There are so many different apps and methods for managing your money. And although technical means can be efficient, there’s no reason money management can’t be fun and effective. Using cash envelopes is a good system for those who want to see how much money they have left to spend each month. When every dollar in the envelope is gone, you’re done spending for the month. There are certain elements that your binder should include to ensure you use it to its potential. Here’s what to have, and remember that each component is important. Your budget binder cover It’s happening again. It’s the end of another month, and you aren’t sure why you can make any progress on your monthly financial goals. One way I use my colored pencil is by using vibrant colors for the expense I need to pay attention to. For instance, I may highlight my rent, insurance, and electricity bills in red.

You can customize it to fit your pay schedule, weekly or monthly bills, and spending. The wonderful thing about a budget binder is that it is made to help YOU and YOUR budget. No matter the amount of debt you have, it can accumulate fast. Credit card debt, student loans, car financing, medical bills, or personal loans can contribute to more debt. A budgeting sheet lets you see how much money you spend on specific areas. For example, you can see how much money you spend eating out. Maybe you overspent on a housing project or didn’t account for a last-minute expense, but your budget got blown again.For instance, if your goal is to create a side hustle each month, you can create goals such as updating your resume, taking an online course, or filing for an LLC.

Having a budget spreadsheet is already a solid start when managing your finances. And why spend money on a pre-made binder when you can easily DIY one at home? You can get creative and customize your binder to fit your style. By organizing your financial life in your budget binder, you can decide how to use your resources best and ensure that you live below your means. Here are some tips to help you get started using your budget binder: Set Goals Writing out your goals gives you direction and focus. Having your financial goals written out and placed where you can frequently see them will help your goals feel more obtainable.

When starting, be sure to set yourself up for success. Gather the correct materials, such as the right size binder, colored pencils or highlights, envelopes, and dividers. Storing receipts in your binder can help you better understand exactly where you’re spending is going. For instance, when you review your grocery receipt, did you use all the groceries you bought? Or you can have a new goal each month, such as a no-spend month or a don’t use your credit card month.