January 11, 2017<\/p>\n\n\n\n
A solid budget is integral to so much that\u2019s important in life: your credit score, retirement security and settling down in a home of your own. Luckily, creating a budget is simple and easy if you have the right tools. Grab your tablet, laptop or smartphone and let an online budget planner help you. Here\u2019s what to look for in the best budgeting software.<\/p>\n\n\n\n
Budget Allocation<\/strong><\/p>\n\n\n\n Organizing a budget means allocating your income to at least three major areas: necessary expenses like housing and utilities, debt management and discretionary spending. A good online budget planner such as Quicken Starter Edition<\/a> tells you what you\u2019re currently spending money on as you enter your transactions. It will categorize and add up these expenses for you. Quicken Starter Edition<\/a> even lets you snap pictures of your receipts on the fly so you never lose track of a dime. You\u2019ll be aware of everything you spend \u2014 a critical component of creating a budget. <\/p>\n\n\n\n Tracking Your Savings<\/strong><\/p>\n\n\n\n It\u2019s commonly recommended that you set aside 10 percent of your income each month in savings \u2014 this goes toward six months\u2019 worth of living expenses in case of an emergency. If that sounds intimidating, try saving 5, 6 or 7 percent at first. The important thing is that you put a little bit away on a regular basis. \u201cPay yourself first so you stick to your systemic investments,\u201d advises Joanne Flack, an independent financial advisor in New Jersey. \u201cSaving and working within your budget is often easier if you set aside savings before you start spending your paycheck or using it to pay bills,\u201d Flack notes. If you choose to save last, Quicken Starter Edition<\/a> will warn you when you\u2019re about to tap out your discretionary spending limit for the month. Then you can make adjustments to ensure you\u2019ll still be able to save something. <\/p>\n\n\n\n Paying Down Debt<\/strong><\/p>\n\n\n\n From auto loans and mortgages to credit cards and personal loans, it\u2019s a rare person who doesn\u2019t owe at least one loan. The best budget planners send text alerts when payments are due so you never accumulate late fees. A planner lets you keep both bank account balances and credit card balances in one place. Quicken Deluxe<\/a> can even help you devise a plan for paying off debt. <\/p>\n\n\n\n Handling Your Investments<\/strong><\/p>\n\n\n\n