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Beating the Budget Burden 60 Seconds at a Time

Photo of author, Chelsea Clegg, CFP®.
Chelsea Clegg, CFP®
Financial Strategist

If your face cringes every time you hear the word “budget,” you are not alone. For many, keeping track of spending can be a daunting task as purchase amounts fluctuate, unforeseen expenses occur, and spending categories overlap. What’s more, by the time the end of the month comes, you’re left with a pile of receipts, online banking transactions, and a transaction register waiting to be completed.

To aid in the burden of sticking to a budget and monitoring your spending, GOBankingRates suggests having a “money minute” each day. The process is simple – allocate just one minute each day to reviewing your transactions from that day.

With your money minute, not only are you keeping up with documenting your transactions in your register or budgeting software, but you are also reviewing your spending habits. Do I really need to purchase lunch every day at work or am I better off limiting that to one or two days a week? Is my iced café mocha really a necessity on my morning commute? It is easy to see how just reviewing your daily habits can turn into more conscientious spending.

What’s more, reviewing your transactions on daily basis can also help limit fraudulent activity on your accounts. For example, if your debit card information was stolen, there may be numerous fraudulent transactions within a 30-day window. However, if you check your account daily, that amount can be limited.

To learn more about GOBankingRates’ money minute, you can watch their video as seen on the GoGirlFinance website.

To jumpstart your budgeting process, check out Mint. Mint is a free program designed by Intuit, the creators of TurboTax®. The easy-to-use interface helps users manage their budget, monitor bills, and even offers guidance on credit scores. Mint offers phone and tablet apps.

To sign up, go to https://www.mint.com/, or visit the Google Play Store or Apple’s App Store.

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