Financial Planning & Budget Planning

Before turning to a Financial Advisor, to handle your budget and personal finances and household budget, try budgeting at home. It can be easy, and once you discover what your personal budget looks like, and see how and where you spend money, budget planning can actually be kind of fun, if not extremely informative.

Financial planning can seem overwhelming if you’re just starting out. For getting a good look at your personal finances, and where your income is distributed, a budget calculator is a handy tool. Budget calculators can be easily found online, or you can map it out in a journal, workbook, or budget planner for a financial plan you can always look back to.

Start your budget with your monthly net income. That is your total income after all deductions are taken from your gross income, like taxes and retirement contributions. Having a hard number is the best way to start your financial plan and establish a personal budget. From there break your budget plan into three categories: necessities, financial goals, and leisure spending. From there take a look at how much you pay for necessities, like housing, hydro, internet, and phone bills. Then how much you spend towards financial goals, like paying off student loan and planning for retirement. And then take a look at leisure spending, everything from going out to lunch, to gym memberships, movies, and clothes.

A budgeting tip and good rule of thumb is that while planning your finances you should stick to a 50/30/20 rule. With a 50/30/20 rule, 50% of your income should go towards necessities, 30% of your income should go towards leisure spending, and 20% of your income should go towards savings and financial goals. If your spending is outside these parameters, it might be a good indication of your financial health. And working within these boundaries can help you establish, and stick to financial goals.

Ready to become your own financial advisor? Arm yourself with the tools that will enable you to be the boss of your personal finances and personal budget. Browse and shop our assortment of products to help you overhaul your financial planning approach and teach you how to budget money effectively. We’ve also got the best books to provide budgeting tips, strategies, and inspiration to get you motivated, including Beat the Bank, Refinery29 Money Diaries, The Wealthy Barber, The Financial Diet, and many more. Become the ultimate budget planner with our books, notebooks, receipt catcher, pens, and more!