime, they’ll deposit $50 into your account FOR FREE.

You’re probably thinking:

“What’s the catch?”

There isn’t one.

To claim your free money simply:

1.  Sign up for Chime Banking here (the easiest bank account set up you’ll ever, ever experience)

2.  Set up your direct deposit

3.  Get paid when your first direct deposit is made with Chime

When I signed up for Chime a few months back, it only took four days to receive my free $50!

And, it gets better:

Once you become a Chime member, you can refer your friends and get another $50 for every person who signs up using your link.

#ilovefreemoney

And, on that note, let’s dive into all the other awesome features Chime has to offer.

Award Winning Online Banking

As I mentioned, setting up an account with Chime Bank was the simplest banking process I’ve ever been a part of.

And, their online banking database is no different.

With a clean and simple layout, it is no surprise that Chime’s online banking has won awards.

See for yourself:

Using Chime’s app or online website, you can easily:

  • Set up direct deposit
  • Open an automatic savings account (more on that soon!)
  • Transfer money between Chime and external accounts
  • Write e-Checks
  • Send money to friends
  • Find exclusive offers & deals
  • Locate ATM’s (for your Chime Visa Debit Card)

The interface is simple, straightforward, and I know you’ll loooove it.

Once you explore Chime’s online banking, you’ll see that it blows your local bank’s online banking out of the water.

And, getting started with Chime only requires your name and your email.

THAT’S IT!

(Crazy, right?!) (Crazy awesome.)

Get Paid 2-Days Early (Every Week!)

Besides the $50 free gift for signing up, Chime really stands apart with this feature.

Yep, you can actually get paid two days earlier than your coworkers every week (or bi-week).

To get paid early, it’s literally as simple as setting up your direct deposit with Chime.

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Once your direct deposit is set up, you’re automatically eligible to start receiving your paycheck up to two days early.

How do they do it?

Chime make your checks available as soon as your employer deposits it – usually two days earlier than payday – instead of keeping your money in limbo.

I mean, who doesn’t love to get their hard earned cash sooner?  (Get started here!)

Click to read our Chime Bank Review for 2019. You'll learn about Chime Bank's features, the pros, the cons, and how to get started with Chime Bank. Chime Bank is an award-winning online bank that has transformed our finances. With Chime Bank, you'll pay zero fees, get your paycheck two days early, save money automatically, and more. To learn more about Chime Bank and why you should open an account, click here. (Get a $50 free gift when you open a Chime Bank account!) #chime #chimebank

No Fees (Or Monthly Minimum Balance)

When Chime says no fees, they mean no fees.

With Chime, you’ll never be charged:

  • overdraft fees
  • monthly minimum balance fees
  • monthly maintenance fees
  • no foreign transaction fees
  • no ATM fees

Unlike most banks, Chime doesn’t wish to profit off of their members’ mistakes or misfortunes.

I never understood why it cost money to have a bank account and Chime agrees.

“You deserve a bank account with no unnecessary fees because paying fees to use your own money is plain ridiculous.” – Chime

Chime Bank’s Automatic Savings Feature

If you struggle to save money, you need Chime.

Chime makes saving money simple by rounding up every dollar you spend and putting the difference into your savings account.

You can also opt-in to save 10% of every paycheck, making growing your savings account simple and quick.

And, don’t worry:

The money that Chime automatically saves for you isn’t on lockdown.

You can access your savings and transfer money to your checking account in seconds if need be.

Top-Notch Security & Control

I know.

A lot of people are scared of putting their money in an online-only bank account.

But, here’s the deal:

Chime, like almost all banks, is insured by the FDIC.

And, they use 128-bit AES encryption, access control, and secure processes to ensure your money is always safe.

With real-time alerts, you can make sure your account is being used by you and only you.

And if you suspect odd activity?

Simply log in and turn off your debit card to block all future transactions.

The Pros

So far in this Chime Bank Review, we’ve gone over all of Chime’s features.

Now, let’s lay out the pros:

1.  Award-Winning Mobile Banking:  Chime’s online banking is simple and straightforward.  Direct deposit is fast and easy to set up.

2.  Pay Bills Directly From App:  Use the Chime App to pay bills via eCheck or direct debit.

3.  Transfer Funds:  Can transfer funds to and from Chime to any external bank account.  Setting up external transfers is simple and only requires the login information to the bank you wish to transfer to/from.

4.  Pay Friends:  Easily send money from your checking account to other Chime members.

5.  Visa Debit Card:  Receive a Visa debit card from Chime to use anywhere that Visa is accepted.

6.  Chime Offers:  Find exclusive offers within online banking to help save you money

7.  Invite Friends:  Get $50 for every friend you refer.

8.  Get Paid 2-Days Early:  With direct deposit, get paid up to two days earlier than your coworkers.

9.  No Fees:  No overdraft fees, no maintenance fees, no monthly service fees, no foreign transaction fees, no atm fees, no transfer fees, no card replacement fees.

10.  No Monthly Minimum Balance Requirement + No Deposit Required (to open an account)

11.  Automatic Savings:  Chime automatically saves you money by rounding up to the nearest dollar every time you spend and saving the difference.  Can also opt-in to save 10% of every direct deposit.

12.  Member FDIC:  Insured up to $250,000 through the FDIC.

13.  Real-Time Spending Alerts

14.  Instantly Block Your Card:  Turn your debit card off if you notice suspicious activity.

15.  Two-Factor Authentification:  Keep your money safe with two-factor and fingerprint authentification.

16.  Cash Deposits:  Cash deposits can be made with GreenDot at over 60,000 locations.

The Cons

Chime Bank has a loooot of pros.

And, honestly, after using them for the past 4 months, I can only find a few cons:

1.  Low APY:  Chime’s savings account has a low APY of 0.01%. (Simply transfer your savings from Chime to a CD at another bank with higher APY’s!)

2.  Limited Accounts:  With Chime, you only have the option to have one spending account and one savings account.  (However, transferring funds into an account at another bank is simple and quick.)

As you can see, the benefits of using Chime Bank far outweigh the cons.

If you agree, get started below.

Get Started

Are you ready to get your $50 free gift and reap all the other benefits Chime has to offer?

Simply follow these steps to get started:

1.  Click here and sign-up with Chime (all you need is your full name and email address – this DOES NOT affect your credit score!)

2.  Set up direct deposit through your Chime online banking

3.  Open your savings account with Chime through your online banking

And, that’s it!

Enjoy your new way to bank 🙂

Will you start using Chime after reading Chime Bank Review?  Or do you already use and love Chime?  Leave a comment below!

Stay happy, 

michelle

Click to read our Chime Bank Review for 2019.  You'll learn about Chime Bank's features, the pros, the cons, and how to get started with Chime Bank.  Chime Bank is an award-winning online bank that has transformed our finances.  With Chime Bank, you'll pay zero fees, get your paycheck two days early, save money automatically, and more.  To learn more about Chime Bank and why you should open an account, click here.  (Get a $50 free gift when you open a Chime Bank account!) #chime #chimebank

JOIN THE WHO SAYS WHAT COMMUNITY!

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