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15 money truths your successful friends won't tell you

GOBankingRates Logo By Dan Ketchum of GOBankingRates | Slide 2 of 16: You know that friend you’re always hitting up for money? Well, that friend thinks you’d really benefit from a budget. Fortunately, making one is pretty easy thanks to technology.
“Find an app or system that works well for you, such as Mint, You Need A Budget or just an Excel spreadsheet,” said Kate Holmes, a certified financial planner and director of stakeholder engagement at Financial Planning Standards Board Ltd. “Import the last few months of all checking, debit and credit card transactions, and see where things are at. You’ll likely be surprised by some of the category totals.”
Holmes encourages you to consider how much happiness each budget item brings you, as means of tracking down unnecessary expenses. Here’s a breakdown she recommends:

50 percent of your take-home pay for food, housing and necessities
30 percent for discretionary spending
20 percent for paying off debt and building savings

You Need to Budget

You know that friend you’re always hitting up for money? Well, that friend thinks you’d really benefit from a budget. Fortunately, making one is pretty easy thanks to technology.

“Find an app or system that works well for you, such as Mint, You Need A Budget or just an Excel spreadsheet,” said Kate Holmes, a certified financial planner and director of stakeholder engagement at Financial Planning Standards Board Ltd. “Import the last few months of all checking, debit and credit card transactions, and see where things are at. You’ll likely be surprised by some of the category totals.”

Holmes encourages you to consider how much happiness each budget item brings you, as means of tracking down unnecessary expenses. Here’s a breakdown she recommends:

  • 50 percent of your take-home pay for food, housing and necessities
  • 30 percent for discretionary spending
  • 20 percent for paying off debt and building savings
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