Skip to main content

Check out our 2Q2021 Investment Update Video + Blog!

Stop Watch Blog

Beating the Budget Burden 60 Seconds at a Time

Photo of author, Chelsea Clegg, CFP®.
Chelsea Clegg, CFP®
Associate 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.

Related Insights
I Stock 1199587565 Life Plan TCP blog

Are You Getting the Best Return on Life?

When it comes to investing, the current standard of return on investment (ROI) can be self-limiting, adding pressure that is counterproductive. So much of ROI is not within our control. It’s important to balance return on investments with return on life (ROL). Return on life is defined as, "How well you are doing in living the life you want, with the money you have.”

Read More
I Stock 858276820 THIEF SAT blog final

Comparison Is the Thief of Joy

Mastering your wealth isn’t about beating someone else’s returns. It’s important to recognize that no two financial strategies are alike. Another person’s financial plan is likely (and should be) built around completely different goals and objectives, and completely different risk tolerances and acceptance of volatility. Your financial plan should focus on whether you are able to achieve your needs, wants, and wishes. Learn more.

Read More
I Stock 1257889974 JAB Blog Inheritance USETHISONE

3 Steps to Help You Make Better Decisions about Financial Gifts, Inheritances

Have you received a significant financial gift or inheritance but don't know how to spend it wisely? Consider these three steps to help you make the best decision for your unique financial situation.

Read More
Play