No one wants to work their entire life, only to run into financial troubles in retirement. However, this is exactly what’s happening to the majority of Americans. Statistics say the average household will not have enough money to sustain the lifestyle they lead before retiring. Breaking the cycle comes when you choose to be financially responsible in the years leading up to retirement. It will take some discipline, deferred gratification, and a well-established budget, but you are more than capable of setting yourself up for financial independence in retirement.
To get you started, we’ve pulled together three of our favorite budgeting programs. Hopefully, these will help you spend less time worrying about your money, and more time enjoying every other part of life!
We’ve all heard of the famed envelope budget system; the individual puts aside a set amount inside an envelope designated for each budget item. While physical envelopes and cash work well, Mvelopes has created a software that does the same thing, only online. They help you quickly and easily create an online budget, track all of your spending, and know exactly how much is leftover at the end of the month. With computer and mobile access, Mvelopes is always up-to-date and available to you at any hour of the day, seven days a week. We especially love how they’ve taken a traditional budgeting method and made it usable, even with credit cards.
Mvelopes has free and Premier levels available, with online and mobile access options.
- You Need A Budget
You Need a Budget is a thorough, no-nonsense budgeting software, based on four simple rules: Give Every Dollar a Job, Save for a Rainy Day, Roll With the Punches, and Live on Last Month’s Income. Their Budget Interface is the first place you’ll start, helping you set aside money for bigger goals while still allowing you the funds you need for everyday spending. They are big on education, with free online webinars, scheduled every few hours. Yes, you read right. Hours! It’s clear that You Need A Budget has one goal in mind, and that’s helping their clients succeed.
You Need A Budget offers a 34-day free trial of their software, with mobile app options.
Mint’s attention to detail and their completely free price point essentially sell themselves. Looking for more reasons to love them? Mint gathers all of your financial information – what you’re saving, spending, investing, even the bills you’re paying – all on one screen. This information is turned into easy-to-read charts and graphs, helping you better understand exactly where all of your money is going. Other features include budgets created off of previous spending patterns, free credit score reports, and real-time alerts whenever ATM fees occur, you’re over budget, unusual spending shows up, or you’ve got a bill due. Essentially, what doesn’t Mint do?
Mint is a free tool, with online and mobile access available.
For more topics like this, check out our radio show “Retirement Plain and Simple” every Saturday morning at 8 on WNPV 1440 AM and like us on Facebook!
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