In this lesson you will learn 💸
- What a budget is
- What tools you can use to set up your budget
What is budgeting?
Budgeting is the process of creating a plan to spend your money. Your budget usually operates on a monthly basis and details all the income and expenses in your current financial situation.
What should I include in my budget?
Remember the 50-30-20 rule? Here are some examples of what should go into your budget:
How often should I review my budget?
- When starting a budget for the first time, you should get into the habit of reviewing it pretty regularly, e.g. monthly.
- Keep track of your budget with a budgeting app, in your e-banking account or in a spreadsheet.
- Once you get into the habit of budgeting, it makes sense to do a larger review every three months or at least once a year.
Tip 📌
One of the easiest ways to review your budget is when you're checking your bills and direct debits.
Budgeting tools ⚒️
We’ve looked at lots of free budgeting apps and online tools, and here are some that we think are worth your time specific for Switzerland:
- App and templates of Budgetberatung
- BudgetAlarm fromK-Tipp
- Caritas MyMoney App
- Toshl Finance (costs a fee, recommended by many course participants)
- Pennies App
If you prefer a good old excel spreadsheet, find our budgeting calculator next.
SmartPurse Calculator: Budget like a Pro
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Your action 📝
- Pick a budgeting tool (app, card, spreadsheet).
- Set up your budget.
- Decide how frequently you want to re-visit your budget and either create auto-alarms or calendar reminders to make the necessary time.