This is pretty much true for every single person in every single financial situation. Whether you’re a millionaire, or paycheck to paycheck, or homeless. You need to understand where your money is coming from and where it’s going.
This is pretty much true for every single person in every single financial situation. Whether you’re a millionaire, or paycheck to paycheck, or homeless. You need to understand where your money is coming from and where it’s going.
Budgeting software is a massive force multiplier. Here’s a screenshot of my spending last month, categorized by my budget software. It’s fairly high, because I had a large vet bill (which I was expecting and had saved for) and I got a bonus which went into my IRA. This is just an overview; you can go deeper into each category and see every single transaction.
This software is You Need A Budget, which is a paid software. It’s $14/mo, which I think is worth it since it helps me save far more than that. I used to use Mint, but since it’s been killed there’s a lack of good budgeting software that will do automatic recording of transactions.
Other good options I’ve seen are Monarch Money, Simplifi, Personal Capital, and Rocket Money.