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Budgeting in less time

Budgeting is crucial for any household that wants to get in control of its money, but it can be a very time consuming process. Tracking down all of your bills and working out a schedule to pay them can take hours. Then, every month it seems you have to readjust the budget to take care of unexpected expenses, not to mention the hours a person can spend logging every purchase. If you need to have a budget, but you can never seem to find the time, try these suggestions.

  • Consolidate your bills. Bundle together whatever services you can onto one bill. This will give you less paperwork to keep track of every month, and reduce the time you spend writing checks or going from website to website to pay bills. Less paperwork to track will probably also reduce your chances of getting hit with a late payment fee.

  • Sign up with a credit repair service. For a fee, these services can fix your credit score with very little effort on your part. This is a good idea for anyone who is looking at taking out a large loan but doesn’t have the time to fix their credit score on their own.

  • Transfer balances on your credit cards to one with a low interest rate. If you have time, look online for a low interest credit card, or save yourself hours by transferring your balances to the credit card you currently have with the lowest interest rate.

  • Pay off as many debts as you can. If you don’t have a lot of time to look at your budget, pay off the loans you have with the smallest balances first. While you might pay a little more in interest by doing this, you will have a lot less to keep track of. As long as you’re paying off debt, you’re making progress towards your financial goals.

  • Only categorize your monthly bills. In other words, make a budget for your utilities and loan payments, then take the remaining amount of money left over and put 30% of it aside in savings. Divide the remaining amount by four to get the amount of money you should spend on everything else in a week.

  • Stop tracking every single purchase. Rather than spending a lot of time writing down every single purchase, try writing down just the amount of what you spent. Round up to the nearest dollar. As you spend throughout the week, just make sure that you do not go over the amount you should for that week.

  • Deal with only two accounts. Keep one savings account and one checking account. Keeping track of the balances in multiple accounts takes too much time and leaves you prone to paying more overdraft fees. Pick one bank and keep all of your money there.