Five Banking Tools That Will Give Your Budgeting A Boost

Five Banking Tools That Will Give Your Budgeting A Boost

No matter how much you earn, smart money management is necessary in order to keep your budget in the green. Unplanned expenses can happen at any time, while fluctuation of revenues can put even the best laid plans to a serious test. That’s why anyone would benefit from advanced tools designed exclusively to help people get their finances under control. Here is an overview of several very useful but commonly overlooked banking tools that can create a lot of surplus in crafty hands.

  1. Control your expenses with a spending tracker

Money tends to leak out of your pocket if you’re not paying attention, but tracking every purchase manually is too impractical for most people. Here’s where spending trackers like PocketGuard can become extremely valuable – by allowing you to be fully aware of your expenditures. This convenient tool won’t necessarily stop you from splurging on something you see, but it will at least tell you how that hole in the budget was created so that you don’t repeat the same mistake the following week.

  1. Organize cash payments with envelope budgeting tool

Liquid funds are typically the most difficult to control – unless you have a specialized tool just for this task. So called “envelope budgeting” is a principle that lets you stay on top of your cash payments with amazing precision. With apps like Mvelopes, you can track exactly how much money needs to be left aside for upcoming payments. The only thing that remains is to stick to the plan throughout the month!

  1. Save on a monthly basis with a no fee banking account

Few people think about banking fees, but those charges can add up pretty quickly. With a no fee bank, it’s possible to save hundreds of dollars every year. This get paid early app is simple to use and very reliable, replacing more expensive services from traditional banks. Early adopters are raving about it, so it’s probably a smart idea to switch to a bank with this feature in order to unburden yourself from your budget!

  1. Protect your money with an investment advice app

If you keep a part of your funds in the stock market, sound investment advice can be worth far more than savings tips. You can receive professional guidance in real time straight to your mobile if you install Personal Capital, a hybrid tool that combines great budgeting features with advanced portfolio management options. A well-designed dashboard lets you keep track of your money at every moment, while outcome projections facilitate more proactive financial planning.

  1. Combine your family funds with a family budgeting product

When two earners share the expenses, it’s very easy to get confused about the current state of household finances. This can be avoided if both persons are using Good Budget, well-known budgeting software created specifically for couples. This tool is compatible with both Android and iOS, so there won’t be any hiccups if the couple doesn’t agree on the preferred smartphone brand.

 

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How To Save Up For Your First House

How To Save Up For Your First House

Saving up for your first house is not easy, especially if you have never saved for anything before. Many people live paycheck to paycheck and so don’t have a lot of money to spare for a deposit for a mortgage. This is why we have put together some money saving tips to help you to buy your first house. If you are interested in this, you should keep reading this article to find out more.

Set A Budget

Setting a budget and sticking to it is a lot easier said than done but if you want to be able to save up for your first house then you are going to need to try. Think about everything that you are spending each month and try to come up with a budget. Your budget should include things such as food, rent, bills and other things that you need to pay for. You can give yourself a little extra to pay for socialising or whatever you spend your money on but make sure to keep this low. Once you have set your budget, you can give it a go and adjust it if you think that it is not possible.

Set Up A Savings Account

When you have all of your money in one account, it can be difficult to keep track of what you are saving. This is why you should think about opening a savings account that you can use to put the money that you save each month into. This way, you can see a clear figure of how much you have to spend for the rest of the month and you’ll be able to keep it separate. You would be surprised at how much difference a savings account can make to your finances.

Try Temporary Work

If you want some extra cash to help to go towards that deposit, you’ll need to think about taking on some extra hours at work or applying for a second job. If you can’t commit to two jobs, then you should think about trying some temporary work. These sorts of jobs only last for as long as you can commit to and you’ll be able to make some extra cash in no time. Find temporary work fast with Staff Heroes if you are interested in this.

Set Up A Help To Buy

If you have never heard of a Help To Buy savings account, then you’ll be glad to know that this government scheme can help you to save for your deposit. With one of these savings accounts, you’ll put a bit of money in each month and when you are finished saving for your deposit, the government will add 25% on top of what you have saved. This is a really good scheme and if you are planning on saving for a house you should make sure to get a Help To Buy ISA before you miss out on your great bonus.

Downsize

Are you currently renting and throwing money down the drain? It might be time to downsize and find somewhere with cheaper rent. If you can spend less on your rent each month, you’ll find that you can save some money that can go towards your mortgage. If downsizing isn’t an option, you could consider renting out your spare room or using a site like Airbnb to find short-term guests. Think carefully about how much you are spending on rent each month and you’ll be able to save a lot more.

Ask Your Parents

Our final tip for those who are trying to save up for their first house is to ask your parents for help. Although you might not want to borrow or take any money from your parents, you might find that they are willing to help you out in the short term. You can make an arrangement to pay back the money that they lend you over time, without any interest added on. This way, you’ll be able to save up a lot quicker and get on that property ladder before you know it.

Final Verdict

If you are planning on buying your first house, you might want to think about it carefully and take on board the advice that we have given you in this article. Do your research and find out more about savings accounts and the Help To Buy government scheme. If you do, you’ll be able to save a lot more money in the long run, especially with that extra help from the government. You should also make sure that you set yourself a monthly budget and that you stick to it. It can be easy to go over budget, so this is something which you are going to need to be strict about.

 

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Gratitude is Everything

The past year and a half have been pretty rough for us. My husband lost his job last summer,  started a new job about five months later, and started classes to pursue a new career field. Sometimes I get disappointed thinking about all the things we can’t do right now, what we can’t afford, and how much better things would be if Mr. Money had a higher paying job. I then process these feelings, I then tell myself that there is SO much to be grateful for.  After all, there was a point when I thought we may never have kids. Here are some of the many blessings I am glad to have in my life currently:

-A beautiful family, with a loving husband that still loves me thirteen years later.  A healthy, happy six year old daughter that brings so much joy to our lives. There are many days I think: I only dreamed of having this life ten years ago! Even though things aren’t always picture perfect, we have so many good times and are happy to have each other. Life is sweeter that way!

-A nice house in a wonderful neighborhood.  It blows my mind sometimes that we are still in the first house we purchased. We’ve done many upgrades, taken care of issues that have arisen, and loved the heck out of this little house. I try my hardest to keep it decluttered so that we don’t feel as if we are bursting at the seams. It’s a continuous process, but one I enjoy. I always tell my sister that in fifty years we’ll still be in the same houses wondering where time went.  Eventually I would love to build a custom home, or purchase a little larger house with full basement and garage, but for now our house is a huge blessing!

-Food to eat, indoor plumbing, heating and air conditioning, and a nice place to sleep. These are basic necessities that so many other people around the world aren’t lucky enough to have access to.  We always have fresh food in the refrigerator, clean water, and a comfortable place to relax.

-Being a stay at home mom. I have been a stay at home mom for over six and a half years now. It hasn’t been easy, but I wouldn’t trade the experience for anything! I’m now homeschooling my six year old, and it’s been such a wonderful time for all of us. Throughout the years, I have actually been working from home: on this blog, babysitting, dog sitting, and basically any random job that I can get. I feel like anything I can contribute financially is such a help! We’ve been lucky that we’ve made it work for so long.

Looking at positives is so helpful in many different situations. I think today with social media it’s so easy to compare our lives to someone else’s highlight reel, but the truth is: everyone goes through hard things. Just because their life seems perfect doesn’t mean it is. When you find yourself going through a hard time, write down a few things that you are grateful for. I’ll bet you will be surprised at how much it helps!

What are some things you are grateful for today?

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