Budgeting

Budgeting

Athena Valentine Lent

Book - 2023

"Budgeting For Dummies shows you how to create a plan that fits your lifestyle, manages everyday needs, and builds your savings. Author Athena Valentine, founder of the Money Smart Latina blog, offers step-by-step details for creating and following a budget without feeling like you're depriving yourself and your family of all the things that make life worth living. This book shows you how to figure out where your money comes from and where it goes so you can live the life you want and work toward your financial goals. Find out how to establish an emergency fund, eliminate debt, improve your credit score, and stick to your budget through economic ups and downs"--

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Subjects
Budgets, Personal.
Financial literacy.
Published
Hoboken, NJ : John Wiley & Sons, Inc [2023]
Language
English
Main Author
Athena Valentine Lent (author)
Edition
1st edition
Physical Description
xiv, 298 pages : illustrations ; 24 cm
Bibliography
Includes index.
ISBN
9781119985143
  • Introduction
  • About This Book
  • Foolish Assumptions
  • Icons Used in This Book
  • Beyond the Book
  • Where to Go from Here
  • Part I. All About Budgeting
  • Chapter 1. Beginning with Budgeting Basics
  • Knowing What a Budget Is and Why You Should Use One
  • Understanding Why People Think Budgets Fail
  • You forget to adjust it
  • You don't have an emergency fund
  • Your budget exceeds your income
  • Taking Inventory of Your Finances: A Spending Analysis
  • Make a list of your financial assets and liabilities
  • Review your spending for the past three months
  • Chapter 2. Breaking Down the Parts of a Budget
  • Seeing Where Your Money Goes: Your Expenses
  • Identifying fixed expenses
  • Allowing for variable expense
  • Knowing Where Your Money Comes From: Your Income
  • Depending on a monthly income
  • Identifying additional sources of income
  • You Gotta Have Dreams: Financial Goals
  • Saving for your future
  • Paying down your debt
  • Putting your financial goals in place
  • Part 2. Finding a Budget that Works for You
  • Chapter 3. Zero-Based Budgeting
  • Setting Up Your Zero-Based Budget
  • List all expenses and substract them from your income
  • Assign your total income to budget categories
  • Track your spending
  • Explore real-life examples
  • Perusing the Pros of Using a Zero-Based Budget
  • Lets you see where every single dollar goes
  • Aligns your expenses with your income
  • Dedicates space for goal setting
  • Considering the Cons of Using a Zero-Based Budget
  • It's a lot of work
  • It can be tough if your income is irregular
  • It may make your variable spending stressful
  • Asking Yourself Whether Zero-Based Budgeting Will Work If
  • You don't have the same expenses every month
  • You're not organized
  • Chapter 4. The 50/30/20 Budget
  • Setting up the 50/30/20 Budget
  • Determine your income
  • Distinguish wants and needs
  • Determine your 50 percent needs
  • Evaluate your 30 percent wants
  • Save 20 percent for retirement and future expenses
  • Explore real-life examples
  • Looking at the Pros of Using a 50/30/20 Budget
  • It's simple
  • It creates financial responsibility from the get-go
  • It works regardless of your income level
  • You can include fun in your budget
  • Your financial goals are a priority
  • Checking out the Cons of Using a 50/30/20 Budget
  • Your categories may not match the percentage assigned
  • You may use your fun budget for junk you don't need
  • Finding guidance for savings is difficult
  • Evaluating Whether a 50/30/20 Budget Will Work If
  • You have a variable income
  • You're new to adulting
  • Chapter 5. The Envelope Budget
  • Setting Up Your Envelope Budget
  • Determine your expense categories
  • Create the cash envelopes
  • Spend from your cash envelopes
  • Make an online purchase
  • Analyze real-life examples
  • Perusing the Pros of Using an Envelope Budget
  • It's easy to maintain
  • It helps with overspending
  • It helps build frugality and resourcefulness
  • Considering the Cons of Using an Envelope Budget
  • You miss out on credit card perks
  • You may find It too restrictive
  • Cash can be stolen or misplaced
  • Asking Yourself Whether the Envelope Budget Will Work If
  • You struggle with planning ahead
  • You need to share cash with your partner
  • Chapter 6. The Pay-Yourself-First Budget
  • Setting Up the Pay-Yourself-First Budget
  • Figure out your financial goals
  • Calculate how much you need to save
  • Determine how much you actually can save and still cover your expenses
  • Explore real-life examples
  • Understanding the Pros of Using a Pay-Yourself-First Budget
  • Financial goals are easier to stick to
  • It helps you prioritize saving
  • It's low stress
  • Considering the Cons of Using a Pay-Yourself-First Budget
  • Saving even a small percentage can strain your quality of life
  • You may need more structure
  • Evaluating Whether the Pay-Yourself-First Budget Will Work If
  • You get overwhelmed easily
  • You're organized
  • You have a lot of debt
  • Chapter 7. Tips for Creating a New Budget
  • Determining Your Budget Categories
  • Planning ahead for the month
  • Reflecting on fixed and variable spending
  • Compiling a list of budget categories
  • Using the Right Tools
  • Tracking your money with budgeting software
  • Looking at budgeting apps
  • Picking the right app for you
  • Taking the DIY approach
  • Taking advantage of your accounts' resources
  • Practicing Makes Perfect
  • Revisit your budget
  • Create a cash buffer
  • Look for ways to make your system easier to follow
  • Part 3. Taking Care of Your Priorities
  • Chapter 8. Establishing an Emergency Fund
  • Understanding Why You Need an Emergency Fund
  • Finding the Right Place to Stash Your Cash
  • Hitting up high-yield saving accounts
  • Mulling money market accounts
  • Reviewing a Roth IRA
  • Recognizing the importance of a separate emergency fund account
  • Building an Emergency Fund from Scratch
  • Decide your target amount to save
  • Use financial windfalls
  • Take advantage of credit card rewards
  • Consider automatic transfers into your emergency fund
  • Find ways to make extra money
  • Chapter 9. Saving for Your Retirement
  • Accessing Employer-Matched Retirement
  • Partial matching
  • Dollar-for-dollar matching
  • Tiered matching
  • Making Your Money Work for You
  • Set a retirement savings goal
  • Max out your retirement contributions
  • Consider more than one retirement account
  • Keep your cost of living low
  • Use catch-up contributions if they're needed
  • Chapter 10. Eliminating Debt
  • Looking at the Different Types of Debt
  • Student loans
  • Credit cards
  • Home and auto loans
  • Miscellaneous debt
  • Paying Off Your Debt
  • Compiling a list of your debt
  • Considering different payoff methods
  • Applying additional strategies
  • Avoiding Accumulating More Debt
  • Look into refinancing options
  • Save an emergency fund
  • Say no to credit card offers
  • Invest in the right insurance
  • Part 4. Budgeting in Action
  • Chapter 11. Budgeting in a Tough Economy
  • Keeping Your Head through the Ups and Downs of Inflation
  • Comparison shop to find the best deals
  • Adjust spending categories and goals
  • Don't forget your emergency fund
  • Look into additional income streams
  • Plan ahead as much as possible
  • Consider living frugally
  • Evaluating Your Job and Its Related Expenses
  • Discuss your options for alternative work environments
  • Analyze your compensation package
  • Assess work-related costs
  • Budgeting with Irregular Income
  • Calculate bare bones expenses and income
  • Stick with cash envelopes
  • Use community resources
  • Chapter 12. Budgeting during Different Life Stages
  • Taking Responsibility for Your Money as a Student
  • Understand your financial aid package
  • Apply for internships
  • Utilize your school's work-study program
  • Maximize student discounts
  • Account for major and ongoing college expenses
  • Sharing and Agreeing on Money Management as a Couple
  • Get on the same page as your partner
  • Use joint accounts in a way that works for you
  • Identify financial abuse and financial infidelity
  • Planning for Child-Related Costs
  • Factor in housing costs
  • Buy used
  • Create an ongoing sinking fund for school expenses
  • Research daycare opportunities
  • Look into a dependent care account through your employer
  • Living off the Money You've Saved for Retirement
  • Examine your saving ten years before retirement
  • Understand your retirement budget
  • Prioritize your needs over others
  • Chapter 13. Budgeting for a Major Purchase or Life Event
  • Purchasing a Home
  • Use the 28/36 rule
  • Determine your down payment
  • Research your financing options
  • Consider other homeownership costs
  • Remodeling or Renovating Your Home
  • Decide what amount you're comfortable spending
  • Keep an eye out for sales
  • Be realistic about what you can DIY and what needs a professional
  • Buy used
  • Buying a Car
  • Choosing between buying new and buying used
  • Thinking through insurance
  • Purchasing a car in cash versus financing
  • Planning for recurring costs
  • Paying for Life Events
  • Throwing a wedding
  • Starting a family
  • Part 5. Using Your Budget for Money Management
  • Chapter 14. Budgeting for Major Life Changes
  • Losing Your Job
  • File for unemployment and other state benefits
  • Assess your overall financial situation
  • Focus on essentials
  • Communicate with financial providers if paying down debt
  • Look into community resources
  • Take care of your mental health
  • Having a Chronic Illness or Short-Term Disability
  • Assess your resources and income
  • Look into ways to cut healthcare costs
  • Anticipate the future
  • Figuring Out Your Estate Planning
  • Protect your assets
  • Contact an estate attorney if necessary
  • Use life insurance
  • Review proper documentation
  • Chapter 15. Keeping Tabs on Credit Card Spending
  • Making a Plan to Use Your Credit Cards Wisely
  • Determine how much you can spend
  • Be smart about which budget categories you charge
  • Pick a budgeting method for payoff
  • Avoid carrying a balance
  • Set card accounts for fraud protection
  • Improving Your Credit Score
  • Using Credit Cards to Your Advantage
  • Utilize rewards like travel and cash back
  • Use autopay for fixed expenses
  • Chapter 16. Using a Budget to Plan for the Future
  • Setting Financial Goals
  • Identify reasons to set financial goals
  • Establish time frames
  • Choose your savings accounts wisely
  • Avoid early withdrawal from your savings accounts
  • Investing on a Budget
  • Use a fee-based certified financial planner
  • Think small with apps and robo-advisors
  • Saving for College
  • Invest in a 529 plan
  • Contribute to a Coverdell education savings account
  • Squirreling Away Funds for Future Fun
  • Budgeting for travel
  • Budgeting for a new hobby
  • Budgeting for social activities
  • Part 6. The Part of Tens
  • Chapter 17. Ten Creative Ways to Budget
  • Make a No Spending Rule
  • Avoid Buying New Clothing
  • Buy Secondhand Items
  • Shop Local
  • Reset Your Daily Habits
  • Allow for a 30-day Waiting Period
  • Look into Sustainable Living
  • Consider Minimalism
  • Practice Gratitude
  • Use Visualization When Goal Setting
  • Chapter 18. Ten Ways to Stay Motivated When Following a Budget
  • Define Your Why
  • Document Your Journey
  • Prepare to Deal with Burnout
  • Tackle a 52-week Challenge
  • Put Away a Dollar a Day
  • Automatically Transfer $20 a Week
  • Celebrate Paying Off Debt
  • Visually Represent Progress toward Major Purchases
  • Think about the outcome
  • Write a Recap of Your Accomplishments
  • Index

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