{"id":434,"date":"2020-04-28T01:57:35","date_gmt":"2020-04-28T08:57:35","guid":{"rendered":"https:\/\/www.simplifimoney.com\/blog\/?p=434"},"modified":"2024-11-18T10:21:59","modified_gmt":"2024-11-18T18:21:59","slug":"financial-fitness-for-real-life","status":"publish","type":"post","link":"https:\/\/www.quicken.com\/blog\/financial-fitness-for-real-life\/","title":{"rendered":"Financial Fitness for Real Life"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Budgeting: Count your Steps\u2026and your cash <\/h2>\n\n\n\n<p><em>Count your steps \u2026 and your cash!<\/em><\/p>\n\n\n\n<p>Staying physically fit is a balancing act. You <em>want<\/em> to get those steps in every day. You really do! But the only way to make that happen is to find a way to work them into your routine.&nbsp;<\/p>\n\n\n\n<p>Even if that means power walking around your living room.<\/p>\n\n\n\n<p>Budgeting is the same way. The trick to healthy budgeting is to figure out a plan that works with your lifestyle\u2014and your wallet. Because a plan you can\u2019t stick to is no help at all.&nbsp;<\/p>\n\n\n\n<p>These two quick, easy budgeting systems are a great way to start. They\u2019re simple to follow, and they can work in just about any financial situation.<\/p>\n\n\n\n<p>Ready? Let\u2019s go!<\/p>\n\n\n\n<iframe loading=\"lazy\" width=\"1280\" height=\"400\" src=\"https:\/\/www.youtube.com\/embed\/4YpFw0DD4Ws?rel=0\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"\"><\/iframe>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. 50\/30\/20: The interval training of budgeting<\/h3>\n\n\n\n<p>What\u2019s 50\/30\/20 budgeting? It goes like this:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Spend 50% of your income on things you need<\/li><li>Spend 30% on things you want<\/li><li>Put 20% toward savings and spending off debt<\/li><\/ul>\n\n\n\n<p>Let\u2019s walk through it.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Step 1. 50% on needs<\/h4>\n\n\n\n<p>Make a list of all the things you have to spend money on every month. (No, Netflix doesn\u2019t count.) Your list should include things like:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Rent<\/li><li>Electricity<\/li><li>Water<\/li><li>Car insurance<\/li><li>Essential groceries<\/li><\/ul>\n\n\n\n<p>In a 50\/30\/20 budget, the total of these monthly \u201chave-to\u201d bills should be about half your monthly income. (If it\u2019s more, don\u2019t worry. We\u2019ll cover that in a minute.)<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Step 2. 30% on wants&nbsp;<\/h4>\n\n\n\n<p>Then 30% can go toward anything you want, from Netflix to artisanal tacos. (Mmmmm, tacos!)<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.simplifimoney.com\/blog\/wp-content\/uploads\/2020\/04\/Graph-2.jpg\" alt=\"\" class=\"wp-image-465\" width=\"584\" height=\"289\"\/><\/figure><\/div>\n\n\n<h4 class=\"wp-block-heading\">Step 3. 20% on savings and debt<\/h4>\n\n\n\n<p>The last 20% of your monthly income can go toward savings or paying down debt.&nbsp;<\/p>\n\n\n\n<p>If your \u201chave-to\u201d list added up to too much, take any of those needs that are actually debt and move them into this category\u2014things like car payments and student loan payments.&nbsp;<\/p>\n\n\n\n<p>Once you\u2019ve paid them off, you can put that money into your savings instead. Way to go!<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Step 4. Customize it<\/h4>\n\n\n\n<p>If your needs are still adding up to too much, see if there\u2019s anywhere you can cut back. Try things like shopping for lower insurance rates. Or buying less expensive grocery brands and moving that expensive wine to your 30% \u201cwants\u201d list. Small changes can go a long way.<\/p>\n\n\n\n<p>It might take some adjusting, but this is a great way to start managing your money. Still, if you\u2019re not sure it\u2019s a good fit, let\u2019s look at the next one!<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. Pay Yourself First: The reverse budget<\/h3>\n\n\n\n<p>Why is \u201cpay yourself first\u201d called a reverse budget? Because it starts off where most budgets end\u2014with your savings!<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Step 1. Squirrel away some savings<\/h4>\n\n\n\n<p>This budgeting system might feel a little backwards, but it\u2019s super easy. You actually start by deciding how much you think you can put toward your savings out of every paycheck.<\/p>\n\n\n\n<p>Then, whenever you get paid, transfer that amount into your savings first, so it\u2019s not in your main account anymore. Or use a financial app to \u201chide\u201d it away without actually moving it.<\/p>\n\n\n\n<p>After you \u201cpay yourself first,\u201d you can use whatever\u2019s left to pay down existing debt, like student loans, then take care of the essentials, like your rent.<\/p>\n\n\n\n<p>Once that\u2019s done, you can use the rest for anything you like! When your account starts getting low, hold off on splurging until that next paycheck comes in.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Step 2. Customize it<\/h4>\n\n\n\n<p>No budget is one-size-fits-all.&nbsp;<\/p>\n\n\n\n<p>Maybe you get a monthly paycheck, maybe you get paid every two weeks, or maybe your income changes based on how much you work.&nbsp;<\/p>\n\n\n\n<p>That\u2019s okay! With a little adjusting, this budget can work for anyone.<\/p>\n\n\n\n<p>If you don\u2019t get regular paychecks, try putting 20% of any paycheck into savings. Or make a simple rule for yourself: squirrel away 10% if the check is under a certain amount, 20% if it\u2019s higher.<\/p>\n\n\n\n<p>Personalize it however you need to until it works. That way, you\u2019ll stick with it!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Like any fitness plan, adjust as needed, and don\u2019t give up<\/h2>\n\n\n\n<p>If your first attempt at budgeting isn\u2019t working out like you hoped, that\u2019s okay! Experiment to see what works for you, and don\u2019t be discouraged.&nbsp;<\/p>\n\n\n\n<p>Like any new fitness routine, it might take some adjusting until it works well for you. And you should also expect your plan to change over time.&nbsp;<\/p>\n\n\n\n<p>After all, you get stronger as a new workout plan trains your body, right? Budgeting plans work the same way. Your money can do more as your new financial fitness plan whips it into shape!<\/p>\n\n\n\n<p>If you need more help, or if you want to dig deeper into financial planning, consider a financial app to guide you as you grow.<\/p>\n\n\n\n<p><em>For more tricks, tools, and tips on budgeting, check out <\/em><a href=\"https:\/\/simplifimoney.com\/\"><em>simplifimoney.com<\/em><\/a><em> or download the Simplifi by Quicken app on the <\/em><a href=\"https:\/\/apps.apple.com\/us\/app\/simplifi-money-management\/id1449777194\"><em>iTunes App Store<\/em><\/a><em> or the <\/em><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.quicken.acme\"><em>Google Play Store<\/em><\/a><em>.&nbsp;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Budgeting: Count your Steps\u2026and your cash Count your steps \u2026 and your cash! Staying physically fit is a balancing act. You want to get those steps in every day. You really do! But the only way to make that happen is to find a way&#8230;<\/p>\n","protected":false},"author":59,"featured_media":3026,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_robots_primary_cat":"none","_seopress_titles_title":"Financial Fitness for Real Life | Quicken","_seopress_titles_desc":"Looking for a simple budget to help you save money? These 2 easy budgeting tips are perfect for getting started. Easy to follow, with money left over for tacos!","_seopress_robots_index":"","inline_featured_image":false,"footnotes":""},"categories":[108],"tags":[],"class_list":["post-434","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budgeting-savings"],"acf":[],"jetpack_featured_media_url":"https:\/\/www.quicken.com\/blog\/wp-content\/uploads\/2020\/04\/SimplifiFinancialFitnessBudgeting.jpg","_links":{"self":[{"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/posts\/434","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/comments?post=434"}],"version-history":[{"count":2,"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/posts\/434\/revisions"}],"predecessor-version":[{"id":3790,"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/posts\/434\/revisions\/3790"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/media\/3026"}],"wp:attachment":[{"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/media?parent=434"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/categories?post=434"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.quicken.com\/blog\/wp-json\/wp\/v2\/tags?post=434"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}