Household Budgets for Beginners: Simple Tips for Success

by | Nov 20, 2016 | Commentary

Over at Get Rich Slowly, Franziska Castillo tackles a hot topic: Household Budgets!

The first step to making a household budget is understanding your monthly expenses. These days, there are many apps available to help you track your expenditures. Once this is understood you can set up a realistic budget. And, another key part of budgeting is allocating a certain amount to savings each month.

Key Takeaways:

  • We all know we should make and stick to a household budget if we want to be able to sock away savings each month—and end up financially comfortable.
  • Before making a good budget, we should work on discovering how much is being spent, and on what.
  • The app lets you log all your spending, easily categorize it.  And, this is key—label each expense as “need” or “want”—making it easy at the end of the month to detect where to cut back.

“Before making a good budget, I obviously needed to know how much I was spending and on what. To make this easier, I looked for the absolute simplest app, and found it in the Australian government’s free TrackMySPEND,”

Check out the whole story at Get Rich Slowly: