Nothing makes personal finances easier than having a solid, clearly defined plan — especially one that’s easy to stick to. If you want to save money, pay down debt, grow your net worth, and achieve financial independence, a budget or spending plan that fits your life is a great first step.

Here are 17 hugely helpful budgeting tips that can give you a strong start in 2024.

Want an app that can help? We have that too.

1. Start by setting a goal or intention

Before you dive into the world of budgeting — which is definitely a world worth diving into — it can help to know what your goal is. So, ask yourself this: “What am I trying to achieve?”

Do you want to make debt a thing of the past? Or stop stressing about where your money is going? Start by setting a personal goal — even a simple one — to help guide you as you build your plan.

2. Know how much you owe every month

Your next step is to see what you’re on the hook for each month — this will be the baseline for your budget. Rent or mortgage, car payment or Uber costs, groceries, utilities, and any other non-negotiable expenses.

List everything you’re liable for each month, and add it up. This is what you’ll need to budget for — plus things like savings, debt repayment, and fun. But more on that later!

If that sounds like a lot of work, the Quicken Simplifi app can help.

Just download Simplii and connect the accounts you spend from — like your bank, credit cards, and Venmo. Simplifi will find all your bills, organize them for you, and even set up an automatic spending plan based on your actual income and expenses.

3. Know how much you earn every month

You’ll also need to know how much proverbial bacon you’re bringing home — this is what you have to work with every month. Take a look at your take-home pay from your job, and add any extra income you have from side hustles or freelancing gigs.

You can get the info you need from your paystubs or the direct deposit amounts in your finance app or banking app — just remember to use your net pay after taxes, instead of your gross pay. Once you know how much you’re earning, you can start to fine-tune your budget.

4. Create a budgeting system that works for you

Hey, not all budgets are created equal! Much like art or music, budgeting is highly subjective to the user — you need to find one that works best for you. Ask yourself:

  • Does this budget make sense to me?
  • Is this something that’s easy for me to stick to?
  • Will I be able to see my progress?
  • Will this help me reach my goals?

There are a lot of different budgeting types — you may be familiar with systems like the 50/30/20 rule, envelope budgeting, or zero-based budgeting, but at the end of the day, they all should be doing pretty much the same thing — serving as a roadmap to financial independence.

Find a method that works for you, and stick to it!

5. Look at your transactions every day

By monitoring your transactions on a daily basis, you can put yourself in the driver’s seat and really see how your budget is working! Remember, a budget doesn’t work unless you stick to the guidelines.

The process is simple — just log into your finance app to see what you’re spending your money on, and commit to checking in every day.

(We love how easy it is to check on our money in Quicken Simplifi, and we’re not just saying that. We use it ourselves.)

6. Track your spending

What’s the point of checking your transactions every day? So you can track your spending — an invaluable budgeting tip that can help you massively!

One of the best ways to track your spending is by using budget categories, so you can assign a category to every purchase you make and see where your money is going.

Categories can include things like housing, transportation, food, recreation & entertainment, and more!

By tracking your spending, you can identify your spending trends, change your spending habits where you want to, and know when you have the funds on hand to treat yourself!

7. Cut out anything unnecessary

By tracking your spending, you’ll have a great vantage point to see things you’re spending money on unnecessarily — what better time to cut them out than now?

So take a look — what do you see? Are you paying for tons of streaming subscriptions without realizing it? Cycle through subscriptions like Hulu or Netflix or Paramount+ on a month-to-month basis. DoorDash fees giving you the blues? Sharpen your knives and embrace your inner Matty Matheson. Start cutting out unnecessary expenses and keep that extra money.

8. Autopay is your friend

Nothing can take the wind out of your sails quite like a late fee. Whether you’re making payments on credit cards, utility bills, insurance, or an auto loan, most providers offer an autopay function. Take a look at your account, see if there’s an autopay option, and simply connect your bank account.

By having the amount you owe automatically drafted from your account, you’ll no longer have to juggle multiple dates to remember your payments. It’s easy — and easy is good.

9. Pay off toxic debt

Did you know that the collective American household debt right now is a mind-boggling $16.9 trillion, with a whopping $986 billion of that debt being owed on credit cards? Let’s be honest — credit card interest can put you in a hole. If you’re carrying debt, focus on digging your way out with a budget.

First things first — breathe! Yeah, carrying around debt is discouraging at best, but you can find your way out. Start by making your minimum payments automatic, and decide which account you want to tackle first. Through the debt snowball method, you can start to free yourself from the debt you carry.

10. Don’t forget about savings

When we think about budgets, most people just think about paying bills and trying not to overspend. But baking savings goals into your budget is a great way to kickstart your financial freedom and prepare for big milestones in life, like the down payment on a vehicle or a home.

Start by deciding what you want to save up for. Do you want to put down $5,000 on a new car next year? Are you planning to sail through the Marquesas and on to Bora Bora? Start by creating a savings goal and adding to it with every paycheck!

11. Start building your emergency fund

Life is beautiful. But life is also crazy and unpredictable. Prepare yourself for the unexpected by creating an emergency fund.

What’s an emergency fund? Frankly, it varies from person to person. But in general, a solid emergency fund can cover your minimum living expenses for six months in case life hits pause on your income — or for any other serious emergency.

If you’re thinking, “Wow, that’s a lot of money,” you’re not wrong. But you can get there. Start small, stick to the plan, and save with intention. Think about beginning with a $1,000 goal, then double it, and then double it again. As long as you’re making progress, you’re on the right track!

12. Start thinking about your net worth

Sometimes net worth is misunderstood — it’s not just a measuring stick for the hyperwealthy and James Bond villains! Anyone can use net worth as a baseline for their financial progress. It’s a great way to see where you’ve been and where you’re heading.

Your net worth adds up everything you own and subtracts everything you owe. A lot of people start out life with a negative net worth. The goal is to reach financial freedom over time.

If you want to learn more about tracking your net worth, you can read about that here.

13. Generate tax reports quarterly

If you’re an independent contractor or run your own business, it can be super valuable to keep up with those transactions throughout the year — especially as they pertain to tax season.

If you don’t want to be caught by surprise come April, consider generating tax reports every quarter so you can set aside what you’ll owe Uncle Sam for the fiscal year.

Software like Quicken Classic Business & Personal is super handy for generating tax reports, with customizable features that help you plan ahead and budget for your tax obligations accordingly.

14. Commit to building future habits

Whatever budgeting style you choose, keep the future in mind. Budgets can help you start getting ahead financially today, but you’ll reap the biggest rewards by sticking to good budgeting habits over time.

So, what does that look like in real life? It’s what you make of it! Get into the weeds with it — check your budgeting app to see how much you could save every month by paying off a debt early, or try to end each month ahead so you can save even more.

The idea is to start thinking about your finances holistically — you aren’t just saving money each month, you’re building your future. Once you adopt that mindset, you’ll get tuned-in on a deeper level, helping you build and stick to those good habits.

15. Don’t sweat it, stick to it

Budgeting can be hard — even for people who’ve been doing it for a while. Cars need unexpected repairs, family obligations cost more than you planned for, and some opportunities really are too good to pass up.

Don’t be discouraged if you hit a rough patch and get behind sometimes. Every good month helps you manage the tough ones. Just stay the course and keep adding to your savings wherever you can.

As you build momentum (and savings!), you can start to level up toward bigger goals and continue on your path to financial freedom.

16. Invest where you can

Investing, to the uninitiated, can sound pretty darn intimidating. But you don’t need to become a stock market maven to invest your money wisely.

How? We’re glad you asked. Start by checking with your employer to see if your company sponsors a 401(k) program — many companies will even match your monthly retirement savings up to a certain amount. (That’s right, free money!)

17. Don’t be afraid to switch it up

Budgeting is an art form as much as it’s a science — chances are, you’ll have to tweak it from time to time to keep things on track. If a few months pass and things feel a little too tight financially, revisit your budget and move some figures around however you need to.

Like a perfectly tailored piece of clothing, a custom budget should fit you just right. That’s why Quicken Simplifi sets you up with an automatic spending plan, then lets you customize anything and everything to suit your unique situation.

Try Quicken Simplifi risk-free with our 30-day, money-back guarantee.