Budgeting Made Easy
You can relax when you have control of your money. See how easy it can be to build your budget.
Your budget is important. Know where your money goes
Learn More
Top tips on budgeting
Learn More
Your easy way to build a budget
Learn More
These apps can get you started
Learn More
Why your budget is important. Know where your money goes
☑️ Gain Control Over Your Money:
A budget helps you take control of your money rather than letting it control you. By tracking income and expenses, you can make informed decisions
about your spending, saving and investing.
🎯 Helps You Achieve Financial Goals:
Whether it’s saving for a down payment on a house or investing in the stock market, a budget allows you to allocate funds towards your goals, ensuring you stay on track to achieve them.
😌 Reduces Stress:
According to this Forbes article, Stress Statistics And Facts In 2024, money is a major source of stress for 66% of Americans. Knowing where your money is going and having a plan in place reduces financial uncertainty and stress.
📈 Increases Savings and Investments:
You can identify areas where you can cut back on spending and redirect those funds into savings or investments. Apps like Beanstox can help you build wealth over time.
Top tips on budgeting
🤏 Start Small:
If budgeting feels overwhelming, start with a simple budget. Track just a few categories like housing, groceries, entertainment, and savings. As you get more comfortable, expand your budget to include more categories.
🔄 Automate Savings:
Set up automatic transfers to your savings or investment accounts. This ensures you save consistently without having to think about it. Beanstox offers investors Power Savings investment accounts to invest in T-Bill ETFs to earn more on their invested cash.
Your easy way to build a budget
🔢 Calculate Your Income:
Start by determining your total monthly income, including your salary, side gigs, and any other sources of income. This gives you a clear picture of how much money you have to work with.
📝 List Your Expenses:
Write down all your monthly expenses, including rent, utilities, groceries, transportation, debt payments, and discretionary spending. Be thorough to ensure you don’t miss anything.
🗂️ Categorize Expenses:
Break your expenses into categories such as necessities (e.g. rent, utilities, transportation and groceries) and non-essentials (e.g. dining out, entertainment, streaming services). This helps you see where you have flexibility in your budget.
🎯 Set Financial Goals:
Determine your short-term and long-term financial goals, such as saving for an emergency fund, paying off debt, or investing. Remember to set aside a portion of your income towards these goals.
🔀 Allocate Income to Expenses and Goals:
Assign specific amounts of your income to each expense category and your financial goals. Make sure your total allocations don’t exceed your total income.
📊 Track and Adjust:
You can start with a simple spreadsheet. Here is a free template from NerdWallet. Monitor your spending throughout the month and compare it to your budget. Adjust your budget as needed to stay on track or accommodate changes in your income or expenses.
Building a budget may seem scary at first, but it’s a step towards financial success.
These apps can get you started
You can choose from many budgeting apps including the ones listed below to get started. Beanstox does not endorse or have any affiliation with the following companies.
"The easy-to-use zero-based budgeting app that helps you keep tabs on your money at a glance."
"Bringing the cash envelope system to the digital age."
"Makes it easy to organize your money and set funds aside, keeping your family perfectly in sync with your finances."
"Create a friendly, flexible plan and spend it well with YNAB."
Disclaimer: Beanstox does not provide tax, legal, accounting, budgeting, credit score, or banking advice. The information provided is for informational purposes only and is not intended to constitute such advice. Readers are encouraged to consult with their personal tax, legal, and accounting professionals for specific guidance.
Beanstox has identified certain non-related third-party service providers as of potential interest for clients, however Beanstox is not recommending any such third-party service providers, and is not responsible for any advice, information or content provided by them. You should assess each service provider. Unless otherwise indicated, third-party service providers may charge fees to you directly. By accessing each third-party service provider’s website, App, or any other online services, you understand and agree that you are subject to the terms and conditions set out by each third-party service provider.
Get Started with Beanstox
Set yourself up for a better future, with the freedom and security that come from having a growing portfolio. Download Beanstox and set up your automated recurring deposits today!
