Skip to main content

Announcing our new Southwestern Ohio Division!

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
BEATLES 1600px

What Do The Beatles, Financial Behavioral Bias Have in Common?

Behavioral biases can cause your investing strategy to get out of sync with your risk tolerance and goals. One common financial behavioral bias is rationalizing poor past decisions. Learn how to recognize when this and other biases have crept into your thinking.

Read More
Succession Planning Blog Pic

Succession Planning is Critical for Every Small Business Owner

Small Business owners invest a great deal of time, energy and money into their business, and it can easily be the largest portion of their investment portfolio. All too commonly, business owners direct the lion’s share of their effort toward day-to-day activities of the business and fail to capitalize on the value that they have worked so hard to create in preparation of retirement. However, with a well-thought-out succession plan business owners have an increased level of control over their own future as well as the future of their business.

Read More
I Stock 1185723495 DJM Blog FINAL

Financial Infidelity: Are You Cheating on your Honey with Money?

Keeping secrets and lying to your partner about your spending habits can make any relationship go very wrong. It's officially called financial infidelity, and if gone unchecked can quickly spiral out of control. Learn the signs of financial infidelity and ways to overcome it.

Read More
Play