Smart budgeting has the potential to radically change the way you and your family see and use money. Not only can budgeting tools, apps, and strategies help you start taking control of your money, but these methods may also help you attain your financial goals. Start living the way you want to with money by exploring various ways to budget. If you find yourself struggling with bankruptcy, then feel free to ask a Tullahoma bankruptcy lawyer for help.
Budgeting Strategies for Families
There are several budgeting strategies families can use to their advantage. These include personal strategies, collaborative strategies, digital tools, and physical methods for budgeting. The first step is to understand the benefits of budgeting to help everyone in the family buy into the process of budgeting.
Budgeting benefits include taking control of every dollar you make, knowing the status of your finances at all times, planning your future, making wiser financial decisions, and achieving financial goals. Not only could budgeting save you more money to then make more money, but budgeting can guide you closer to ways to make those purchases you have always wanted to make. Many people mistake budgeting for less financial freedom.
The opposite is often true, that budgeting actually has the potential to lead to greater financial freedom. Since budgeting allocates every dollar you earn, you may find that you have more money left over than you realized. Others may come to a different realization that cutting out a few unnecessary expenses saves them a substantial amount of extra funds.
The next step is to choose a budgeting method. These include physical notebook and pen budgeting, online tools, budgeting apps, and computer spreadsheets. Feel free to choose the method that best matches the needs of you and your family.
Best Budgeting Apps and Tools
Some of the best budgeting apps include Mint, EveryDollar, and Personal Capital. Mint is one of the most popular budgeting apps out there. What Mint does is take the pressure off by tracking and categorizing your monthly spending for you. You may need to connect your bank account depending on the app you choose. Some apps may come with in-app purchases for additional features.
EveryDollar is a free app created by Ramsey Solutions that allows you to input your monthly income and monthly expenses by category. This app automatically subtracts monthly spending from monthly income to show you how much money you have left. Personal Capital is a free budgeting app for phones and computers.
If you do not like budgeting on computers or phones, you have the option to use a budget worksheet. A budgeting worksheet can be printed out and filled out by pen or pencil. You can make copies for the family to share and keep track of spending together.
Contact Tom Bible Law Today
Facing financial stress as a family can create multiple sources of strain on everyone. Call us at Tom Bible Law today at (423) 424-3116 for a consultation about your financial situation. Our legal team of Tennessee bankruptcy attorneys is here to guide you through various options for bankruptcy when there is no other financial solution. We are located throughout the Tennessee cities of Chattanooga, Kingsport, and Tullahoma.