For those who want to begin budgeting to gain control of their finances, now is a perfect time to start the process.
There are numerous apps available for budgeting. Ease-of-use ranges from simple to complex depending the amount of detail you want and features. I will be using the iSaveMoney budgeting and expense tracking app. This app is available in Google Play. There is a free app and an option to purchase the Pro version for a one-time, lifetime fee of under $5. It took less than an hour to gather my income, expenses from account registers (bank, credit card, etc.) and to set up the application.
Whatever app you decide to use, start with December 1, 2019. This offers two advantages:
- Use the month of December 2019 as a practice month to learn the app so you are comfortable and ready to start 2020 in earnest.
- It will help you stay on budget for the holidays … a period when many people are unable to limit their spending.
Lastly, discipline yourself to not finance the 2019 holidays with credit card debt. Pay cash for your purchases. It has been proven that you will spend less when using cash instead of a credit or debit card.
I know that you cannot pay for your purchases for Internet transactions with cash. That’s why I encourage you buy locally from a local owner. This keeps the money in your community and supports independent businesses and their employees. Additionally, it is Eco-friendly because your purchases don’t have to be shipped to you via an airplane or semi truck of which both produce a massive carbon footprint.