Budgeting & Money Management Tips
 
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Research and articles related to personal finance

Financial Advice

MONEY MANAGEMENT

Articles and research about personal finance

Research and articles related to personal finance

Financial Advice

MONEY MANAGEMENT

Articles and research about personal finance

Budgeting & Money Management Tips

Published April 3, 2015 | Updated April 10, 2015

Budgeting in 5 Easy Steps

Budgeting goes hand in hand with building a savings account, but the reality is that many of us never take the time to work out a budget and savings plan. But if you don’t understand where every penny of your money is going each month, you may not realize the power and potential of what following a budget can do for you and your future.

Whether you live paycheck-to-paycheck or have extra money left over each month, following these five easy steps to develop a budget will put you on the path toward financial success and stability.

Be sure to review your budget every so often so you can adjust for things like changes in gas prices, changes in your daily commute, paying off old debt, or changes in housing and insurance costs.

How to Create a Budget

  1. Print Bank Statements. Start with a couple months of bank statements if you want to keep it simple. However, if you want to map out how your budget might fluctuate over a year, print out the past 12 months of statements.
  2. List Fixed Bills & Expenses. Review each statement and highlight your fixed bills and expenses such as your mortgage or rent, water, trash, electric, gas, insurance, monthly subscriptions, car loans, and other debts you pay every month.
  3. Categorize Your Spending. Start with a couple months of bank statements if you want to keep it simple. However, if you want to map out how your budget might fluctuate over a year, print out the past 12 months of statements.
  4. Evaluate Spending in Each Category. Start with a couple months of bank statements if you want to keep it simple. However, if you want to map out how your budget might fluctuate over a year, print out the past 12 months of statements.
  5. Give Categories an Allowance. Start with a couple months of bank statements if you want to keep it simple. However, if you want to map out how your budget might fluctuate over a year, print out the past 12 months of statements.

Money Management Tips & Tools

Use these money management tips and tools to make your budget and stick to it.

  • Free Checking Account: Simplify your budget with a Free Checking Account from Amplify. No minimum balance or monthly fees, and no ATM fees when you have direct deposit.
  • Account Alerts: Get a text message or email for account activity like account balances, debits and credits to your account, and upcoming loan payments.
  • Mobile & Online Banking: Access your accounts any time to transfer money, make deposits, and manage your finances wherever you are.
  • Automatic Transfers & Periodic Payments: Set up ACHs to have your bills paid automatically, and use Amplify’s Periodic Payments feature to automatically transfer money to your savings each month.
  • This Budget Spreadsheet: Use this budget spreadsheet to help you get started with your budget, and customize it to suit your needs and financial goals. Click to download.
  • This Budget Calculator: Use this calculator to determine your fixed expenses and “spending money” while developing your budget. Click to open
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