Do you have a household budget set up?  Many people are overwhelmed by the thought of setting up a budget, but you don’t have to.  Budgets can be the difference between succeeding and not and with a couple of simple tips, you can make budgeting a simple tool that can greatly improve your life.

Set a Monthly Budget Date

Be sure to work on your budget at least once a month.  If you set a date on the same time each month (example, the 1st of the month) to set your budget and expenses up and be sure to follow through each month at the same time to be sure and keep it up to prevent falling behind on your budget.

Do it Together

Sit down with your significant other and go through your budget together.  Making this a project together is a great way to open up the lines of communication.  Both of you being on the same page as far as your income and expenses will save a tremendous amount of stress.  It will also prevent one of you from spending more than you have because you simply didn’t know what is left in the account and what still needs to be paid, etc.

Don’t Leave Anything Out

Make sure that you incorporate all of your income and expenses into your budget.  Be sure to include all of your bills and don’t forget to include your other expenses like gas, groceries, clothing, etc.

Use Your Phone

If you have a smartphone or tablet, be sure to download one of several free budgeting apps that practically run your budget for you.  All that you need to do is input your information boila…it keeps a running total at the touch of your hands.  

Allow some Wiggle Room

A budget is important, but it is also important to work in a little bit of wiggle room in your budget for entertainment.  Even if it is just $20 for the month.  This will help prevent you from feeling too fenced in by your budget.

What are your favorite budgeting tips?  Do you have any tools that have helped you in your budgeting journey?