Managing money can feel like trying to tame a wild beast.
We often find ourselves wondering where our hard-earned cash went at the end of the month. The key to controlling this spending beast? A well-planned budget.
Why you need a budget
A survey conducted by U.S. Bank found that only 41% of Americans use a budget, which means a majority are letting their money roam free without direction. However, those who take control of their finances through budgeting experience significant benefits.
According to the American Psychological Association’s “Stress in America” survey, individuals who maintain a budget experience lower levels of financial stress. In fact, 86% of respondents who track their spending report reduced stress about money. This shows that creating a plan for your spending doesn’t just help your wallet—it helps your peace of mind, too.
Beyond stress reduction, budgeting helps keep debt at bay. A study by the National Foundation for Credit Counseling (NFCC) indicated that people who create and follow a budget are less likely to incur debt. Specifically, 70% of those who use a budget are able to pay off their credit card balances each month, compared to only 46% who don’t use a budget.
Budgets also put a leash on impulse spending. A survey by Bankrate.com found that those with a budget are 23% less likely to make unplanned purchases, helping keep unnecessary expenses in check.
So, how do you tame your spending beast? Start with a simple budget. Track your expenses, set goals, and give your money a purpose. By doing so, you’ll not only keep your finances under control but also enjoy a little more peace of mind along the way.
Boost your finances with Upfront Pay
A great way to boost your financial well-being is by using Upfront Pay. For service providers, it ensures you get paid promptly by collecting payment before the work even begins. Say goodbye to chasing unpaid invoices, streamline your payments, and take control of your financial future with the Upfront Pay app.
Join Upfront Pay today. Download now:
Apple App Store:
https://apps.apple.com/au/app/upfront-pay/id6450375277
Google Play Store:
https://play.google.com/store/apps/details
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