Budgeting / Athena Valentine Lent.

Format:

Book

Author/Creator:

Lent, Athena Valentine, author.

Series:

--For dummies.

--For dummies

Language:

English

Subjects (All):

Budgets, Personal.

Physical Description:

1 online resource (323 pages)

Place of Publication:

ワイリーパブリッシングジャパン.

Hoboken, NJ : John Wiley & Sons, Inc., [2023]

Summary:

Build a budget that puts you on solid financial footing. Ask any financially successful person how they achieved their goals, and chances are they'll tell you it all started with a budget. And that's exactly where you should start. 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. Discover budgeting methods that work so you can live within your means Create a budget for your unique situation to get a handle on your income and expenses Deal with common budgeting challenges without taking on more debt Increase your credit score and save toward a major purchaseYou don't need to make six figures to achieve your financial goals. Valentine, who also writes for Slate.com, knows the struggle of trying to make ends meet and is enthusiastic about sharing her knowledge with anyone who wants to improve their financial literacy. If you're not sure where to start when it comes to managing your money, you can depend on Valentine's tried-and-true advice in Budgeting For Dummies to set you on the right path.

Contents:

Intro

Title Page

Copyright Page

Table of Contents

Introduction

About This Book

Foolish Assumptions

Icons Used in This Book

Beyond the Book

Where to Go from Here

Part 1 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

Spending excesses exceed your income

Living expenses exceed your income

Taking Inventory of Your Finances: A Spending Analysis

Make a list of your financial assets and liabilities

Assets

Liabilities

Record-keeping systems

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

Needs and wants

Value-based spending

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 subtract them from your income

Assign your total income to budget categories

Having enough money to pay for your monthly expenses

Accounting for periodic or unexpected expenses: a sinking fund

Track your spending

Making sure you track as you spend

Evaluating your success at the end of the month

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

Example one

Example two

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

Example three

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

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

First option: 1,000

Second option: 10,000

Third option: Three to six months of living expenses.

Evaluating your circumstances

Use financial windfalls

Take advantage of credit card rewards

Consider automatic transfers into your emergency fund

Find ways to make extra money

Try out the gig economy

Sell stuff around your home

Consider renting a room

Look into other part-time employment

Learn a new skill

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

Home loans

Auto loans

Miscellaneous debt

Government agencies

Court-ordered debt

Overdue bills turned over to collection agencies

Medical bills

Personal loans

Loans from friends or family

Paying Off Your Debt

Compiling a list of your debt

Considering different payoff methods

The snowball method

The avalanche method

The fireball method

Applying additional strategies

Make a debt payoff settlement

Negotiate with creditors

Ask about hardship programs

Use balance transfers

Make extra payments

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

Use online tools

Apps to help you find deals

Adjust spending categories and goals.

Don't forget your emergency fund

Look into additional income streams

Active income

Passive income

Portfolio income

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

Need-based financial aid

Non-need-based financial aid

Apply for internships

Understanding the different types of internships

Finding a paid internship

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

Discover your money personality

Don't be afraid to try out different budgeting methods

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

Trim your expenses and take care of lingering debt

Make sure you're signed up for senior discounts

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.

Notes:

Includes index.

Description based on print version record.

ISBN:

1-119-98515-3

OCLC:

1374429082