Budget: A word you probably hate but shouldn't (3 min read)
A budget isn’t just about tracking expenses—it’s a tool that shows what’s important to you. By organizing your spending, you can better strategize how to achieve what you want more efficiently.
Why it matters:
We build wealth by buying things that increase in value and get poorer by purchasing things that depreciate or cost money to maintain. A budget helps you see how much of your income is going toward making you richer versus making you poorer.
Think of it like this:
You wouldn’t invest in a business that doesn’t track expenses or understand its numbers. That business would fail. The same logic applies to personal finances. Even if you think you know where your money goes, there’s always room to improve.
The next step:
Taking a look at your credit card and bank statements is a good first step because you might be surprised by what you find. Then choosing the right budgeting tool can make all the difference. Below is a breakdown of three popular options: Every Dollar, YNAB (You Need A Budget), and QuickBooks.
Every Dollar
Pricing: $17.99/month or $79.99/year for Premium
Key features: Easily categorize all your expenses, link bank and credit cards for easy tracking, access extra personal finance metrics, personal goal tracking, and priority customer support
Help videos: Available on YouTube and the website to guide you as you create and use your budget
YNAB (You Need a Budget)
Pricing: $14.99/month or $109/year
Key features: Allocate every dollar you earn to specific categories, link bank and credit cards, use the integrated loan planner to manage debt, real-time updates across devices, spending reports, and access to customer support
Help videos: Available on YouTube and website
This is a five-minute overview of the app, but longer videos are available through the same link (once on the website scroll down to see the video)
QuickBooks (great for business owners)
Pricing: They have multiple plans, but we recommend the Essential plan at $65 a month
Key Features: Track assets and liabilities as well as income and expenses on a balance sheet, your accountant can be granted access to your account, time tracking that can be billed to specific clients, and payroll integration
Help videos: Available on the website here
All three tools make it easy to manage your finances and don’t currently farm your data to third parties. Choose the one that fits your needs and get started today.
Pro tip:
Save any extra money into good assets that make you richer!