Image via RambergMediaImages @ Flickr
Like most 20somethings, I find myself in credit card debt. Granted not a lot of debt, and most of the purchases recently have been business expenses, but still some debt nonetheless.
For quite some time now I’ve wanted to compile a list of resources for people who have never made a budget in their lives. Take me for example; my philosophy when it came to money was “if you make it you can spend it.” So I did. I also suffer from “Ooooh Shiny!” syndrome, where I see something pretty and if I happen to have the money I buy it. Granted if more people were as frivolous with money as I was we could probably save the economy with our spending, but given that these are not very practical approaches to handling finances I figured I needed to make some changes.
I also saw a Charles Schwab commercial today where someone was saying (highly paraphrased) “How come whenever financial companies talk to me about finances and retirement there’s always something huge involved, like, saving up to run your own vineyard? What? Who cares about a vineyard? Just make it simple.”
I agree. At this point I need simple.
Since I, and many other 20somethings, need to start saving up and budgeting I thought I would look through the depths of the world wide web to find some helpful resources. I should point out that budgeting does not mean giving up on fun, after all we deserve a drink or a concert every once in a while, it just means being more with responsible with how you spend your money.
5 Tools for the First Time Budget
- The Simple Dollar’s 31 Days to Fix Your Finances: There is a reason this website is listed on the sidebar…it rocks! There’s also a reason why it’s one of the most popular financial blogs out there…the guy makes sense! Forget about crazy complicated number crunching, just stick to simple financial moves. I’m actually starting this challenge today so expect updates.
- Charles Schwab Financial Fitness Quiz: What, you thought I would see a great commercial and not actually go to their website? Charles Schwab has an entire website dedicated to starting your budget. Find out the areas where you need to improve so you can start taking some steps today.
- The 50/30/20 Budget: Can I just say that this tool just made my life THAT much easier? By typing in my average monthly income I was able to see exactly how much money should go where. The it helped me figure out where my money is ACTUALLY going right now. I learned that I clearly have some work to do.
- Mint.com: I use Mint almost every day to see where my money is coming from and where it’s going. It’s a great tool for visual learners who are terrible with numbers (i.e. me). There’s even a great blog to go along with it!
- MSN: How to Build Your First Budget: Pretty self-explanatory. And there’s even a silver lining!
There you have it, a simple guide for a first time budget.
Do you people have a facebook fan page? I looked for one on twitter but could not discover one, I would really like to become a fan!
Great work keep it coming, best blog on earth