The description “You Need a Budget” is basically an American multi-stage personal financial budgeting tool based on the envelope technique. In recent years, it has been the most popular personal budget software among Lifehacker subscribers. You’ll be presented with a wide variety of financial scenarios on every page of the program. Every month you’ll receive an envelope with three to five different financial options and you can choose which one you want to apply for. After you have chosen your option, you simply follow the instructions on that particular financial goal and you will end up having the money you need for that goal.
This budgeting tool also helps you in planning for future goals. For example, if you are looking forward to earning more money in the future, you need to think about how much extra money you will need now and in the future to achieve your financial goals. With this budget, you will no longer have to do your budget calculations once a year because you will know ahead of time the total amount of money you need to set aside and for how long in order for you to reach your financial independence.
This budgeting tool is very easy to use. There are only a few steps that you need to follow in order to prepare and implement your own personal budget. This can be done entirely online. In fact, you can even make changes to the format and layout as often as you like in order to suit your lifestyle.
Although the Simple Budget Planner claims to provide a very simple budgeting method, you will still find several features that you need to look out for. Most budget programs allow you to add and delete categories, but not all do. Other budget tools require you to input a lot of personal information that may be quite sensitive. The budget template you need to use should have space for at least seven categories, but you might need more. This means that you need to search for a budget program that can really help you to plan out your personal financial well-being.
A budget is important for everyone, since it helps you to control spending and prevent yourself from becoming over-indebted. With careful budgeting, you can avoid the accumulation of debt, even when you have a tight budget. When you understand how to properly create and maintain a budget, you will not only be able to save money, but you will also feel more confident about your financial status. When you start using a budget, you will immediately see how much difference it makes to your daily routine. No more worry about missing the bus or spending too much money on impulse buys.
Even if you have already achieved your dream of financial freedom, you can still achieve more by making use of your budget. You will find that the more time you devote to creating your personal budget, the more disciplined you will become. You will be able to know which expenditures are essential, which is unnecessary and which can be minimized or improved. By creating your budget on paper, you will be able to see if there is any room for improvement. If you stick to the plan you have created, you will soon realize that you need a budget!