Get Your Budget Back on Target

spending Budget

Good financial management doesn’t come naturally to everybody and that’s why so many people need help sorting their money. Assuming you have been trying to get your finances in check and you know where you went wrong in the first place, here’s how to sort your money budget.

  • Increase your income. Perhaps you found that your budget goals were not practical and gave up on saving altogether: instead of cutting your spending even further, try boosting your income by getting another job or finding a way to supplement your income. A few dollars each day can make a great difference to your savings in the long run.
  • Do not splurge. If you find that poor spending habits are causing you to waste your money, then it might be time to try more aggressive approach. For instance when going out, purpose to spend only a certain amount of money and or carry a limited amount of cash. Some of these habits take years to kick but with practice you will be able to resist the urge to splurge pointlessly.
  • Reevaluate your financial goals. There are instances where individuals have a practical budget but are unable to boost income and if that’s the case you might have to adjust some of your financial goals. Similarly, if you spend large amounts of your income on impromptu spending, then your targets should reflect that.
  • Contact an expert. The internet is full of information and resources that might be of help to anybody struggling to manage income and spending habits but the good thing is you don’t have to do it alone. You can get personalized strategies from CommBank Savings to help get you back on track and planning for a better future.

Money Management Software

Effective Time ManagementThere are a number of personal finance apps available online today but what criteria does one use to determine what works and what doesn’t? For an individual looking to monitor their spending, these there are a number of highly rated apps to choose from.

  1. Mint-the big disclaimer is that this software is designed specifically for the US but aside from that Mint allows users can connect their checking accounts, credit, savings, retirement plans, loans, etc.
  2. Quicken- the app has a new feature that allows you to get your credit score for free.
  3. Personal Capital – it’s similar to mint to but it also has a number of additional features.
  4. this app was previously known as Pageonce and its ideal if you forget to pay bills.
  5. Doxo- do you have a problem managing household payments or connecting with service providers? Doxo helps you manage your money but also acts as an online filing cabinet- and it’s also free.
  6. YNAB- the acronym stands for You Need a Budget and the app is meant to curb your spending so that every dollar is accounted for.