Personal Financial Budgeting: Get a GRASP on Your Budget and Your Cash

6 Ways You're Cheating on Your Budget

Red lets you know that you have either met your budget or gone over, yellow warns that you are getting close, and green tells you that you are free to spend. Mint also gives you the opportunity to create and track your financial goals. If you have a deadline for the goal, Mint can tell you how much you need to save each month to reach that goal. Mint can also allow you to track your credit score throughout making purchases, payments, and opening new lines of credit.

1. Overstating Your Income

There's an awesome app that lets you access your account from anywhere. You can see your budget, access recent transactions, categorize purchases and more. Breaking your budget down by week can also let you see if you need to make major changes in the weeks ahead in order to stay on track for the month.

The second and last negative we have for Mint is that it sometimes struggles with its categories.

How to budget after landing your first job

It picks up the wrong clues, puts something in the wrong place, and suddenly Mint has your rent check categorized as T. While this can be annoying when it happens, it is an easy fix to get the purchase back where it should go. Mint is on top of the personal finance tool industry for a reason. There is something in the program for everyone. For anyone new to controlling money, it can be confusing and stressful.

How to Manage Your Finances after Graduating College

With a powerful budgeting and money management tool, like Mint, you can be smart about your money and stay on track for a successful financial future. It has an easy to use interface, all the features you need to get your money under control and a great mobile app.

Aside from a couple minor setbacks like mis-categorizing transactions occasionally, we can't say too many bad things about Mint. Some need car, others rely on public transportation. Andy lives in a city and relies on public transportation. Instead of car insurance and car maintenance costs, he factors in public transportation into his costs. Off the top of his head, he thinks about his daily routine. In order for Andy to live, he identifies the following as his bare necessities monthly expenses as well as about how much they cost.

This is to capture anything he may have missed or anything he miscalculated. They key insight here is that you need at least this much money just to live. If you spend more here, you have less left over for the end result Guilt-free spending. If you want more money to go out, you need to cut down on some of the bigger expenses like rent.

Yes, this is more important than short-term savings. If you are young and start putting money away for the long term even a little , you will be way better off later on in life thanks to compounding.

How to Manage Your Finances after Graduating College | Citadel

Always get as much company match as you can if your employer offers it because that is free money. The last column details short-term savings goals. This includes things like holiday gifts for others, vacations, wedding, and house down payment. House down payments are quite costly as well. Best to get an early start.

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Andy thinks at the earliest he might get a house within the next 7 years. He also threw in a category called Unexpected. So Andy has his bare essentials, his long-term savings goals, and a short list of short-term savings goals.

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Andy will automatically pull these amounts from his paycheck every month. His paycheck will go into his checking account, and then money will be moved to his Roth IRA as well as his many savings accounts. Now he has a good sense of how much he has left over to spend.

What Is Mint?

Your money goes into your checking, and from there things get moved around a few days after your payday. Figure out a budget you can live with.

Then setup your bank accounts to move this money for you every month. Give it a shot. Tell me what you think. Oh, and sign up via email up at the top right of the page. Credit Card Andy is a personal finance blog focused on teaching young somethings how to manage money, maximize their wealth, and save for the future. I focus on making money really easy to understand so we can all focus on the bigger things in life. Home About Me All Posts. He opens up Excel and starts a small spreadsheet.

Monthly Expenses He tackles the monthly expenses column.