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Save More Money - Complete Controller

While we have been given a collection of tips to save money and even some ways to lead a more frugal lifestyle, here are seven ways to save even more money and do so creatively. If you follow these tips, your cash can grow without realizing it.

And yes, we are taking into consideration the fact that you may not have any money to save.  The first piece of advice, in this case, is that you will need to make more money. Check out America's Best Bookkeepers

1. Save All Loose Coins Each Night

If you make a habit of emptying loose change in a jar each night, you will be surprised how much money you could accumulate at the end of the year.  Be careful not to dip into the jar of loose coins; if you do, the notion of saving will be useless.

If you think this isn’t aggressive enough, and you dare to challenge my previously proposed idea to systematically save five dollars, using this tip could save more than $20,000 in 10 years if you take it seriously.

2. Pay Off Debts and Then Keep Paying

Generally, if you are making a $250 car payment, you tend to pay it every month. Some months may be very financially tight, but you pay it. When you pay off that car or any other debt, at first, you feel more financially comfortable.  However, in the end, you end up spending the money you are no longer obligated to pay when you could continue to set it aside and save it. Check out America's Best Bookkeepers

3. Save At Least 70% of Any Unexpected Money You Receive

If you receive any extra pay, a bonus, a tax return, or an unexpected amount of money, do not celebrate it in a big way or think about how to spend it. Rather, think of saving at least 70% of that money. Try to make this a habit. Make an emergency fund if you do not already have it or invest it in your savings or investment account directly.

4. Automate Savings

Automating savings is not a creative way to save, but it is proven to be useful since it prevents us from using willpower. You should go to the bank and open a savings account, or you could allocate a small amount of money each month to invest in a low-cost index fund. Check out America's Best Bookkeepers

5. Make Saving A Game

While a game can be fun and educational to teach a child how to save, the truth is that it can also be fun, tempting, and profitable for an adult.

For example, put 1 cent (yes, that little coin that looks like a button on your shirt) in a jar today. Tomorrow put 5 cents in the jar. On the third day, put in 10 cents, then twenty cents the next day, and so on. If you continue doing this throughout the year, you should save more than $20 in a single day at the end of the year, and you will have saved more than $3,000 that year with little effort.

6. If You Like to Play, Save While Playing

Although we recommend not wasting time playing video games, if you like to play, there are applications like Long Game where you can earn real rewards. The money you earn is real, but your money is never in danger. In short, it works like other applications, but it allows you to play online games for cash with credits that you accumulate according to the money you have deposited. The higher your balance, the more credits you will receive.

ALL in ALL

As the proverb goes, save your money for a rainy day.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers
Successful Budgeting - Complete Controller

Creating a budget can be a satisfying process if done correctly. When you make one, you will get a feeling of relief that you have finally gained control of your finances. But making a budget is not as important as handling your money effectively; the key to successful budgeting is to stick to the plan you have created. Here are seven keys to successful budgeting. Check out America's Best Bookkeepers

Set A Realistic Budget

Handling budgets can be a tricky thing, so create one that you are easy in managing. Use your new knowledge from tracking your expenses to your spending habits. Map out your expense categories such as bills, rent, grocery, mortgage, loans, entertainment, etc. Look out for categories where you think you could reduce the amount and increase the money to go into your savings or investment.

Get Family Buy-In

Being the person who enforces the family budget can be difficult, particularly when it comes to activities like eating out. The whole idea of eating out when you are tired and do not feel like cooking seems great. So, give your kids a budget for eating out and let them choose their meal that fits in that amount. Will make your job less a hassle and give the kids a new activity. Check out America's Best Bookkeepers

Long-Term and Short-Term Goals

Planning month to month is important if you want to maintain a budget. However, preparing for a rainy day or emergencies is a must in budgeting. Consider dividing your paychecks into multiple accounts so that you make sure you are keeping money aside for the long run.

Track Spending

Keeping track of your spending for some weeks is a great way to check that your money is going where you want it is spent.  Writing down every single expense is tiring, but if you are used to spending cash instead of debiting or credit card, you will not track where your money is going.

Additionally, many people find it interesting to maintain a money tracking diary to focus on their spending. Someway, knowing that you must write it down, can act as a discouragement if you are about to binge on something you can live without.

Find Other Sources of Income

Earn a few extra bucks in your wallet by searching for new ways to make money. There are many interesting jobs you can do online or side gigs you can find to earn extra cash. This extra money making can be utilized in saving or in meeting extra expenses. Check out America's Best Bookkeepers

Using Apps and Software

Managing a household budget is just like managing the finance of a business. Working within the budget is especially important. To remain within the budget, tracking down expenses and identifying irregular expenditures is particularly important. There are many apps and software that make budgeting and tracking down expenses easy. Some apps are free and user-friendly, in which incorporating details is easy.

Traditional Budgeting Methods

There were days when people used traditional methods to plan a budget.  Some of those methods are still used frequently, and they are as reliable as using modern software and apps. Some frequently used traditional methods are as follows:

The Notebook method: This is the most traditional budgeting method, and it does not cost anything. It is about simply jotting down each detail of expenses and then calculating the figures at the end of the month.

The Excel Spreadsheet: Using an excel sheet is an easy way to create a monthly budget and update every detail of the expenditure. It is much easier and less time consuming as there are several formulae available that make calculation tasks simple.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

Money management is something that not all adults have mastered. Most are living paycheck to paycheck with no savings. Having savings is essential to have security, emergency funds, and money to pay cash for future purchases. It also is vital to supplement retirement funds.

When it comes to handling income, adults need to work on money management skills. Those who learn to spend their money wisely get steps closer towards achieving goals such as savings and investments. Proper financial planning will help to make sound decisions. Check out America's Best Bookkeepers

A Budget That Fits All Your Needs

Making a household budget is the first step towards managing your income efficiently. It gives a clear picture of your finances, how much you are earning, and where your money is going. An individual with a budget will have better control over their finances. Creating a household budget may seem challenging at first, but once you come up with a budget that works for you and your household, it will remove stress.

Every budget will be different from household to household. The financial needs, income, and goals will be different, so there is no perfect template that works for everyone. This is why it will be important that as a household, you all create your budget together. The cost of necessities such as bills, housing, food, and gas need to be determined along with other expenditures. Then all income must be determined. This will give a clear picture of where the money is going and whether you are living inside your means. Check out America's Best Bookkeepers

Division of Expenses

Bookkeeping records or recording every single transaction, will also help keep your budget straight and give a clear picture of your finances. This can be where decisions are important if more money is going out than what is coming in. There may need to be some cutting of non-essential spending to stay within your means. You also may need to tighten the belt to build savings.

Setting your priorities right, you can expect to save more by remaining cost-effective throughout the month. You need to play intelligently and continuously review your spending habits to save more money looking at plans, purchases, and emergencies. Check out America's Best Bookkeepers

Create an Account with the Right Bank

Make a thorough list of banks, research them, and choose the right strategic fit that could offer high-interest returns. This will help you save money and also help you to get interest dividends from the bank. Also, you can look into accounts that offer cashback on your spending, including bills. Having your money at the right bank is an essential aspect of savings and spending.

Savings and spending need to be monitored and controlled. Financial stability will come to those that save and spend with intelligence and thoughtfulness. A great budget, accurate bookkeeping, and willingness to make changes to live within your means and save will guarantee financial independence.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

Creating a budget and staying on it can be difficult. But to keep control of your finances, a budget is necessary. You can also be sure your money is going towards those expenses that are important to you.

It sounds pretty simple, but some find it hard to understand the importance of budgeting in our lives. If we take it step by step, we will realize that budgeting is not that complicated.   Check out America's Best Bookkeepers

Stage # 1: Compute your monthly income

The first step is simple. Take out your last paycheck to determine your monthly income when all taxes are deducted. The final amount will be what is deposited in your bank account every month.

In the case where you are self-employed or work on commission, consider the past 4 to 6 months to make an accurate estimate.

Stage # 2: Calculate all your fixed expenses

The next step towards making your budgeting plan is to jot down all of your non-negotiable expenses.

In the wise words of a financial expert and writer of Smart Moves to Grow Rich:

“Fixed expenses are those recurring costs that you must pay every month because they’re vital for your well-being or are commitments you’ve already made,” says Laura Adams.

Your fixed assets are your rent, car payments, and utilities. Make sure to take account of contributions for an emergency, as well as retirement fund under this segment. These are expenses that should be taken as an indispensable cost. Check out America's Best Bookkeepers

Stage # 3: Estimate your variable costs

Once you reach this stage, it is now time to plan your extra expenses. These expenses can include gym memberships, clothes shopping, money spent while going out, or on hair appointments.

Your variable expenses are all those costs that can vary every month or are flexible. The key is to precisely forecast your variable expenses by taking out your past spending records. In case if you were not keeping track, opt for downloading a budgeting app. Once you connect your bank accounts to your app, it will automatically categorize all your past expenses. You will have the entire month of spending information at your fingertips.

 

Now that we have sorted out how to gather the information of your variable expenses, you need to examine your habits. After doing so, you should create an expenditure guideline. Categorize those areas where you are draining the most amount and question yourself if you can reduce those expenses in your budget.

Stage # 4: Assess whatever is left

Check out America's Best Bookkeepers After you take away your monthly variable and fixed expenditures from your monthly income after-tax, the amount you have remaining is called your discretionary income. The formula will be:

Discretionary income = monthly income – expenses (including fixed and variable)

Those who are familiar with the concept of bookkeeping will have no trouble calculating their budgeting and their discretionary income.

This is your leftover money that ideally should be kept towards long-term plans, such as saving to purchase a property, or keeping some money away for retirement.

It should be your goal to increase your discretionary income as well as make savings of the highest importance over spending. Decide how much you would like to conserve each month and determine where you should cut back.

We all have many wants and needs. In this world, we are all rivals competing for limited resources. Therefore, we need to decide what is the best method we can implement to balance our current expenses and steady our savings needs. This way, we will never spend extra than what we make.

 

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

Financial reports and statements are of the utmost importance when it comes to tracing the financial vigor of your business. They are used to gauge present and forthcoming fiscal conditions, which direct policy and allow for informed decision making. Budgeting and forecasting are the reports that contemplate information based on historical, existing, and anticipated financial situations. This information will then be further used to classify future possibilities and expenditure trends concerning government policies and the economic environment.

A forecast is an essential component of an annual budget. An efficacious forecasting model allows for better decision-making and maintaining financial discipline. While you may often rely on bookkeeping department to prepare the financial reports, it is imperative to have a clear picture of the process yourself, so that you can keep a keen eye as well as ask the right questions when required.

Before you can start budgeting or forecast future scenarios, you must have specific information at hand, which broadly would come from your financial statements. Cash flow, income statement, and balance sheet are 3 of the most vital reports that you will need. For startups and businesses who are new to the market are required to have feasibility reports, which can help in decision making at a certain level. Check out America's Best Bookkeepers

Financial reports

Budgeting

A budget is a comprehensive financial framework of yearly future projections by a business. It will entail all the information related to business revenues, cash flows, expenses, and financial stature. The financial statements are used to collect this information, which is then combined in an orderly manner to make sense out of it.

The size of a business will determine the exact strategy that should be used for budgeting. A more significant business would require the integration of multiple departments to form a perfect alignment for accurate results. Smaller companies may budget themselves or hire a bookkeeper for the purpose as lesser variables need to be catered to.

Most of the budgets are static, which means that they are only created once. However, due to rapidly changing market situations and other factors, some business industries use continuous budgets that are updated according to the latest developments. Closer attention to detail is required to maintain such budgeting procedures.

How to use budget

Traditionally, a budget has been used as a management tool, which is used to compare data from financial reports to the projections. See if the revenues and profits are consistent with the budgeted amounts, or have the company been overspending in certain areas? Answers to most vital questions about your business are obtained from the budget.

Entering realistic numbers while making a budget will gather you accurate results that can be utilized for decision making.

Forecasting

Forecasting is generally performed at the top tier by the decision-makers and is widely done to envisage revenues, expenses, and other critical details of the business. It can either be for a short term or long term depending upon the requirement and scale of the company. A more extended forecast is more concentrated on a strategic business plan, while the goal of shorter forecast models is concerned with operational purposes. Production planning, inventory management, and sometimes even the bank loan terms are successfully forecasted by businesses that have a defined long-term vision.

Financial reports are required to obtain the necessary data for the projected forecasting model. As your business fluctuates throughout the year, forecasting helps you to adjust your spending patterns and production volume accordingly. You should always forecast for all three possible scenarios that include optimistic, pessimistic, and most likely. This type of forecasting will allow you to change your current disposition based on the latest information. The forecast should be shared with all the key managers so that everyone is on the same page.

While budgeting and forecasting are diverse functions, but have subtle interdependencies. A good forecast feeds the progress of a sound budget. During the year, linking the most recent forecast to the budget for the rest of the period is essential to cope up- with the changing business environment in this day and age.

 

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

The lack of financial education is a big problem in the population. It also affects more certain sectors. Many of these problems are due to ignorance or improper use of services such as paying only the minimum on the card, borrowing without planning to pay for it, etc.

Financial problems

7 out of 10 people face issues in their personal finances. Like not arriving with your salary at the end of the fortnight or always staying in debt. These are some of the reasons.

Bad financial education

The lack of financial literacy is reflected in a bad economy or bad money management. This lack of education is because we do not have the tools or were not given to us at an early age. In addition to this, the institutions do not have clear information about their products and services, which makes understanding the subject more difficult.

On the other hand, this lack of understanding makes people easily fall into frauds such as the pyramids: the flower of abundance, family batches, or loans to people who are not registered and who probably end up taking all their savings. Etc.

Excessive consumerism

Consuming without need, that is to buy objects only by immediate desire, is one of the biggest problems in the population. People seek to satisfy immediate desires without thinking about what consequences this brings in the future.

You should plan your purchases and allocate an exact amount of money, in addition to adjusting to that amount and not exceeding your economic limits. Living a life according to our salary is essential. You should also take care not to get carried away by advertising and do an internal analysis of the things you need and the things you only want.

Possible solutions:

Try to follow the tips to improve your financial problems.

Save and invest

We have mentioned it before, and it is the primary basis for building a good heritage and developing healthy finances. Save 10% of your salary and use this formula: Income – Savings = Expense.

Saving 10% is the basics. However, it is always advisable to save up to 25% of your salary. It would help if you had goals such as percentage for retirement, another percentage for possible vacations, etc. It is also necessary to discipline yourself when you have savings, give value to money. It is not enough to keep it, but we must grow our heritage. By this, we mean the investment.

You can rely on a financial advisor and, of course, research on the subject.

Learn about finance

Although in schools we do not receive education about personal finances, nor at home, as adults, we should be interested in learning from them since they will accompany us for the rest of our lives and depends on them the quality of life we ​​want to lead.

If you have internet access, you can search for tutorials or an online book that you can download. Finance blogs always have useful guidance and advice for you.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file, critical financial documents and back office tools in an efficient and secure environment. Complete Controller’s team of US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. With flat rate service plans, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

There are many occasions when we consider that saving is a very complicated task, or worse, it is not necessary. However, as time goes by, we notice its importance. When we are parents, we understand that we must be aware of when the proper stage is to impart this teaching to our children.

Although we must take into account the age of our son, since we cannot treat our 4-year-old child as well as another of 11, there are a number of generic recommendations to teach them the foundation of domestic economy.

 

Tips to save

  1. Create responsibility

You would not want to create in your child, an overwhelming feeling of constantly needing to save, it is simply a learning exercise that by its constancy will give you results: establish a small monthly or weekly payment.

This is excellent advice to save because they will learn how to organize their economy, just as parents have to do with their salary, with which they must face all household expenses and the expenses of the children.

 

 

  1. Set limits

It is a good idea for children to understand that money is limited, and that if they choose to buy something, they can no longer use that money for anything else. 

This will show them that they must think about what to spend and properly use the money they receive. If they spend the money on lollipops they will not have money for gum, it is that simple.

 

  1. Explain that the bills are not the leaves of the trees

Where the money is spent daily, should not be a wonderful mystery for our children. Tell them that this is the result of the effort parents must make each month to get it.

This creates awareness in children, in no way does this matter try to generate alarm, but children should be aware of what it costs to earn it and how quickly it is spent if finances are not budgeted well.

 

 

  1. Teach them to create a budget

Effective advice is to save based on your monthly pay, help them to develop a simple scheme to guide them on the forecast they should take to spend money effectively and productively in thirty days.

Check with them at the end of each month to see how they stuck to your planning. It is not a matter of being very strict, but of transmitting the importance of organizing with what falls in our pocket. Seeing in black and white where the use of resources is channeled each month, it also helps them to become aware of it.

 

 

Extra

Tell them why it is good to write down monthly expenses. This is good advice to save because it is a way to better control the money we sometimes spend with extra spending on things that may not even be needed.

With this advice to save, we realize the amount of expenses we make every day without even repairing them.

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About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file, critical financial documents and back office tools in an efficient and secure environment. Complete Controller’s team of US based accounting professionals are certified QuickBooks™️ ProAdvisor’s providing bookkeeping, record storage, performance reporting and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay services. With flat rate service plans, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

Effective budgeting refers to the best allocation of resources to run the functions of an office.  Bookkeeping refers to the record-keeping of all transactions which take place in the workplace. The two can be related in a simultaneous order. Budgeting requires the allocation of resources, while bookkeeping requires the record-keeping of the transactions which take place from the allocation of funds-from scratch to the finishing line. Both terms belong to the genre of accounting, where auditing comes under the perspective of bookkeeping. It helps in carrying out effective budgeting tasks and aids in identifying the weaknesses, strengths, limitations, and savings of a business. Following are certain wonders of effective budgeting: Check out America's Best Bookkeepers

  • Utmost Expenses of a Business can be Planned through Effective Budgeting:

As stated by James LeMay-the, director of Daigle and Associates with an accounting firm in Boston,” This helps you to be honest about what is coming so you can plan for it beforehand.” Budgeting plays a significant role while planning the transactions, which are most likely going to take place in an enterprise to plan about the expenses of the company in a systematic manner. However, the technique is beneficial as it allows the allotment of resources while keeping the budget in mind as well as the estimated expenses. Check out America's Best Bookkeepers

  • Enlists Accurate Documentation of the Deposits made in a Business:

The technique can be applied through accounting software, which can be easily downloaded through online accounting websites present such as GnuCash or QuickBooks. This software help accountants in recording all transactions easily. Keep in mind that wrong entries can lead to incorrect results, ultimately affecting the whole scenario of accounts in a business. This allows the keeping of accurate records of a business to avoid any inaccuracy in budgeting performed.

  • Ensures the Welfare of an Office:

Optimal budgeting and proper allocation of all resources and funds available in a particular business ensure the well-being of a workplace so that management can say that their resources are being used for the proper welfare of their own business. Moreover, budgeting helps in reviewing a business’s profits, where it can be explored through the resources left out of the ones allotted for the running of a business. These resources usually come from the profits earned by a business association. Check out America's Best Bookkeepers

  • Helps in Increasing Efficiency of Employees:

A certain amount of budget available can be appointed for the employees with high productivity.  This drives them to accomplish a company’s targets on time. A highly qualified and experienced team of accountants must be appointed to perform budgeting tasks to enhance the effective working of a business corporation. Its employees must be treated with great care in terms of high bonuses for those that have proven their work.

Final Note

With the advancement of technology since the industrial revolution, people have moved towards the making of tools to make their lives easier in all aspects. The field of Accounting & Finance has also progressed to make businesses run efficiently. Budgeting and bookkeeping are two important terminologies that can be used to maintain the order of balance in a company’s accounting department. The two terms are interrelated and useful in the cloud of accounting & finance.  Budgeting proves to be a wonderful aid in the promotion of smooth and successful business.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers

Man using calculator and calculate bills in home office.
When you are planning to save money, you will have to account for all of the transactions and circumstances that currently concern your life. Learning how to save and manage your money at a young age will equip you with the skills to budget your money at any age. When you are young, there aren’t any strings attached, which gives you the liberty to experiment and come up with a plan to budget for your expenses. 

Making smart money moves will ensure that your financial health stays in balance and you have enough set aside for unforeseen situations. 


Budgeting your Money at any Age – The 20’s

The 20’s is a transitional period for students, as they are moving on into their salaried life. For 7 out of 10 students, the average college debt amounted to $30,000 in 2017. Paying off this debt will most likely take years and a highly robust budget management. While budgeting, you must ensure to account for the loans and put aside enough money to pay them off as early as possible. Budgeting for your rent and other living expenses, along with the debt, takes serious effort and money management skills.

Cut back on Non-Essentials

Budgeting your money at any age requires you to make a realistic budget which takes into account even the smallest of expenses. Write everything down in a journal or use a mobile application to keep track of your daily expenditures. Before you can actually start creating a budget, you will need sufficient data from your daily expenditures. Once you have data to explain your spending behaviors, it will be easier for you to set limits on some of the items that are related to entertainment, clothing and other luxury items. These are counted as non-essentials and, once you are accustomed to living without them, you will not even feel the difference, however, it will significantly cut down on your costs.

A 50/30/20 rule is often a good way to manage your expenses. 50% of the money should go to essentials, 30% can be allocated to your wants, while the remaining can be put aside as savings to pay off debt or any other purposes.

Get a Savings Account

Planning to get your own car or a house may require you to save a lot more than 20% of your income and may also require getting a savings account. Forget about the money you put aside into this account and only resort to it according to the plan. Find a savings account that offers a higher interest rate.

Budgeting your Money at any Age – The 30’s

Ideally, once you are in your 30’s, you will have adopted healthy budgeting habits and there will be no more issues related to late payments, unnecessary credit card usage and keeping track of your expenses. This is a career transition phase and there is a high probability that you could get married and have a family. If so, managing your finances becomes even more significant.

Open a Retirement Account

Amidst all the money management paradigm, you must start making contributions to your retirement account. The IRS retirement account is a great option in the case that you do not have an employer-sponsored retirement account. This is one of the most critical times in budgeting your money. Setting up a retirement account at this age will ensure that you put enough into it for a better future down the road.

Emergency Fund

This is something that you should pick up in your late 20’s and carry it forward into your 30’s. You never know how things could turn out, so it is better to be prepared rather than sorry. In case you have not saved up for an emergency fund, you may end up dipping into your retirement account or maxing out your credit cards, which we assume you would clearly not find desirable.

Budgeting your Money at any Age – The 40’s

Whether you have settled into your family life or are still passionately pursuing a career, the 40’s is the best time to lean towards investing money and generating income. This will ensure that you are generating enough side income to pay for luxury goods and fulfill your desires. Making smart investments is key and you should never put all your eggs in one basket.

Generate Alternate Incomes

Even if you are happy with your career advancements and saving enough money for bad times, we suggest that you invest your money into stocks, real estate, trading or any field that is related to your expertise. It will allow for you to maintain a healthy family life while catering to all of your additional expenses. Both your short and long-term goals can be achieved quite early, given that you make smart investment decisions. The best strategy is to diversify your investment portfolio to minimize the risk and avail all of the benefits of budgeting your money.

Revise the Budget

Your saving and spending goals need to be revised amidst growing expenses as you may have a family to look after now as well as life insurance, medical bills and paying off tuition fees.  This can be an arduous task if you fail to make necessary budget amendments.

Budgeting your Money at any Age – The 50’s and Retirement

Now that, hopefully, all debts are paid off and there are no more tuition bills remaining, you can shift your focus towards retirement. Get a hold of your finances and plan exactly for how many more years you want to work and get into some real investments in the areas you have benefited the most from your recent experiences.

Reconsider your Choices

This is the time when you should really start doing what you wanted throughout your life but have been unable to do. For example, if you wanted to travel and couldn’t, you could plan a trip. Make some adjustments in your lifestyle to account for the travel expenses, as we expect you to be a pro at budgeting your money by this age.

Consult a Retirement Planner

Though you have learned to manage your own money by now, it can still prove beneficial to have a second opinion. Consult with a retirement professional and discuss your investment decisions and options. You might be missing out on something which could dramatically increase the return on your investments.

Following the above mentioned budgeting tips will ensure that you retire with grace and freedom.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

Look at this. Happy loving couple is using laptop at home. Girl is pointing finger at screen and smiling
The decisions we make on a day to day basis can have serious impacts, good and bad, on our marital life. Financial disagreements can harm your relationship and ruin the beautiful bond that you share as a married couple. According to a recent study, the leading cause of divorce has been identified as financial disagreements. While it is impossible to expect two parties to agree with each other all the time, it is crucial for married couples to realize that harmony and peace can be maintained, even during disagreements. Marital harmony can only be achieved when the two people make stable decisions and work together to improve their current circumstances. 

If money has been the leading cause of arguments between you and your loved one, it is time to fix this issue once and for all. Start by creating an appropriate budget, as it will help you avoid countless money related issues in the long run. You need to think and plan strategically, as money issues can soon turn into emotional issues that have the potential to ruin your marriage for good.

1. Define Clear Goals and Share the Same Vision

The first step towards achieving martial harmony is to define clear goals that both partners can communicate with each other. Sharing the same goals for the future will allow you to set your priorities straight and begin saving to achieve those targets that you have in mind. The real path to fulfillment lies in sharing a similar vision for a prosperous future. Therefore, you need to align your views, beliefs, and values to work towards a common purpose. Without a proper vision in place, how do you even expect to follow a common path?

Not having a proper vision in place leads you to a state where you want ‘more’ of everything, which keeps you from feeling content. You cannot expect to build a harmonious relationship together if you do not feel at peace. Following a common goal or purpose will give you the clarity that you need to make appropriate financial decisions.

2. Create an Appropriate Budget and Stick to it

Seeing the way financial issues have affected marital relationships, there is absolutely no doubt in the fact that budgeting is a key to marital harmony. Just like bookkeeping, budgeting can now also be done online. Even if you don’t know the specifics of budgeting, there are various apps and tools available online that you can use to form an accurate budget which is easy to follow. Here is a list of all of the top budgeting apps of the year:

  • Mint
  • PocketGuard
  • You Need a Budget (YNAB)
  • Good Budget
  • Mvelopes
  • Home Budget
  • Wally
  • Level Money
  • Spendee

Budgeting will allow you to identify the areas where you are spending excessively, enabling you to limit those unnecessary expenses. It enables you to form the right habits that will benefit you in the long run. Once you have formed a unified vision and share common goals, it will be easier for you to work in coherence with your partner and cultivate better spending habits to accommodate that vision. Moreover, you will be able to hold yourself accountable for your spending and will make conscious purchasing decisions.

3. Learn to Live Within Your Means

No matter how practical your strategy is, it will remain ineffective if you do not learn to live within your means. Your primary goal should be to plan your financial management strategy according to your means. Going overboard or reckless spending is only going to harm you in the long run. Therefore, you need to allocate your finances in a better manner and adopt a balanced approach if you want to achieve marital harmony. Both parties need to stick to the budget and refrain from over-spending or spending on useless things. If either person is spending recklessly, you need to sit down and discuss the issue to find an appropriate solution. It might not be an easy topic to tackle, but it will benefit your relationship in the long run.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.