If you’re like most people, the word “budget” may make you cringe. But creating and sticking to a budget doesn’t have to be painful. 

With a little organization and discipline, you can quickly get your finances under control and provide intentionality to what you spend your money on.

Here are some tips to help you get started!

  1. Determine your net income which is the money you actually get from your paycheck each month rather than the gross amount you get paid before payroll and other deductions. 
  2. Create a list of monthly expenses and track your spending. By tracking this information, you will gain a clear understanding of where your money goes each month. This knowledge is power when it comes to making changes to improve your financial situation. 
  3. It’s always a wise idea to have a savings/emergency fund. By setting a specific savings goal, you’re more likely to stick to your budget and stay disciplined with your spending. If you’re not sure where to start, try setting a goal to save 10% of your income each month.
  4. By creating a new budget at the beginning of each month, you’ll be able to account for changes in your income and expenses; you can take advantage of seasonal sales and promotions and you’ll be less likely to overspend or get off track because you are making your budget a monthly priority. 

Once you have a budget in place, you’ll be able to better manage your money and make informed financial decisions. 

If you’re not sure where to start, there are plenty of resources available to help you create a budget that works for you!

Check out this article highlighting the 8 best budget apps of 2022: https://www.nerdwallet.com/article/finance/best-budget-apps

Helpful resources for small business: https://www.score.org/browse-small-business-resource-library?f%5B0%5D=ss_language%3Aen&f%5B1%5D=custom

North Dakota small business resources: https://ndsbdc.org