3 Websites Helping Young Adults Budget Their Money
Like the old saying, “time flies when you’re having fun,” time also flies when you become an adult with responsibilities. For many, securing a job after pursuing secondary education comes as a huge relief, but it is often short-lived. There’re monthly mortgage/rent payments, transportation expenses and of course, daily living expenses.
According to recent studies, over 51% of millennials (born between 1981 and 1996) say that the amount of money they must live on is a major cause of stress. That is why budgeting – as early as possible – is extremely important.
How to do Budgeting?
It’s difficult to begin budgeting without knowing exactly where you’re spending your money. Mortgage/rent payments should be less than 30% of your gross monthly income; car expenses (loans, gas, and repairs) should be about half of that. That leaves you with a little over half of your monthly income for “everything else,” – daily living expenses, cell phone bills, unexpected expenses, entertainment, food…the list goes on.
Making more money isn’t always the solution, either. Pulling in a larger gross monthly income inevitably leads to more spending. And once you pay down your debts through budgeting, it’s important to spend wisely and try saving in any little way; negotiate with cell phone companies for a lower bill or eliminate those extra cable channels that you don’t really watch anyhow.
Here are three websites that can help young adults learn the world of budgeting so that they can spend more time enjoying life – and all that comes with it.
1. Buxfer
Buxfer knows that budgets aren’t “one size fits all,” and they offer solutions based on the individual. Guided by the principles of flexibility, powerful analytics/deep insights, real-time advice, and proactive planning, their online tools and applications are meant to change with your needs.
Founded in 2013, Skycap Financial is a lending company specializing in short-term loans and offers a free program to teach money basics to its clients. While the company offers small loans under $10,000 with a painless application process, they also have an entire program – called SkyCap University – devoted to financial education.
Encouraging thorough budgets, SkyCap Financial stresses to live within your means, reduce any costs possible and find ways to pay off your debt. They even provide a budget worksheet that you can download and update as your finances change.
3. BudgetSimple
This website offers a free, online budgeting spreadsheet to jumpstart your efforts. Founded in Pittsburgh, PA, the developer of this site was head-over-heels in debt himself and credits a simple spreadsheet for allowing him to be debt-free for the past decade. By providing a secure website, top-notch customer service, trust, quality and a free and paid version of their services, this company appeals to those wanting to get their finances under control.
