Penny Hoarder’s Best Budget Stories in 2021 | pennyhoarder
As life slowly returned to normal in 2021 after the financial chaos and uncertainty of the previous year, we found ourselves with a desire to better manage our individual financial situations.
Maintaining a budget is a great way to start. While keeping tabs on your cash flow isn’t necessarily fun, it will help you stay focused on your future goals.
As 2021 draws to a close, here are the best budgeting lessons we’ve learned and will continue into the New Year.
10 best budgeting stories from 2021
Take this advice with you in the New Year.
1. Save money every month with the 70/20/10 budget
The 70/20/10 Budget is a percentage based money management system in which you allocate 70% of your take home pay to monthly expenses, 20% to savings and investing, and 10% to repayments. additional debt or donations.
It’s a good budget to implement if you’re aiming for savings goals and want to be more determined to put money aside each month.
2. Put health first in your budget with these inexpensive gym memberships
The fitness industry wants you to think that you need to invest in a bunch of fancy classes, equipment, yoga pants, and more to stay in top physical shape. But you don’t have to spend all of your money in pursuit of a healthier lifestyle.
This list of national fitness channels with inexpensive gym memberships will give you access to great workouts on a budget.
3. Enjoy inexpensive vacations with our National Parks Tour Guide
Staying home for much of 2020 made us want to travel as much as we could this year. Visiting national parks allows you to keep more money in the bank while satisfying this desire to travel.
4. Learn How To Have Difficult Discussions with Erin Lowry of Broke Millennial
This year, we caught up with financial influencer Erin Lowry to discuss her latest book âBroke Millennial Talks Moneyâ. The book details how to have those awkward money talks with the important people in your life.
5. Download one of these best budgeting apps for couples
Your household works best when you and your partner are on the same page about spending, saving, and other financial decisions. Sharing the same budgeting app helps you and your partner stay in sync.
6. Plan your big day by creating a wedding budget
It’s easy to get swept up in all the cherished details of planning a wedding and then feel overwhelmed by the tally of all the costs.
Take a proactive approach to wedding planning by creating a wedding budget in advance and factoring in all of your big day’s expenses.
7. Consider keeping separate bank accounts from your spouse.
This article shares the circumstances under which it might be more beneficial to maintain individual bank accounts. It also explains how to successfully navigate shared expenses and financial goals.
8. Navigate from two incomes to one
2021 has been a banner year for people quitting their jobs. But loss of income, whether intentional or unintentional, can be a major source of financial stress.
9. Learn how to budget for everything when you’re in the sandwich generation.
Money can be tight when you are trying to provide for your children while providing financial support for your aging parents. They call it the âsandwich generationâ because you are in a rush on both sides.
10. Budget for retirement so you don’t run out of money
There’s no way to predict how long you’ll need your retirement savings to last, so it’s important to spend consciously after saying goodbye to your 9 to 5.
Nicole Dow is a senior screenwriter at The Penny Hoarder.
This was originally posted on The Penny Hoarder, a personal finance website that empowers millions of readers nationwide to make smart decisions with their money through practical and inspiring advice, as well as to resources on how to earn, save and manage money.