Can Budget Planning be done in Excel?

Yes. It can be done. It’s not easy, but it is doable.

If you master the basic knowledge to use Excel, you have a reasonable chance to maintain your budget planning in the application long-term without the need for using other tools or spending money on printed budget planners. Even Microsoft states this explicitly here:

Excel can help you get organized and on track with a variety of free and premium budgeting templates.

So you can get started right away, I present you with a Personal Monthly Budget Template for Excel that you can download for free here. The wording is very tricky because it’s only free if you have a Microsoft 365 subscription. If not, you will have to pay $6.99 a month. I don’t really understand why they say it’s free and premium and they ask you to pay immediately after. I am under the impression that “free” is just a marketing strategy. However, I included the paid version here because I think that most people who research if they can do budget planning in Excel probably pay for it.

If you try to use the template and introduce how much you’ve earned and how much you’ve spent, it will automatically calculate the difference. It’s not a big deal but, in other words, it can only help you with calculations. This means that at the end of the month, you’ll know if you’ve spent more than you’ve earned or if you can save something.

In addition to this template, there are plenty of online resources, mostly paid, that offer all kinds of sheet models. But a lot of people are asking for money. However, if you dive deeper, you might also find a few free ones, but my goal now is to make you aware of the problems you will probably encounter along the way so that you don’t waste your time if you don’t consider it worthwhile.

What are the challenges you will face when using a budget planner in Excel? 

1. It’s specific to whoever created it. Just like typical budget planners, if you’re using an Excel template you’ll have to work with the structure and calculations of the person who created it. If we compare it to a typical budget planner that allows you to adjust predefined fields and names pretty easily, with a predefined template it’s going to be a lot harder. You will probably have to adjust calculation formulas as well.
2. They are pretty hard to personalize. Let’s say that you somehow move past surface customization adjustments. There is still a big chance that you will have to go into even more advanced details. For instance, if the monthly budget is spread over different tabs, and you need a total on the first page. It will be harder if you want to work with percentages and they are not included in the basic formulas. You can stumble upon many issues that you wouldn’t expect, so think very well about what you want specifically and look for a template that can solve most of your needs.
3. Data safety. This is also a pretty big problem but not for everyone. Just the fact that you have your financial information on your computer can expose you to hackers that you wouldn’t be exposed to if you used a physical budget planner. They both share the risk of being robbed by a thief who breaks into your home and steals your budget planner and your computer. However, only digital information is exposed to hackers, so this is an extra risk you need to be willing to take.
4. Multiple users / no easy collaboration. Everyone can participate in filling in a physical budget planner, especially when there are unforeseen expenses because it’s much easier to use by people who are not technically inclined. Some family members might find it difficult or impossible to collaborate on a digital budget planner, and you will have to teach them basic Excel features.
5. It’s harder to do reviews and revisions. With small exceptions, most people find it a lot harder to review their annual activity when flipping through spreadsheets than with a physical budget planner. And reviewing is essential. If you have a clear overview, you can make the adjustments that require the least effort or those that have the greatest impact. Using a budget planner that you don’t review regularly is almost useless. This is by far one of the most important reasons why I would choose a physical budget planner.

If the reasons above are not serious enough to motivate you to look for other solutions, then two active directions remain: using a predefined budget planner or creating one from scratch. Take a look first and see if you can find something on the Internet that matches the features you need the most. If you can’t find anything, the best solution for you is to create a personalized template from scratch. You will come to a conclusion when you test a few and you notice that your personal needs don’t align with those of the majority. If you find yourself in this situation, you will probably need a bit of guidance, which is why I’ve searched for a few guides and a video that can help you step-by-step when creating a budget planner in Excel:

1. How to Make a Budget in Excel: Our Simple Step-by-Step Guide
2. This example shows you how to create a budget in Excel.

And here is a video created by the Technology for Teachers and Students channel that takes you through the creation process of an Excel family budget step-by-step. They also have an entire playlist of Excel tutorial videos that you can see here: http://bit.ly/tech4excel

And here is a more detailed video that shows you how to create a “personal budget dashboard”. It’s longer and more technical, but it could be useful if you’re willing to put in the effort:

The post Can Budget Planning Be Done in Excel? first appeared on My Blog.

Maintaining the budget planning process long-term requires perseverance. Perseverance is one of the most important qualities in any domain but also one of the most difficult ones that you can cultivate in time. In my opinion, one of the easiest ways you can become more perseverent is through other people’s examples. But since perseverance is rarely met in practice, there is a big chance there are few cases around you or none at all. As an alternative, you can use books that talk about it, but it’s hard to find good examples even with books. I can recommend author Steven Pressfield and his book “Do The Work” or Brian Tracy’s “Eat the Frog”.

Personal examples and books aren’t the only solutions when it comes to becoming more perseverent. Another idea is to constantly work on the way you see the world around you. The way you see the world will not change from one day to the next, but you can change it little by little every day. Motivational quotes can work as a method to impress your subconscious mind, and through regular repetitions, they can leave a big print on the way you see the world. That’s why I’ve collected here the best motivational quotes that can stimulate you to maintain budget planning. There are a ton on the Internet, but I’ve carefully selected only the best ones:

“A budget is more than just a series of numbers on a page; it is an embodiment of our values.” – Barack Obama

“The simplest definition of a budget is “telling your money where to go.” ― Tsh Oxenreider

“A budget is telling your money where to go instead of wondering where it went.” ― Dave Ramsey

“If you want creativity, take a zero off your budget. If you want sustainability, take off two zeros.” ― Jaime Lerner

“Balancing the budget is like going to heaven. Everybody wants to do it, but nobody wants to do what you have to do to get there.” ― Phil Gramm

“A personal budget is a manifestation of your decision to grab your finances by the balls” ― Money Tree Man

“Too many people spend money they haven’t earned, to buy things they don’t want, to impress people that they don’t like.” ― Will Rogers

“Beware of little expenses; a little leak can sink a great ship” – Benjamin Franklin

“They call it a budget so you don’t budge from it.” ― Mike Figgis

“Establishing a budget is the act of deciding how much of your money you’re going to spend on one item, how much on another, and so on, before you’re actually in the position of spending the money.” ― Tere Stouffer

“Frugality isn’t about cutting your spending on everything. Frugality is about choosing the things you love enough to spend extravagantly on – and then cutting costs mercilessly on the things you don’t love. The mindset of frugal people is key to being rich.” ― Ramit Sethi

“Someone’s sitting in the shade today because someone planted a tree a long time ago.” ― Warren Buffett

“Dammit, I saved too much for retirement! Said nobody, ever.” – Anonymous

“If you don’t decide what your priorities are in life, everyone else will decide for you.” — Christy Wright

“Budget: A mathematical confirmation of your suspicions.” ― A.A. Latimer

And some quotes about perseverance, to keep you going:

“You don’t have to see the whole staircase, just take the first step.” ― Martin Luther King, Jr.

“Everyone must choose one of two pains: the pain of discipline, or the pain of regret or disappointment.” ― Jim Rohn

“Don’t make excuses for why you can’t get it done. Focus on all the reasons why you must make it happen.” ― Oprah Winfrey

“Perseverance is not a long race; it is many short races one after the other.” ― Walter Elliot

“Many of life’s failures are people who did not realize how close they were to success when they gave up.” ― Thomas Edison

“Fall seven times and stand up eight.” ― Japanese Proverb

“It’s not that I’m so smart, it’s just that I stay with problems longer.” ― Albert Einstein

“Success is the sum of small efforts, repeated day in and day out.” ― Robert Collier

Are there other things to keep you motivated on budget planning?

Yes, actually there are! Like I said at the beginning of this article, a good example is among the best things that can help with motivation. But don’t forget that you can get examples not only in person, from friends or family, but from YouTube as well. And there is an exceptional category of budget planning videos that can do a great deal to motivate you. I’m specifically talking about “Budget With Me” videos. In this type of video, you will see step-by-step how someone creates their budget, from beginning to end. This type of video is not only a “how-to guide” put into practice (or a hands-on guide), but after watching more you will be able to see how other people treat the problems they encounter. And now let’s see a few examples in practice:

1. The first “Budget With Me” video example comes from Summer, from her channel called Living Life With Summer. She makes videos about budgeting, paying off debt, saving money, and lifestyle. One of the most important things to mention about Summer is that she is a teacher and a salaried employee, who gets paid once a month on the last working day of the month. She budgets using the zero-based budget method with the cash envelope system. But by far the most significant aspect for you is that she shares real numbers from her March 2022 paycheck, for example, unlike many other YouTubers who give budgeting examples with fictional numbers. She can do this because she is a teacher and her income is public record. Because of this, I believe she is the best example you can get. Her video is good not only for inspiration and motivation, but you can use it as a how-to guide that gives you hands-on information about the way you can deal with budgeting issues. If you like her channel, don’t forget to subscribe! https://youtu.be/-7n9o5mg5zs
2. The second “Budget With Me” video example comes from The Save at Home Mom. She films videos about budgeting, frugal living, and motherhood. In the video below she is doing the budget for the first paycheck of April 2022. She shows all her spendings step-by-step and you will see how she treats every problem in practice. If you like her video, don’t forget to hit subscribe!
3. The third “Budget With Me” video example comes from nashwallet. Compared to the two videos above, her video is a little different because she doesn’t use a dedicated budget planner, just a simple notebook. But what sets her apart even more is that she is only 23 years old, so she is a much more relevant example for young people and the problems they stumble upon.

If you have other suggestions that could help and motivate people when it comes to budget planning, don’t hesitate to contact us by using our contact form. If your advice is worth it, we’ll add it to the article!

The post Budget Planning Motivation – What you need to stay on track! first appeared on My Blog.

When it comes to personal financial matters, it pays to have the right expert on your side. However, choosing a personal financial expert can be an intimidating process. With so many different professionals, how do you decide who fits your needs best? The answer requires careful consideration and research. By understanding the qualities you need to look for, the background and experience of each expert, and the services available, you can confidently make the right choice for your specific needs.

When researching personal finance experts, there are a few key things to consider to help you choose the right one for you:

1. Credentials and qualifications: Look for experts with relevant credentials, such as a CFP (Certified Financial Planner) or CFA (Chartered Financial Analyst) designation, which indicate that they have completed a certain level of education and passed a rigorous exam in the field of personal finance.
2. Experience and track record: Look for experts with a proven track record of helping clients achieve their financial goals and who have experience working with clients in similar situations to yours. Fortunately, all the 20 experts mentioned in this article have long careers, most bypassing 20 years of experience in this field.
3. Philosophy and approach: Research the expert’s philosophy and approach to personal finance and see if it aligns with your values and goals.
4. Reviews and testimonials (mainly negative): I included a section named “What is this expert mostly criticized about” where it was applicable. There were some cases where I couldn’t find anything noteworthy.
5. Specialization: Some experts may have areas of specialization, such as retirement planning, investment management, or debt management. Consider if their area of expertise aligns with your specific needs.
6. Communication style: It’s essential to understand how the expert communicates and if the style aligns with your own.

• Dave Ramsey: personal finance expert, radio host, and author known for his “Baby Steps” approach to budgeting and debt elimination.
  • Why should you listen to Dave Ramsey?
    • He has a proven track record: Dave Ramsey has provided financial advice for over 25 years and has helped many people get out of debt and build wealth.
    • He has a clear and actionable approach: Dave Ramsey’s “Baby Steps” approach to budgeting and personal finance is easy to understand and follow and provides a step-by-step plan for improving your finances.
    • He emphasizes the importance of living below your means: Dave Ramsey encourages people to live within their means and avoid unnecessary spending, a crucial component of budgeting and financial success.
    • He strongly advocates for paying off debt: Dave Ramsey is a vocal proponent of paying off debt and avoiding excessive borrowing, which can be a significant obstacle to achieving financial success.
    • He is easy to access: Dave Ramsey provides his advice through various mediums, including a nationally syndicated radio show, books, podcasts, online resources, and more, making it easy for people to access his advice and follow his guidance.
  • What is Dave Ramsey mostly criticized about?
    • Some people believe his advice is too conservative and may not be appropriate for more aggressive investors. These critics argue that his advice needs to be more focused on paying off debt and may not be appropriate for people who want to invest their money.
    • Some people criticize Dave Ramsey for his strong emphasis on budgeting, and some experts say that his advice on budgeting may be overly restrictive and unrealistic for some people.
    • Other people also believe that Dave Ramsey’s advice is too focused on the religious aspect, which some see as divisive.

• Suze Orman: personal finance expert, author, and television host known for her advice on budgeting, saving, and investing.
  • Why should you listen to Suze Orman?
    • She has a wealth of experience and knowledge: Suze Orman has provided financial advice for over 40 years and is considered a leading authority on personal finance.
    • She has a clear and actionable approach and emphasizes the importance of understanding your finances: Suze Orman encourages people to take control of their finances by understanding their spending habits, identifying their financial goals, and creating a budget to reach them.
    • She is a strong advocate for financial empowerment for women. Suze Orman is a vocal proponent of the importance of financial empowerment for women and provides advice and resources to help women take control of their finances.
    • She is a best-selling author. Suze Orman has written several books on budgeting and personal finance, including “Women & Money: Owning the Power to Control Your Destiny,” a New York Times Bestseller.
    • She hosts her TV show, Suze Orman Show, which has been on the air for 13 years and provides educational and informative content on personal finance and budgeting.
  • What is Suze Orman mostly criticized about?
    • Some believe her advice is too simplistic and may not apply to more complex financial situations.
    • Other critics argue that her advice is too focused on consumerism and may not be appropriate for people who want to live more frugally.
    • Some people criticize Suze Orman for her strong emphasis on credit scores, and some experts say that her credit advice may be misleading or overly simplistic.
    • Some people believe that her advice is too focused on the American financial market and may not apply to people in other countries.

• Rachel Cruze: personal finance expert, author, and daughter of Dave Ramsey, focusing on budgeting and money management for young adults.
  • Why should you listen to Rachel Cruze:
    • She is the daughter of Dave Ramsey, and he has trained her to teach his financial principles; Dave Ramsey likely has a favorable opinion of Rachel Cruze and her work as a personal finance expert. Dave Ramsey has frequently mentioned her on his radio show and podcast, written the foreword to her books, and has her as a guest on his show, where they discuss financial topics together. He has also said that Rachel’s teachings are an extension of his philosophy and that she has a unique ability to relate to the younger generation. He believes she is a great teacher and is proud of her work to help people improve their financial situation.
    • She focuses on budgeting and money management for young adults: Rachel Cruze specializes in helping young adults understand the basics of budgeting, saving money, and managing debt.
    • She emphasizes the importance of building good money habits and encourages people to establish good habits that will serve them well.
    • She strongly advocates living below your means: Rachel Cruze encourages people to live within their means and avoid unnecessary spending, a critical component of budgeting and financial success.
    • She is the author of several books on budgeting and money management: Rachel Cruze has written several books on budgeting personal finance, including “Love Your Life, Not Theirs: 7 Money Habits for Living the Life You Want”
    • She is a speaker: Rachel Cruze frequently speaks at events and conferences nationwide, sharing her finance expertise and inspiring others to take control of their finances.
  • What is Rachel Cruze most frequently criticized about?
    • Her work mainly focuses on budgeting, saving money, and managing debt. As such, some people may criticize her advice as being too basic or not providing enough information for more advanced financial strategies.
    • As she is the daughter of Dave Ramsey, her teachings are an extension of his philosophy, and she has a unique ability to relate to the younger generation. Some critics argue that her advice may not apply to everyone’s financial situation, as it may be geared towards a specific demographic, such as young adults.

• Robert Kiyosaki: entrepreneur, author, and speaker, best known for his book “Rich Dad Poor Dad,” which focuses on budgeting and financial literacy.
  • Why should you listen to Robert Kiyosaki?
    • Robert Kiyosaki believes that traditional financial education is inadequate and that people must take responsibility for their financial education and decision-making. He argues that traditional financial education focuses too much on saving money and living frugally rather than creating cash flow through investments and building wealth. He believes that traditional financial education does not provide enough information on creating multiple income streams, managing cash flow, and investing in assets that will appreciate over time.
    • He is best known for his book “Rich Dad Poor Dad”: The book, which has sold millions of copies worldwide, is a personal finance classic and has been translated into dozens of languages. It highlights the importance of financial literacy and how to achieve financial independence through investing and entrepreneurship.
    • Robert Kiyosaki is a popular speaker who regularly talks about personal finance, entrepreneurship, and investing. He uses his experiences and knowledge to inspire and motivate people to take control of their financial lives.
    • He provides financial education through various mediums, including books, online resources, board games, and more, making it easy for people to access his advice and follow his guidance.
  • What is Robert Kiyosaki most frequently criticized about?
    • On the other hand, some critics argue that his teachings may be too simplistic and that some of his advice can be unrealistic or not applicable to everyone’s financial situation. Critics also point out that some financial strategies he promotes, such as real estate investing, can be risky and unsuitable for everyone.
    • Kiyosaki emphasizes the importance of cash flow and how to create it through investments, such as real estate and businesses, rather than relying on a traditional job or savings account. He argues that cash flow is more important than net worth and that people should focus on creating multiple income streams to achieve financial freedom. This advice can be seen as controversial because it may be perceived as advocating for taking on more debt and risk. Not everyone may have the resources or inclination to pursue real estate or business investments. Furthermore, some financial experts have said that some of his statements on taxes and personal finance are inaccurate and may be misleading.

• Clark Howard: personal finance expert and radio host, providing advice on budgeting, saving money, and managing debt.
  • Why should you listen to Clark Howard?
    • Clark Howard has provided financial advice for over 30 years and is considered a leading authority on personal finance. He provides financial education through various mediums, including books, online resources, and more, making it easy for people to access his advice and follow his guidance.
    • He provides a balanced approach to personal finance, focusing on living below your means, protecting your assets, and being a savvy consumer. He encourages people to be informed consumers and make smart financial decisions by providing tips and advice on saving money on everyday purchases. He has a clear and actionable approach with easy-to-understand advice that can be applied to your financial situation.
    • He strongly advocates for consumer rights and is known for providing tips and advice on protecting yourself from scams, fraud, and identity theft.
    • He is a popular radio host: Clark Howard has a nationally syndicated radio show where he provides advice and answers listeners’ questions.
  • What is Clark Howard most frequently criticized about?
    • Some people also believe that Clark Howard’s advice is too focused on the frugal lifestyle, which some see as restrictive.
    • Some critics argue that his advice is not always suitable for people with lower incomes or struggling financially.
    • Others have suggested that some of his advice on his radio show or website may not be appropriate for people with specific financial or complex financial situations.
    • Some critics argue that he does not always provide enough detailed or specific information on implementing his advice.

• Gail Vaz-Oxlade: Canadian personal finance expert and television personality known for hosting the Canadian television series “Til Debt Do Us Part” and “Princess.”
  • Why should you listen to Gail Vaz-Oxlade?
    • Gail Vaz-Oxlade is known for her straightforward, no-nonsense approach to personal finance. She provides clear, actionable advice that can be applied to your financial situation.
    • She emphasizes the importance of budgeting and living within your means to achieve financial freedom.
    • Gail Vaz-Oxlade encourages people to take responsibility for their financial decisions.
    • She is well-known for her ability to connect with people and help people understand their finances and take control of their money. She has much experience doing this; she has provided financial advice for over 20 years and is considered a leading authority on personal finance in Canada. Her approach is relatable, and she shares her own experiences, which makes it easier for people to identify with her and her advice. She has a positive attitude and encourages people to focus on solutions rather than dwelling on problems.
    • Gail Vaz-Oxlade strongly advocates financial literacy and educates people on managing their money and achieving financial freedom. She is passionate about financial literacy. She uses her TV shows as a tool for education and change: Gail Vaz-Oxlade has appeared on several Canadian television shows, including “Til Debt Do Us Part,” “Princess,” and “Money Moron.”
  • What is Gail Vaz-Oxlade most frequently criticized about?
    • Some people may not agree with her approach to managing debt, as she advocates for paying off all debts as soon as possible, which some people find hard to achieve.
    • Some people may find her personality and style too direct and assertive or her advice unsuitable for people with lower incomes or those struggling financially.
    • Some critics may argue that her advice is too focused on achieving financial freedom and less on enjoying life and spending money on things that make people happy.
    • Some people believe that her advice is too focused on the Canadian financial market and may not apply to people in other countries.

• Elizabeth Warren: American politician and former law professor is known for advocating consumer protection and personal finance education.
  • Why should you listen to Elizabeth Warren?
    • She has a deep understanding of the financial system: As a former Harvard Law School professor and as the former head of the Consumer Financial Protection Bureau (CFPB), Elizabeth Warren has a wealth of knowledge and experience when it comes to the financial system, consumer protection, and financial regulation.
    • She advocates for consumer protection: Elizabeth Warren has been a vocal advocate for consumer protection and has worked to hold financial institutions accountable for their actions.
    • Elizabeth Warren has proposed several policies to address economic inequality, such as a wealth tax on the ultra-rich and creating a public option for banking services. She is passionate about financial inclusion, promoting the idea that everyone should have access to the banking system and financial services.
    • She has a history of taking on powerful interests, including Wall Street and large corporations and advocating for the rights of consumers and working families. She has a history of fighting for financial literacy and making financial education accessible to all.
    • She has a strong understanding of the student loan crisis. She has been a vocal advocate for student loan reform and has proposed several solutions to the student loan crisis. She has advocated for fair credit practices, such as eliminating predatory lending and establishing a credit reporting system that works for all consumers, not just the wealthy.
    • Elizabeth Warren has played a crucial role in creating the Consumer Financial Protection Bureau (CFPB), established to protect consumers from predatory financial practices.
  • What is Elizabeth Warren most frequently criticized about?
    • Some people criticize Elizabeth Warren for her strong emphasis on regulation and government intervention in the economy, while others believe that her policies are too far left and would be challenging to implement.
    • Some critics argue that her plans for financial regulation would be too restrictive and harm innovation and competition; it could lead to increased government bureaucracy and stifle innovation. Some critics argue that her taxation and wealth redistribution policies would harm the economy. And from other perspectives, her advice is impractical and could not be implemented.
    • Some people believe that her approach to student loan debt forgiveness and other social programs would be too costly and challenging to implement and argue that it would be unfair to those who have already paid off their student loans. I believe the latter argument is ludicrous, regardless of how actionable Elizabeth Warren’s theories regarding student loans are. If, with every change, we were to think how unfair it is to the wronged ones before, we wouldn’t advance much as a society, would we?
    • Some people believe that her approach to the healthcare system is not feasible, would be too expensive to implement, and could lead to reduced access to care.

• Tony Robbins: American author, entrepreneur, and philanthropist known for his motivational speeches and books on personal finance and budgeting.
  • Why should you listen to Tony Robbins?
    • He has a holistic approach to personal finance: Tony Robbins encourages individuals to look at their finances in the context of their overall life and not just as a standalone issue. He emphasizes the importance of setting and achieving financial goals. He encourages people to set specific, measurable, and achievable financial goals and then develop a plan to achieve them. He encourages people to take control of their financial situation and take responsibility for their financial decisions.
    • He emphasizes the importance of mindset and attitude towards money, which is crucial for achieving financial success. He is well-known for his ability to motivate people and help them achieve their goals. He encourages people to take action and consistent steps to achieve financial goals rather than just focusing on knowledge or theory.
    • He emphasizes the importance of learning from failure: Tony Robbins encourages people to learn from their failures and to use them as opportunities to grow and improve.
    • Tony Robbins is considered a master of personal development and has helped many people overcome limiting beliefs and self-doubt and succeed. He has provided personal and professional development advice for over 30 years and has worked with many individuals and organizations.
  • What is Tony Robbins most frequently criticized about?
    • Some critics may argue that his approach is too focused on positive thinking and ignores the reality of adverse situations. Other people criticize him for promoting a “quick fix” mentality and not addressing the long-term changes needed for sustainable progress.
    • Some criticize him for lacking credentials in fields like psychology or finance. They say his advice is not backed by scientific research or evidence, and some criticize him for using controversial or aggressive tactics, such as walking on hot coals or submerging in ice baths.
    • Some people may criticize his approach to personal development as focusing on achieving success at any cost rather than promoting balance and well-being. From their perspective, he is too focused on wealth accumulation and insufficient on financial literacy and education.

• Jim Cramer: American television personality, author, and former hedge fund manager, he hosts the financial advice show “Mad Money” on the CNBC network.
  • Why should you listen to Jim Cramer?
    • He has provided financial commentary and advice for over 20 years and understands the stock market and investment strategies. He provides a more unique perspective than other financial commentators and experts. He has a vast network of contacts in the financial world and can provide his audience with exclusive information and interviews with industry experts.
    • He has much on-air experience, providing financial commentary on television for over 20 years, and has developed a reputation as a knowledgeable and experienced commentator. He has a large following of people who tune in to his television show, read his books, and follow him on social media, which gives him a broad reach and influence.
    • Jim Cramer has written several books on personal finance and investing, providing in-depth analysis and recommendations for achieving success in the stock market.
  • What is Jim Cramer most frequently criticized about?
    • People criticize Jim Cramer for being too bullish and not warning investors about potential market downturns. They saw his approach as too focused on entertainment rather than providing informative analysis. Some people believe that his approach to personal finance is too focused on stock market speculation and not on financial education and literacy.
    • Some people criticize Jim Cramer for his last time as a hedge fund manager and his past stock recommendations. They criticize him for not disclosing potential conflicts of interest, such as investments in companies he recommends on his show. They say he promotes a culture of stock market speculation rather than a long-term investment.

• Ramit Sethi: American personal finance advisor, entrepreneur, and author known for his book “I Will Teach You to Be Rich,” which focuses on budgeting and personal finance for millennials.
  • Why should you listen to Ramit Sethi?
    • He offers a comprehensive approach to personal finance, covering various topics, from budgeting and saving to investing and negotiating. He has a practical approach to personal finance; he emphasizes taking action and making minor changes to achieve financial goals rather than just focusing on theoretical concepts. He focuses on building wealth over time rather than just focusing on short-term gains.
    • He has a large following; many people read his books and take his courses, which gives him a broad reach and influence. Ramit Sethi has written several bestselling books on personal finance, providing in-depth analysis and recommendations for achieving success with money.
    • He is also well-known for his negotiating approach, an essential skill in personal finance. He promotes the idea of earning more and negotiating for a raise.
    • He emphasizes the importance of automation in personal finance and investing and encourages people to invest in themselves by continuing their education and developing skills.
  • What is Ramit Sethi most frequently criticized about?
    • Some people criticize Ramit Sethi for being too focused on earning more money rather than saving and budgeting. His approach may be too focused on the upper-middle class and less relevant for lower-income people. Some may criticize him for not providing enough guidance and support for people with lower incomes or fewer financial resources.
    • Some people believe his advice is too focused on the US market and may not be as relevant for other countries. And other people criticize his approach for being too focused on materialism rather than more meaningful goals.

• David Bach: American personal finance author known for his book “The Automatic Millionaire,” which focuses on budgeting and saving.
  • Why should you listen to David Bach?
    • He is well-known for his concept of “The Automatic Millionaire” and “The Latte Factor,” emphasizing the importance of small daily savings. He is a proponent of automating savings and investing, which can help people save without thinking about it.
    • He has been a frequent guest on several TV shows such as Oprah, the Today Show, and Good Morning America, and he is a New York Times best-selling author with multiple books on personal finance. He has a large following of people who read his books, attend his seminars, and follow him on social media, which gives him a broad reach and influence.
    • He focuses on building wealth over time: David Bach emphasizes the importance of building wealth over time rather than just focusing on short-term gains. He emphasizes the importance of investing early in life to maximize the power of compound interest over time.
    • He promotes living a balanced life, where people can enjoy the present while saving and investing for the future. He emphasizes the importance of having multiple income streams and building wealth through different investment vehicles.
  • What is David Bach most frequently criticized about?
    • Some people believe his focus on earning more and living below his means is unsuitable for low-income people.
    • Some people criticize David Bach for promoting unrealistic expectations of financial success and say that his advice is too simplistic and not comprehensive.

• Jean Chatzky: American personal finance journalist, author, and television host known for her advice on budgeting and saving money.
  • Why should you listen to Jean Chatzky?
    • She has written several books on personal finance, including the best-selling “Money Rules: The Simple Path to Lifelong Security.” She has a solid social media presence and interacts with her followers, providing financial advice and answering their questions. She is the financial editor of NBC’s “Today” show, regularly providing financial advice to a broad audience. She has been featured in multiple media outlets, such as CNN, The New York Times, and Forbes, providing her financial advice to a broad audience. She receives numerous awards and accolades for her work in the personal finance field, including being named one of the “Most Powerful Women in Business” by Fortune Magazine.
    • She strongly emphasizes entrepreneurship and small business ownership, providing resources and guidance for small business owners and entrepreneurs. She has a practical and relatable approach to personal finance that resonates well with many people. Jean Chatzky is committed to making personal finance accessible and understandable for all, regardless of their level of financial knowledge.
    • She strongly advocates financial inclusion and educates and empowers people from all backgrounds to take control of their finances. She strongly emphasizes women and their financial position and provides resources and guidance.
  • What is Jean Chatzky most frequently criticized about?
    • Overall, she is well-received by the public, and in the industry, many financial advisors consider her a reputable and credible source of financial advice.
    • Jean Chatzky’s advice is generally simple and easy to understand but not necessarily fundamental. She is known for breaking down complex financial concepts and making them easy to understand and apply. Her book, “Money Rules: The Simple Path to Lifelong Security,” is a perfect example; it is a comprehensive guide to personal finance that provides simple and actionable steps that readers can take to improve their financial situation.

• Chris Hogan: American personal finance expert, author, and radio host known for his budgeting and retirement planning advice.
  • Why should you listen to Chris Hogan?
    • He is a #1 national best-selling author of “Retire Inspired: It’s Not an Age, It’s a Financial Number” and “Everyday Millionaires: How Ordinary People Built Extraordinary Wealth—and How You Can Too.” He has a solid social media presence and interacts with his followers, providing financial advice and answering their questions. He regularly contributes to various media outlets, such as Forbes, Business Insider, and Fox Business, providing financial advice to a broad audience.
    • He is a Ramsey Personality, a team of financial experts who work with Dave Ramsey, regularly providing financial advice to a broad audience. Ramsey Personalities typically have a strong background in personal finance and are considered experts in their field. They often provide advice on budgeting, saving, investing, and paying off debt and are known for their practical and relatable approach to personal finance. They also often appear on Dave Ramsey’s show as guests to provide advice, answer listeners’ questions, and offer their perspectives on various financial topics.
    • He has a personal finance podcast, The Chris Hogan Show, where he provides financial advice, tips, and strategies to millions of listeners. Chris Hogan is a regular speaker on personal finance at conferences and events and is dedicated to helping people improve their financial literacy.
    • He strongly emphasizes entrepreneurship and small business ownership, providing resources and guidance for small business owners and entrepreneurs. He is committed to making personal finance accessible and understandable for all, regardless of their level of financial knowledge.
    • He receives numerous awards and accolades for his work in the personal finance field, including being named one of the “Most Powerful People in the Financial Advising Industry” by Investment News. He is a national spokesperson for the National Retirement Planning Coalition and a member of the Financial Planning Association.
  • What is Chris Hogan most frequently criticized about?
    • From my research, Chris Hogan is generally well-regarded by his peers in the financial industry, and many people consider him a reputable and credible source of financial advice. However, I think it would be harder to find information from him related to financial assistance to low-income individuals and families, advice on how to access food assistance programs that can help low-income families, and how to access legal aid services to help low-income individuals and families.

• Pete the Planner: American personal finance expert, author, and radio host known for his advice on budgeting and saving money.
  • Why should you listen to Pete the Planner?
    • Humor: Pete the Planner is known for using humor in his advice, which can make personal finance more approachable and relatable. Pete the Planner is known for providing a personal touch in his advice and making it relatable to his audience; he often shares his experiences and challenges with money.
    • He covers various topics, including budgeting, saving, investing, and debt management. He has written several books and columns on personal finance, which can help readers look at this process from different perspectives.
    • Pete the Planner hosts a popular radio show where he provides financial advice and answers listeners’ questions. He hosts a weekly podcast, which provides actionable tips and advice on personal finance, interviews with experts in the field, is involved in the community, and is often a guest speaker at events and conferences, where he provides advice and tips on personal finance. He often collaborates with other financial experts and advisors to provide diverse perspectives and advice on personal finance.
  • What is Pete the Planner most frequently criticized about?
    • I could not find frequent criticisms, but it may be because he is less popular than many of the personalities above.

Some honorable mentions:

• Farnoosh Torabi: Farnoosh Torabi is a personal finance expert, journalist, and author who has written several books on personal finance and has appeared on various television programs and podcasts as a financial expert. She offers valuable information and advice on personal finance topics, such as budgeting, saving, investing, and managing debt. One thing that sets Farnoosh apart is her ability to make complex financial concepts easy to understand and relatable for her audience. This is evident in her books, articles, podcasts, and speeches. Additionally, Farnoosh has a unique way of looking at personal finance; she emphasizes money management’s psychological and emotional aspects, which she believes are just as important as the technical details. She also encourages people to take control of their finances and empower themselves to make intelligent financial decisions.

• J.D. Roth: J.D. Roth is a personal finance expert and blogger who has written about personal finance for over a decade. He founded the popular personal finance website Get Rich Slowly, featured in several national media outlets, and has helped many people learn about personal finance. J.D. Roth offers valuable insights and advice on various personal finance topics, such as budgeting, saving, investing, and retirement planning. His writing is known to be easy to understand and relatable, and he has a unique and practical approach to personal finance that can be helpful for those looking to improve their financial situation. Additionally, he is a New York Times bestselling author, and his book “Your Money: The Missing Manual” is trendy among readers. One thing that sets J.D. Roth apart is his unique and practical approach to personal finance. He is known for his ability to simplify complex financial concepts and make them easy to understand and apply to everyday life. He emphasizes the importance of taking small steps and making incremental changes to improve one’s financial situation, which is empowering and achievable for most people. J.D. Roth often uses data and statistics in his writing to back up his points and provide an evidence-based approach to personal finance.

• Trent Hamm: American personal finance blogger and author known for his advice on budgeting and saving money. His focus on frugality is one of the things that make him stand apart. He encourages readers to live below their means and make intelligent financial decisions. He provides practical advice on how to save money and reduce expenses. Another thing that sets him apart is his emphasis on goal setting. He believes setting goals is essential for financial success and provides readers with the tools and resources to achieve them. Trent Hamm is also well known for his transparency and honesty regarding his finances and journey to financial independence. He shares his financial successes and failures with his readers, which helps to build trust and credibility with his audience.

• Vicki Robin: American personal finance author known for her book “Your Money or Your Life,” which focuses on budgeting and money management. Vicki Robin is the co-author of the book “Your Money or Your Life,” considered a classic in the personal finance world. What makes Vicki Robin stand apart from other financial advisors is her holistic approach to personal finance, which includes money management and its psychological and emotional aspects. She helps people understand the underlying values and beliefs that drive their financial decisions and how to align their money with their values and goals. Vicki Robin is also a strong proponent of simplicity and minimalism in money management. She encourages her clients to simplify their financial lives, which can help them reduce stress and achieve financial peace of mind.

• Eric Tyson: American personal finance author and financial advisor known for his advice on budgeting and saving money. Eric Tyson has over 25 years of experience as a financial advisor, an MBA, and a CFP certification; he has helped many people achieve their financial goals. His experience and knowledge can be precious for those seeking advice and guidance on personal finance. He uses simple language, real-world examples, and practical tips that readers can easily understand and apply. Eric Tyson has written several books on personal finance, including “Personal Finance For Dummies” and “Investing For Dummies,” which are essential for anyone looking to improve their financial situation.

• Andrew Hallam: American personal finance author known for his book “The Millionaire Teacher,” which focuses on budgeting and investing for financial independence. Andrew Hallam emphasizes simplicity and minimalism when it comes to money management. He encourages his people to simplify their financial lives, which can help them to reduce stress and achieve financial peace of mind. Andrew Hallam has experience as a teacher, which allows him to explain financial concepts in a straightforward and easy-to-understand way. He uses real-world examples and analogies to help readers understand complex financial concepts and make them more relatable. Andrew Hallam strongly advocates low-cost index investing and encourages his clients to invest in low-cost index funds to achieve their financial goals. He believes that index funds offer the best returns over the long term while keeping expenses low.

This list is not exhaustive, and there are many more experts and professionals in personal budgeting and financial planning. Not all experts or professionals will be a good fit for everyone, so it’s always a good idea to research and find an expert whose advice aligns with your financial goals.

Choosing the Right Type of Financial Expert

When managing your finances, it’s crucial to understand that not all financial advisors are created equal. Each type of financial expert brings unique skills, services, and expertise to the table. In this article, we mainly focus on Financial Planners, but it’s essential to be aware of the other types of financial experts available, as your specific needs might be better served by a different advisor category. Here’s a breakdown of the four main types:

• Financial Planners: they offer the broadest range of services among financial experts. They can specialize in investing or estate planning or provide general financial advice. Their services range from preparing financial plans to selling financial products like annuities, stocks, bonds, and insurance. While we primarily cover Financial Planners in this article, remember that their qualifications and fee structures can vary widely.
• Registered Representatives: Also known as stockbrokers or investment consultants, Registered Representatives are licensed to buy and sell investment products, including stocks, bonds, and mutual funds. The scope of products they can handle depends on their licensing (Series 6 or Series 7). They are typically paid on a commission-only basis and are ideal for those looking to invest in specific securities.
• Registered Investment Advisors (RIAs) offer personalized investment advice and portfolio management services. They can manage assets on behalf of their clients but require a securities license to buy or sell securities actively. RIAs are regulated by the SEC or state securities agencies and adhere to high ethical and professional standards. They suit individuals seeking tailored investment advice and are compensated through commissions, hourly fees, or flat rates.
• Money Managers: they provide similar services to RIAs but with the added authority to make investment decisions without client approval. They are ideal for individuals with substantial investment portfolios, as they focus on selecting and managing investments based on the client’s preferences. Money Managers are typically compensated based on a percentage of their assets and are subject to the same regulatory standards as RIAs.

While this article primarily discusses Financial Planners, if your needs align more closely with the services offered by Registered Representatives, RIAs, or Money Managers, it’s advisable to conduct specific research to find the right expert for your financial situation. Remember, choosing the right type of financial expert is a key step in achieving your financial goals and ensuring your investments are in good hands.

Can Budgeting Apps Replace Financial Planners?

The question of whether budgeting apps can replace financial planners is complex and depends on individual financial needs and preferences. In personal finance management, the rise of technology has introduced various tools, including budgeting apps like Truebill and investment platforms like Acorns, which are often reviewed for their efficiency and user-friendliness. This Truebill review typically highlights its ability to track expenses, manage subscriptions, and offer insights into spending patterns. Similarly, the Acorns app review often praises its ease of use in micro-investing, where small amounts are automatically invested into diversified portfolios. These tools, along with other roboinvestors, provide convenience and accessibility that traditional financial planning services may not offer. They particularly appeal to those who are just starting to manage their finances or have straightforward financial goals.

However, the experience provided by a human financial planner is more personalized and comprehensive. Financial planners bring a deep knowledge and understanding of complex financial situations that an app cannot replicate. They can offer tailored advice based on an individual’s unique financial situation, goals, and risk tolerance. This includes tax, estate, and retirement planning, often requiring a nuanced approach.

Moreover, financial planners can adapt their strategies to changing life circumstances and market conditions, something that roboinvestors and budgeting apps might not do as effectively. The emotional aspect of financial decision-making, such as navigating market volatility or making big life decisions, is better managed with a human advisor who can provide reassurance and guidance.

While budgeting apps like Truebill and roboinvestors like those found in the Acorns app can be excellent tools for certain aspects of financial management, they are not comprehensive replacements for financial planners. Each serves a different purpose and caters to different needs. A human financial planner remains indispensable for those requiring detailed, personalized advice and a holistic approach to their financial life. For more straightforward, more automated tasks, budgeting apps and roboinvestors can be highly effective.

In conclusion, choosing the right personal finance expert can be daunting. Still, by understanding the qualities you need to look for, researching the background and experience of each expert, and being aware of the services they offer, you can confidently make the right choice for your specific needs. Remember that it is essential to consider an expert’s credentials and qualifications, experience and track record, philosophy and approach, reviews and testimonials, specialization, and communication style. Each expert has a unique personal finance approach, and it is up to you to decide which one aligns with your values and goals.

The post Top 20 Personal Finance Experts Worth Listening To first appeared on My Blog.

If you ask most people why they don’t budget, you’ll probably get the same answer from just about everyone: because it’s too painful. And that makes perfect sense. After all, no one likes cutting back on expenses and tracking their income vs. expenses on a regular basis. But the real question is: Why does it hurt so much? Even though most of us agree that budgeting is painful, many of us fail to notice why exactly that is the case. You see, the reason why most people struggle with creating and maintaining a monthly budget is that they’re reluctant to give up something in their current spending habits. In other words, it’s like when we go on a diet or cut back on carbs, we feel uncomfortable as a result of needing to reduce our intake of certain foods. We may not like it at first, but once we get used to eating less of those salty chips or sugary sweets and focus more on apples and leafy greens instead — not only do we feel better about ourselves for making positive changes for the long-term but also find our new diet much easier to maintain going forward with our new healthy habits from that point onward!

If you ask people what their biggest financial fear is, the top answer will probably be something along the lines of “going broke.” People are scared of not having enough money to pay for things they need and want. Yet, at the same time, we all know that being smart with our money is essential to a happy and healthy life. We also understand that budgeting is a good idea and that it will help them in the long run. And, in spite of all of these, we still don’t do it because it’s painful. So, this pain has to be really big. In this article, we will explore the reasons why most people find budgeting so painful, what are the most common answers I got to the question “why is budgeting painful,” and we will try to look at them from a different perspective. So, budgeting is painful because:

1. It takes up time and makes me feel bad
2. It feels restrictive, I can’t do anything
3. It feels stressful to track finances when you are at the store
4. I’m not good at it

And now, let’s dive deeper and explore each from some interesting perspectives!

1) It takes up time and makes me feel bad

Budgeting can be a lengthy process because there are a lot of factors to consider. You have to think about your income, your expenses, your savings, and your debts. You also have to consider your short-term and long-term financial goals. Budgeting can take anywhere from a few minutes to a few hours, depending on how detailed and organized you want to be. All of this information can be overwhelming, which is why budgeting can take up a lot of time. There is clearly no way around this. Budgeting takes time. The only good news is that, as you get more experienced and better at it, the required time to do it will drop. At this point, when you feel that it takes too much time, you can’t easily imagine a future where you already have a lot of habits and automation in place to help you cut this time significantly. We can do a few exercises to see if you could get some different feelings related to time and budgeting, maybe they’ll work for you, who knows? Try to re-imagine yourself with some new skills up your sleeve. Imagine going to the store with everything you need to buy written down. Will you spend less time shopping? Will you spend less money on things that you actually don’t need? Would both of these make you feel better? Of course, so start small, with some basic lists, and then add more and more until you end up with a complete budget.

2) It feels restrictive, I can’t do anything

Yes, of course, budgeting feels restrictive in the beginning, especially if:

• you are used to spending freely
• your spending is often influenced by your emotions
• your spending is influenced by peer-pressure
• you have expensive habits like smoking or drinking alcohol
• live in a culture that encourages excessive spending

There’s no easy answer when it comes to breaking bad habits, but it is possible with some time and effort. If you find yourself spending more money than you’d like, it may be helpful to start by evaluating your spending habits and identifying areas where you can cut back. Track your spending for a week or two to get an idea of where your money goes, and then look for ways to reduce expenses in those areas.

For example, if you tend to spend a lot on eating out, you could try cooking more meals at home. Or, if you tend to spend a lot on clothes, you could try shopping at thrift stores or online consignment shops. Once you’ve identified some areas where you can cut back, set a budget and stick to it. It may also be helpful to find alternative activities to replace the ones that lead you to spend too much money. If you tend to spend a lot on weekends, try finding free or low-cost activities that you enjoy, like hiking or visiting a museum. And if you find yourself impulse buying, try waiting a day or two before making a purchase to see if you still want it.

Breaking bad habits takes time and effort, but it can be done. The best way to break a bad habit is to first identify the triggers that cause you to engage in the behavior. Once you know what causes you to do the behavior, you can work on avoiding those triggers or substituting the bad behavior for a more positive one. For example, if you bite your nails when you’re stressed, try to keep your hands busy with a fidget toy or stress ball. If you overeat when you’re bored, try to find a more constructive way to occupy your time. It’s also important to be patient and understanding with yourself. Habits can be difficult to break, and it may take some time and effort before you see results. Remember to celebrate your successes, no matter how small, and don’t beat yourself up if you slip up – just get back on track and keep trying.

Overall, budgeting feels restrictive as long as you have these 2 things:

• Bad habits you need to cut
• Not enough money to satisfy your basic necessities

But, as you become better and better at it, you will cut all those habits, and then you will start to free up money. And eventually, the wheels will start turning into something that looks and feels more like a gift: “oh, look at this $500 money I managed to save this month. I should allocate them towards this specific activity because I enjoy it the most!”

3) It feels stressful to track finances when you are at the store

There is no denying that tracking spending can be stressful, especially when shopping. However, there are a few ways to make the process less daunting. First, try to break down your spending into categories. This will help you better understand where your money is going and where you may need to cut back. Second, set a budget for each category and stick to it. This will help you stay on track and avoid overspending. Finally, be mindful of your purchases and keep receipts or bank statements so that you can review your spending at a later date. By taking these steps, you can make tracking your spending less stressful and more manageable.

Budgeting apps can help track spending in a variety of ways. For example, many budgeting apps allow users to track their spending by category so that they can see where they are spending the most money. This can be helpful in identifying areas where they may be able to cut back on spending. Additionally, budgeting apps often allow users to set spending limits for themselves and track their progress toward meeting those limits. This can help people to stay within their budget and avoid overspending.

4) It feels bad because I’m not good at it

Even though it feels bad, you have to take into account the fact that budgeting is a process, and it may take some time to get used to. Be patient with yourself and don’t be discouraged if you make a mistake here and there. With a little practice, you can develop the skills necessary to successfully manage your finances. If you’re already good with numbers and you’re willing to devote a few hours each week to learning budgeting, you could learn the basics in a few weeks. However, if you’re not particularly comfortable with numbers or you can’t devote a lot of time to learning budgeting, it could take a few months to learn the basics. There are a number of online courses on learning to budget. Here are some popular options:

• “Budgeting Basics” from eHow Finance
• “Introduction to Budgeting” from Udemy
• “Budgeting for Beginners” from Skillshare
• “Budgeting 101” from Pluralsight

Each of these courses covers different aspects of budgeting, so you can choose the one that best fits your needs. They all cover basic concepts such as setting up a budget, tracking spending, and creating a financial plan. Following one of these online courses will make the difference from saying “I’m not good at it” to at least “I’m comfortable doing it”.

What else can motivate people to try budgeting?

These are the most important pain points I came across when I did some research about what makes people give up the budgeting process, but besides these, I want to give you a few more extra reasons to nudge you to give it a try.

Does budgeting make you happier?

For some people, budgeting can be a real chore and it can make them very unhappy. For others, it can be a helpful tool that allows them to better manage their finances and feel more in control of their lives, which can lead to increased happiness. There are a lot of different ways to budget, so it’s important to find one that works for you. If you’re someone who hates being restricted by a budget, then a more flexible approach may be better. On the other hand, if you find that you’re often overspending and getting into debt, a stricter budget may help you get your finances under control and make you happier as a result. Ultimately, it’s up to you to decide whether budgeting makes you happier. If you’re not sure, it’s worth giving it a try and seeing how it goes.

The 2019 Planning and Progress Study by Northwestern Mutual found that having their finances in order makes 92% of Americans happier and more confident in life. While this does not mean that the budgeting process will make you happier, the end result of budgeting is to bring those finances in order. And having those in order will be a positive thing for most Americans.

Try some budgeting apps!

To get rid of some pain points of budgeting you can try some budgeting apps. Budgeting apps can definitely make your life easier by tracking your spending and income. They can help you stay on top of your finances and make sure you’re not overspending. Plus, many budgeting apps offer features like goal-setting and reminders, which can further help you stay on track. Some popular examples include Mint, You Need a Budget (YNAB), and EveryDollar. For example, the Mint app allows users to see all of their financial accounts in one place, track their spending, and create a budget. The YNAB app (You Need A Budget) helps users to create a budget based on their income and expenses, and track their progress over time. The EveryDollar app also allows users to track their income and expenses, and create a budget, but also includes Debt Reduction Planner and Baby Step Tracker features.

Final words:

Fortunately, there are ways to make the budgeting process less painful. The key is viewing budgeting as an experiment instead of a punishment. It’s about learning what works for you and what doesn’t rather than trying to meet some standard set by someone else. Once you adopt this mindset, budgeting becomes much easier to adopt and maintain over the long term.

The post Why is Budgeting Painful for Most People? first appeared on My Blog.

Did you know that nearly two-thirds of Americans live paycheck to paycheck? It’s not surprising, given that finances can be tricky. Learning how to manage your money effectively and efficiently is challenging, but also necessary. Fortunately, there are ways to improve your financial literacy without diving into complex textbooks full of formulas and jargon. Instead, you can take online courses to learn more about budgeting and the importance of a solid financial future. These budgeting courses are available online whether or not you have a degree. Let’s take a look at some online courses that will help you understand the ins and outs of budgeting as well as other financial planning topics.

Is budgeting hard to learn and understand?

There are many reasons why learning how to effectively maintain a budget is difficult for people. From my personal experiences, I know it’s one of the hardest things to learn and maintain. Most of us struggle with it at some point in our lives, even those who have an understanding of personal finance. Having a personal finance education doesn’t necessarily mean we will be successful at implementing principles in real life.

Consequently, budgeting is difficult because most people do not have support from others and access to resources that make it easier to implement on a daily or monthly basis. Even though there are free tools and apps you can use to track your spending, most people don’t take advantage of them. And while there are books and courses available on personal finance, they are not as accessible as other interests like video games or fashion trends.

There are many courses on budgeting. You can find these courses online, in libraries, and even in community centers. The key is to find one that fits your needs and learning style.

Some free courses on budgeting may be more comprehensive than others. They may cover topics such as creating a budget, sticking to a budget, and saving money. Others may be more focused on a specific aspect of budgeting, such as investing or credit management.

It is important to read the descriptions of each course before enrolling to make sure it is a good fit for you. There are also many helpful budgeting resources available online and in print.

Are there any free courses on budgeting?

When it comes to finding a good and free budgeting course, there are definitely some challenges. However, with a little bit of research and perseverance, it is possible to find a quality course that won’t cost you anything.

One approach is to look for online courses offered by well-known and reputable financial institutions or organizations. For example, the website Khan Academy offers a variety of free courses on topics like budgeting and personal finance. Alternatively, there are also many websites that provide free budgeting courses specifically.

Another option is to search for free budgeting courses offered by colleges and universities. Many schools offer non-credit personal finance courses that are open to the public. These courses can be a great way to learn about budgeting without having to pay for tuition.

Of course, it’s also worth considering other resources like budgeting books or articles. While these may not be as comprehensive as a course, they can still provide helpful information and tips on budgeting.

Another example is Coursera, which offers a free course for Personal & Family Financial Planning in which you can enroll right now, but I’m not sure how long it will stay free.

Practical Money Skills – this site offers a free online course called “Budgeting 101” that covers topics like creating a budget, tracking expenses, and saving money.

Personal Finance Courses – Brigham Young University – BYU provides a wide range of online financial classes at the beginner, intermediate, and advanced levels. All of the classes are free. Brigham Young University is affiliated with the Church of Jesus Christ of Latter-day Saints—commonly known as the Mormon church—and personal finance classes may include faith-based principles. Personal finance classes at the beginner level discuss budgeting, debt, and investments, while more advanced courses concentrate on retirement planning and sophisticated investing.

The problem with these free courses is that they may be free now, but they won’t probably be free forever. Free courses appear online all the time but they disappear even faster. In the end, it may take some time and effort to find a good and free budgeting course. However, it is possible to find quality resources that won’t cost you anything. With a little bit of research, you should be able to find what you’re looking for.

Youtube can be a great resource for free quality budgeting advice. There are many channels dedicated to personal finance and budgeting, and they can be a great way to learn about how to save money and make smart financial decisions. Some of our favorite channels for budgeting advice include The Dave Ramsey Show, The Motley Fool, and Money Girl.

What are the most reputable budgeting courses and online classes?

1. Dave Ramsey’s Financial Peace University: This course is designed to help you get out of debt and build wealth. It includes video lessons, financial tools, and group support. This is a comprehensive course that covers everything from creating a budget to investing for retirement. It’s a great choice for those who want an all-in-one solution to their financial problems.
2. Suze Orman’s Financial Freedom Course – this course is more focused on helping people get out of debt and build up their savings. It’s a good option for those who are struggling with credit card debt or other high-interest debts.
3. Money Management International’s Budgeting Course – This course is designed to help you develop a spending plan and stick to it. It includes seven lessons on topics like setting financial goals, tracking your spending, and reducing your expenses.
4. Udemy’s Budgeting Courses: This course is designed to help you understand the basics of personal finance and budgeting. It includes eight lectures on topics like income and expenses, debts and credit, and saving money.
5. Money Coach University: This course is designed to help you take control of your finances and get out of debt. It includes video lessons, workbooks, and other resources to help you stay on track.
6. Personal Finance – Purdue University –  The subject matter of this course is how to make smarter financial decisions and manage your money. It covers time, the value of money, stock markets, investments, the proper usage of credit, how insurance works, how investments and credit interact, and why it’s critical to save for retirement as soon as possible.

Online courses and classes that help you use budgeting apps:

1. How to Use Mint to Track Your Finances from Udemy. It is very thorough and explains things well. I like that it includes videos and articles to read as well as quizzes to test your knowledge. It is also nice that it is self-paced so you can go at your own speed. I would definitely recommend this course to anyone looking to get a better handle on their finances.https://www.udemy.com/course/how-to-use-mint-to-track-your-finances-and-control-spending/
2. YANB Video Courses – they are a great way to learn about budgeting and how to use the YNAB software. There are a total of four courses, each of which is around 30 minutes long. The first course covers the basics of budgeting and introduces you to the YNAB software. The second course covers more advanced budgeting concepts and how to use the software to your advantage. The third course covers investing and how to use the YNAB software to help you reach your financial goals. The fourth and final course covers retirement planning and how to use the YNAB software to help you prepare for your future.

Final words:

There are some general things to keep in mind when considering whether online courses for personal budgeting are helpful.

First, consider what you hope to gain from taking a course. If you’re looking for specific advice or guidance on how to better manage your finances, then an online course could be a good option. However, if you’re simply looking for general information on budgeting, there are many other resources available that may be more helpful.

Second, consider the quality of the course. There are many free courses available online, but not all of them are created equal. Make sure to do your research to find a course that is well-reviewed and has been created by a reputable source.

Third, consider how much time you are willing to commit to the course. Some courses are very comprehensive and can take weeks or even months to complete. Others are shorter and can be completed in just a few hours. Consider how much time you have available and choose a course accordingly.

Finally, remember that everyone’s financial situation is different. What works for one person may not work for another. Be sure to take the time to tailor any advice you receive to your own unique circumstances.

The post Online Budgeting Courses for a More Secure Financial Future first appeared on My Blog.

1) Buy cheap food and always cook yourself

The first place where people tend to start saving when budget planning is around food expenses. The reason is simple: if you have time to invest and you want to save money, anyone can start making food savings without any experience, investments, risks, or disappointments. You don’t need to be a skilled cook because you will be the one benefiting from the result, so it’s not like you need to impress anyone with your cooking skills or fancy food. The effort you need to put in is proportional to the level of satisfaction you desire. And usually, a lot of people are willing to give up on a lot of the satisfaction in order to not make too much effort. The most important thing you need to know before you start saving on food is that consistency and habits are the biggest part of the result. If you buy in bulk, you will almost certainly save money, in addition to not wasting extra time and money on multiple trips to the supermarket. If you don’t know how to cook, that’s not a problem. Use YouTube to not only find concrete examples but also recipe ideas that you can cook on a budget. You can also find cooking guides, the only thing you really need is time.

2) Plan what to eat ahead of time

First, try to make a plan to maximize your chance of maintaining it long-term. Choose foods that are satisfying to you and make a weekly meal plan. Make sure you buy food in bulk ahead of time, and cook in advance. Try to avoid getting into a situation where you’re too hungry and you don’t have a cheap option to satisfy your need (aka you need to order takeout). This is one of the most frequent situations that force us to spend much more than we should on food. Even if you manage to get a raise or earn more, if you don’t have a well-established plan and a strict follow-up habit, there is a high chance you will spend all that money (or most of it) on food. I’m telling you this from personal experience. If I think about the last ten years (2010 – 2020), it’s in this sector that I could have saved a huge amount of money.

3) Buy seasonal produce, produced locally if possible

Seasonal produce should be cheaper than foods imported from distant countries. Of course, there are exceptions that we’ll talk about below, but it’s important to know that I’m not talking here about seasonal specialties, which will be a lot more expensive, but about regular seasonal foods like apples, tomatoes, and oranges. Anything growing naturally where you live. Be careful about the first fresh produce of the season, though, because it will most definitely be overpriced. Wait until the market stabilizes and the offer is more abundant, to the level that food risks getting spoiled. That’s when it will probably have the lowest price.

4) Take produce clippings to regenerate and grow your own

If you haven’t had enough food-related advice yet and you think you could do even more, the good news is that you can save a lot in this direction. You just need time, dedication, and soil. What you can do is use clippings and seeds from foods you’re already consuming to plant and grow more. The process is not very difficult, but it’s not for everyone. You need plenty of spare time and patience. If you need advice, you can find a lot of videos on YouTube, including on how to grow all the food that you need on a small piece of land.

5) Avoid places where you can spend money easily

This budget spending hack is mainly to alleviate psychological pressure. Just the mere fact that you’re surrounded by spending opportunities (even if they make sense at first glance) can put pressure on you, a pressure that you can fight only with a trained will and a lot of energy consumption. And don’t forget that everyone’s energy is limited, why would you spend it just to resist temptations? Better to avoid those situations from the get-go. If you make a clear and welcome plan, you will identify all your needs in time and you will be able to ponder a lot more whether a certain spending is a good or bad decision.

8) Live with a roommate

And now let’s move on to housing-related budget spending hacks. One of the biggest savings that you can make is having a flat roommate. This will cut down a lot on your housing expenses. Unfortunately, this option is not realistic for everyone, for example if you care a lot about your privacy, if interruptions really affect your performance, or if you’re a true introvert. But don’t forget, all these luxuries come with a cost, which is reflected in the rent or mortgage price. In addition, if you’re living with a roommate, you might gain some socializing advantages. In case you and your roommate are not a good fit, change them. Nobody is forcing you to live with a certain person. If you don’t like them, build up some courage and just leave. You will put in more effort in selecting people until you find the right match, but once you’ve found one, it will hopefully be smooth sailing moving forward and you will have more advantages than disadvantages.

9) Split subscriptions with friends or family

This brings us to our next budget planning hack. Subscriptions like Netflix, Hulu, or HBO Max can be shared with a roommate, friends, or relatives (brothers, sisters, parents). There are many situations where two people can use the same account. Try it, and if things get too complicated you can always give up. The same goes for online training accounts like Skillshare, Masterclass, or Udemy. You can also look at it from the other perspective: if you think such a subscription would benefit your career but don’t think you could afford it, you could ask your friends or family if they want to participate and access it themselves. It’s not hard to make a schedule so that you don’t overlap, especially when it comes to educational material that you don’t binge-watch like shows on Netflix.

10) Buy second-hand / Thrift

This budget planning hack is not only useful for saving money but for the environment as well. The benefit comes from several perspectives, I’ll show you three exampless. First of all, you will avoid the unethical and controlling strategies of the most popular manufacturers, you won’t encourage them to keep doing the same thing because you aren’t giving them money. You will avoid packaging and transportation, both of which put a heavy toll on the environment. And you will be encouraging local businesses. Money from second-hand shops will probably go to people living in your town, not to a corporation, and then to some shareholders who are concerned just about maximizing profits. But leaving the environment to the side, you will greatly benefit personally because the costs when buying second-hand are much lower. Maybe you’ll be able to even negotiate. Take a look at YouTube for strategies and tactics when buying second-hand. Over time, if you keep searching, you might find some truly unique and extraordinary pieces.

Conclusion:

These are just a small part of all possible budget planning hacks. If you liked them, and want to see more, just bookmark this page and come back in a few months. We will expand them with some new initiatives, but meanwhile, try to put these ones into practice!

The post Budget Planning Hacks for Living Frugally and Saving More first appeared on My Blog.

Budgeting is not a skill that you are born with. It’s more like an acquired taste. Some people are great at managing money from the get-go, while others need to be trained extensively in order to develop these principles. But with time and effort, anyone can learn how to budget. If you have been hunting for ways to improve your financial literacy, we have good news! You can learn budgeting from YouTube videos as well! There are many helpful tutorials on budgeting available online, but they might not be what you expect. Instead of reading through an article or watching some lengthy video clips, you can find short clips on topics like the best ways to manage your cash.

People love watching videos, and many people also love learning about money. These factors set the stage for a perfect storm of popularity for YouTube personal finance vloggers. In fact, there are so many personal finance vloggers that it’s difficult to know which ones are reputable and which aren’t. In fact, most of these videos have some great information in them if you know how to sift through the garbage. They are also much more accessible than traditional sources of financial education like books or blog articles.

Budget with me videos

Budget with me videos is a popular genre of YouTube videos where content creators show off their budgeting and financial planning skills. These videos often include tips and tricks on how to save money, stay on track with expenses, and make the most of your income. They can be an incredibly useful resource for anyone looking to get their finances in order, and they’re also just generally entertaining and informative. Whether you’re looking for some helpful budgeting tips or just want to see how others manage their money, budget with me videos are definitely worth checking out.

Budget with me videos can be useful for a variety of people. For those who are struggling to stick to a budget, these videos can provide some much-needed inspiration and motivation. For those who are new to budgeting, these videos can be a great way to learn about different methods and strategies. And for those who are simply curious about how others manage their finances, budget with me videos can be a fascinating window into the lives of others.

You can find budget with me videos in a few different ways. One way is to search for them on YouTube. Simply enter “budget with me” into the YouTube search bar, and a variety of videos will come up. You can also add a general location or area you live in, like the city or country. This will narrow the search down and bring more useful results.

My money routine videos

Money routine videos are a popular type of content on YouTube. They typically feature someone going through their daily or weekly routine of handling money, often with a focus on saving or investing. The idea is to provide viewers with ideas and motivation for how they can better manage their own finances.

These videos can be helpful in providing practical tips for budgeting and saving money. They can also be inspirational, showing how others have been able to successfully change their financial habits. Money routine videos can be a great way to learn about personal finance, and they can be a fun and entertaining way to get started on your own journey to financial freedom.

You can find “money routine” videos in a few different ways. One way is to search for them on YouTube. Just enter “money routine” into the search bar, and a bunch of videos should come up. You can narrow down the search by entering a time frame, like weekly or monthly, or specific events, like when you are getting your paycheck. Also, you can narrow it down to show those results that break the process into easily understandable steps. These videos can also be found under search terms like “payday routine” or “paycheck routine”.

Videos on how to use budgeting apps

Many YouTube creators post videos explaining how they use the app for budgeting their money, and you can watch these videos to get a better idea about the app you want to commit to for the long term. You can find reviews of popular apps like Mint, YNAB, and EveryDollar, as well as more niche offerings. These reviews can be helpful in getting a sense of which budgeting app might be right for you, as they provide an overview of each app’s features and functionality.

Budgeting mistakes videos, and why a budgeting app does not work

There are plenty of budgeting mistakes videos on YouTube! In fact, there are so many that it can be tough to know where to start. However, some great places to look for these videos include the channels of financial experts like Dave Ramsey and Suze Orman. These channels often have videos specifically devoted to mistakes that people make when budgeting.

Of course, you don’t have to limit yourself to finance-focused channels. There are plenty of general lifestyle channels that also touch on budgeting from time to time. For example, the popular YouTube channel “BuzzFeed Blue” recently did a video called “11 Budgeting Mistakes You’re Probably Making.” This video is a great watch for anyone who wants to get a sense of some of the most common budgeting mistakes that people make.

From overspending on unnecessary items to not tracking your spending properly, there are a number of ways that people can make budgeting mistakes. However, by watching some of these videos and learning from the mistakes of others, you can help avoid making them yourself.

There are a few different ways that you can find budgeting mistake videos on YouTube. One way is to simply search for “budgeting mistake“, “budgeting mistakes”, “why I dislike YNAB”, or “why YNAB does not work for me” in the YouTube search bar. This should bring up a variety of videos on the subject.

Budgeting for beginners videos

There are plenty of budgeting videos for beginners on YouTube. You can find a wide variety of videos that cover everything from creating a budget to sticking to a budget. There are also videos that cover specific topics, such as how to save money on groceries or how to reduce your overall expenses.

Most popular budgeting YouTube channels

There are many popular budgeting Youtube channels, but some of the most popular include:

• The Dave Ramsey Show: This channel features the popular financial guru Dave Ramsey and offers a wealth of information on budgeting, debt reduction, and investing.
• The Budget Mom: This channel is run by a mother who is passionate about helping others get their finances in order. She offers helpful tips and tricks for creating and sticking to a budget.
• Mr. Money Mustache: This channel is a must-watch for anyone interested in learning about frugal living. Mr. Money Mustache offers a unique perspective on budgeting and living a debt-free life.
• The Financial Diet: This channel is all about helping people learn about personal finance and make smart money decisions. The Financial Diet covers topics like budgeting, saving money, and investing.
• Budget Bytes: This channel is all about helping viewers cook delicious, budget-friendly meals. The host, Beth Moncel, shares recipes, cooking tips, and more.
• One Big Happy Life: This channel is all about helping viewers live their best lives on a budget. The host, Cait Flanders, shares tips and tricks on everything from couponing to meal planning to minimalism.
• The Krazy Coupon Lady: This channel is devoted to helping people save money with coupons and deals.
• The Penny Hoarder: The Penny Hoarder is a great resource for anyone looking to save money and stretch their budget. Their Youtube channel features a number of helpful videos on topics like couponing, frugal living, and earning extra money.

Final words

YouTube can be a helpful platform for budgeting advice and tips, as there are many channels and videos dedicated to the topic. Of course, as with any resource, it’s important to exercise caution and critically evaluate the information you’re taking in from YouTube. Not all videos and channels are created equal, and some may offer inaccurate or harmful information. However, used wisely, YouTube can be a helpful tool for learning about budgeting and personal finance.

The post Can You Learn Budgeting From YouTube? first appeared on My Blog.

In personal development, SMART is an acronym that describes how to set goals and objectives to achieve better results. The SMART criteria were first proposed in the November 1981 issue of Management Review by George T. Doran. SMART means specific, measurable, attainable, relevant, and time-bound. As you may have noticed already, in budgeting, you have to set goals as well to achieve better results. In this article, we will try to explore how well this SMART roadmap applies to budgeting and how to leverage it to get the best results.

Understanding the meaning of each letter from the SMART acronym:

• Specific goals are those that are clearly defined and easy to understand.
• Measurable goals are those that can be quantified and tracked.
• Achievable goals are those that are realistic and attainable.
• Relevant goals are those that are aligned with your larger objectives.
• Time-bound goals are those that have a specific timeline for completion.

Here is an example of what a SMART budgeting goal looks like:

And now, let’s break down each step so you can understand it better and replicate it when you do budget planning.

What does “specific” mean when you do SMART budgeting?

When you are specific, you leave no room for error. Being specific means providing as much detail as possible when describing your goal. This can include specifying things like quantity, location, values, or any other relevant information. When you are specific, it means that you provide enough details so there is no room for interpretation.

A few examples of goals that are very specific:

• You want to pay out $10,000 in debt
• You want to put $1,000 in an emergency fund
• You want to buy a laptop so you can work in your spare time
• You want to earn an extra $500 per month from a side hustle
• You want to travel to Hawaii for two weeks next year
• You want to buy a $500 present for your wife’s anniversary
• You want to change the furniture in your kitchen

Vague goals are not ideal because they can lead to a sense of aimlessness. It can be easy to become bogged down or sidetracked if you don’t have a specific goal to focus on. This can lead to wasted time and effort and, ultimately, a sense of disappointment. When you have a clear goal in mind, it is easier to get excited about working towards it. With a vague goal, it can be harder to muster up the same level of enthusiasm and commitment.

What does “measurable” mean when you do SMART budgeting?

Measurable goals are those which can be observed and/or measured. In other words, measurable goals help you to stay on track, measure your progress, and see the results of your efforts. For instance, a goal to “lose weight” is not measurable, but a goal to “lose 10 pounds in 5 months” is. Measurable goals are important because they provide a way to track progress and gauge whether or not you are on track to reach your objectives.

Measuring results is important because it allows you to track your progress and determine whether or not your efforts are paying off. Without measuring results, it would be difficult to know if you are making any progress at all. If you’re not measuring results, you could be wasting a lot of time and energy on something that isn’t actually accomplishing anything.

On the other hand, measuring results allows you to adjust your approach as necessary. If you’re not seeing the desired results, you can make changes to try to improve things. This could involve changing your strategy, altering your tactics, or trying something completely different.

Results provide motivation. When you see that your efforts are having an impact, it’s much easier to stay motivated and keep working towards your goals.

What does “achievable” mean when you do SMART budgeting?

An achievable result is something that can be attained through effort and planning. It is something that is realistic and within reach. An achievable result is something that you can work towards and accomplish.

To understand better what achievable means, I will give you some examples of what achievable is not:

• Getting world champion at chess if you have already bypassed a certain age (meaning you are not very young) and you are just starting to learn
• Becoming a wealthy person overnight
• Becoming famous without putting in any effort
• Losing a significant amount of weight without making any lifestyle changes.

While these goals may be admirable, they are also unattainable for most people. These types of goals are often based on luck or chance rather than hard work and dedication and, as such, are unlikely to be achieved. The vast majority of people will never become wealthy beyond their wildest dreams, or famous, or perfect. That doesn’t mean you shouldn’t strive to be the best you can be, but it’s important to keep your goals realistic.

What does “Relevant goals” mean when you do SMART budgeting?

An aim that is relevant connects with all aspects of your life, including your job, relationships, and desires. Inconsistent or scattered objectives are the opposite of relevant objectives. An objective that is relevant ensures that the objective is aligned with your bigger picture and vision. There’s not much more that can be said about relevancy. Just target something that is not too far away from your current interests and skills. Don’t set a goal just because other people think it’s cool or because it’s trendy.

What does “Time-bound” mean when you do SMART budgeting?

This is pretty simple and straightforward. A time-bound goal is a goal that has a deadline attached to it. This could be a daily, weekly, monthly, or yearly goal. It also can be a particular date, like Christmas, August 15th, or January 1st. The point is that it has a specific timeline attached to it so that you can measure your progress. This is often used in project management to ensure that a project is completed within a certain timeframe, and it can be used as well in budget planning for the same reason. This can either be self-imposed, as in the case of a personal goal, or imposed by someone else, as in the case of a work deadline. Having a time-bound goal helps to increase focus and motivation, as it provides a clear target to work towards.

The benefits of SMART budgeting:

Budget planning offers numerous advantages, including improved financial awareness by integrating income and expenses into a comprehensive plan, fostering accountability, and identifying underlying financial issues. It enhances future preparedness for unexpected expenses, reduces financial stress by providing a clearer understanding of financial capabilities, and aids in effective debt management. Additionally, budgeting supports making informed decisions on borrowing, facilitated by regular savings for essential expenditures.

Practical tips on SMART budgeting:

Short-term vs long-term goals

It is important to distinguish between short-term and long-term goals because it helps you prioritize your actions and allocate resources effectively. Short-term goals are achievable in the near future and often serve as stepping stones towards long-term goals, which are broader and achieved over a longer period. In practice, for instance, a short-term goal might be saving $500 in three months for a new phone. This is specific, measurable, and has a clear deadline. A long-term goal, in contrast, could be saving for retirement. This goal spans years and requires a different strategy, like regular contributions to a retirement account. By separating these two goals, you can create a balanced approach that addresses immediate needs while working towards your future aspirations.

Track your income and expenses

Tracking your expenses is crucial in budgeting because it lets you understand where your money is going. This understanding is key to making informed decisions about where to cut costs or allocate more funds. In practice, you can start by recording all your expenses for a month. For example, keep a daily spending log, including groceries, utilities, and leisure activities. At the end of the month, categorize these expenses (like food, rent, entertainment). This will give you a clear picture of your spending patterns, helping you identify areas where you can save and better align your spending with your financial goals.

Additionally, utilizing budgeting apps like RocketMoney or Acorns can streamline the process of tracking your expenses. In this review of Rocket Money, you’ll find that it’s helpful and easy to trust. It automatically categorizes your expenses, providing clear insights into your spending patterns. This understanding is crucial for effective budget planning. The best physical budget planners might be a suitable alternative for a more tactile approach. Additionally, an honest review of Acorns shows its efficacy in micro-investing, offering a different yet efficient way to manage finances. Using tools like Rocket Money or Acorns can significantly streamline your budgeting process, enabling you to effortlessly monitor financial activities and align them with your financial goals.

Separate fixed from variable expenses

Separating fixed and variable incomes is important in budgeting because it helps accurately forecast your financial situation. Like a regular salary, fixed income is predictable and stable, whereas variable income, such as freelance earnings, can fluctuate. In practice, let’s say you earn $3,000 monthly from a fixed job and around $500 to $1,000 from freelance work. In your budget, allocate essential expenses (rent, utilities) against your fixed income, ensuring stability. Then, use your variable income for savings or discretionary spending. This separation allows for better financial planning and minimizes the risk of overspending.  For more detailed strategies on budgeting with an inconsistent income, consider reading the article “How to Budget on an Inconsistent Income,”.  which offers comprehensive guidance tailored to managing finances with variable earnings.

The 50/30/20 rule

The 50/30/20 rule is a simple budgeting technique that allocates your after-tax income into three categories: 50% for needs, 30% for wants, and 20% for savings or debt repayment. For example, if your monthly take-home pay is $3,000, under this rule, you’d allocate $1,500 for necessities like rent and groceries, $900 for wants such as dining out or hobbies, and $600 for savings or paying off debt. distinguishing between ‘needs’ and ‘wants’ is crucial. Needs are expenses that are necessary for your survival and well-being, such as housing, food, healthcare, and transportation. Conversely, ants are non-essential expenditures that enhance your lifestyle, like entertainment, dining out, and luxury items. A good resource for more in-depth information on this rule and how to apply it effectively is the book “All Your Worth: The Ultimate Lifetime Money Plan” by Elizabeth Warren and Amelia Warren Tyagi, where this concept was popularized.

Zero-based budgeting

Zero-based budgeting allows you to allocate every dollar of your income to specific expenses, savings, or debt payments so that your income minus your expenditures equals zero. For example, if your monthly income is $3,000, you would allocate funds to all your expenses, savings, and debt until you have zero dollars unassigned. This might mean $1,000 for rent, $500 for groceries, $200 for utilities, $200 for transport, $600 for savings, and $500 for debt repayment. For a comprehensive understanding of zero-based budgeting, the book “The Total Money Makeover” by Dave Ramsey is a highly recommended resource. Ramsey offers a detailed explanation and practical tips on implementing this budgeting method.

Evaluate your spending habits

Evaluating your spending in the context of budgeting means analyzing where your money goes and determining if it aligns with your financial goals and priorities. To do this in practice, track all your monthly expenses, categorize them (like rent, groceries, entertainment), and then review these categories to see if any adjustments are needed. For instance, if you’re spending $300 on dining out, you might reduce it to $200 and redirect the $100 to savings. For a detailed guide on evaluating spending and budgeting, “Your Money or Your Life” by Vicki Robin and Joe Dominguez offers comprehensive strategies and real-life examples to improve your financial habits.

Use a budget spreadsheet

A budget spreadsheet is a tool used to organize and track income, expenses, and savings. It typically includes columns for different spending categories and rows for each month or pay period. In practice, you’d create a spreadsheet with columns for categories like rent, groceries, utilities, entertainment, and savings. Each row would represent a month, where you’d input how much you spend in each category. For instance, if your monthly income is $3,000, you might allocate $1,000 for rent, $500 for groceries, etc., and track actual spending against these amounts. When choosing between a budget spreadsheet and budgeting apps, weighing their pros and cons is important. Spreadsheets offer detailed control and customization of your financial data, while budgeting apps provide ease of use, automation, and real-time financial insights. Your choice should align with your preference for either a manual, detailed approach or an automated, streamlined process. For a detailed comparison and insights on the advantages and drawbacks of each method, you can check this article “Budgeting Apps vs. Spreadsheets: Pros and Cons for Both“.

Prioritize paying down debt

This means you should try to allocate a significant portion of your income to reduce and eventually eliminate debts. It is often done by identifying high-interest debts and paying more than the minimum due on them each month. For example, let’s say you have a monthly income of $3,000. Your budget includes various expenses, and you have two key debts: a credit card debt of $5,000 with a 15% interest rate and a car loan of $10,000 with a 6% interest rate. In prioritizing debt repayment, you would allocate more funds to the credit card debt due to its higher interest rate, perhaps $500 per month, while continuing to pay the minimum amount, say $200, on the car loan. This strategy focuses on reducing the higher-interest debt more quickly, ultimately saving you money on interest charges over time.

Have a contingency plan

Having a contingency plan in the context of budgeting means preparing for unexpected financial events or emergencies. This typically involves setting aside funds in an easily accessible savings account. For example, after budgeting for all your monthly expenses, you decide to put aside $200 each month into an emergency fund. This fund is used only for unforeseen expenses, like medical emergencies or sudden car repairs. Over time, this dedicated savings acts as a financial cushion, ensuring you’re prepared for unexpected costs without disrupting your regular budget or falling into debt.

Use cash

This refers to the practice of using physical currency for transactions instead of credit or debit cards. This method helps control spending by making the act of parting with money more tangible. For instance, if you allocate $300 for groceries each month, you withdraw this amount in cash at the start of the month. When you use cash, you can physically see the money leaving your hand, which often makes you more mindful of your spending. One advantage of this approach is it helps avoid overspending, as once the cash is gone, you can’t spend more than you’ve planned. Compared to using credit cards, the cash-only method in budgeting offers a more disciplined approach to spending. Credit cards, while convenient, can make it easy to overspend and accumulate debt due to their “invisible” nature of transactions. In contrast, using cash imposes a natural limit on your spending. When the cash is depleted, it acts as an immediate signal to stop spending, unlike credit cards which allow continued spending beyond your budget. This physical interaction with money can lead to more thoughtful spending decisions and better financial discipline.

Do the budget together

Involve all relevant parties, such as family members or a partner, in the process of creating and managing a budget. This approach ensures everyone’s needs and goals are considered, leading to a more comprehensive and realistic budget. By involving family members, especially in decision-making, you can foster a sense of shared responsibility and cooperation. Moreover, having an “accountability partner” within the family can be beneficial. This person can help keep track of spending, remind others of the budget limits, and support sticking to the financial plan. This collective approach promotes transparency and mutual understanding and strengthens financial discipline among all family members.

Plan for large purchases

To plan for large purchases, set a clear savings goal for the item. Then, break down the total cost into manageable monthly or weekly savings targets. For example, if you want to buy a $1,200 laptop in a year, divide the total cost by 12 months. You’ll need to save $100 per month. Adjust your budget to accommodate this savings goal, perhaps by reducing discretionary spending or finding additional income sources. This methodical approach ensures you can make the purchase without financial strain or incurring debt.

Expect the unexpected

In budgeting, this means being prepared for unforeseen expenses. These can include:

• Emergency medical bills.
• Sudden car repairs.
• Home maintenance issues, like a leaking roof.
• Job loss or reduced income.
• Unexpected travel, such as for a family emergency.

To prepare for these, create an emergency fund for your budget. Ideally, This fund should cover 3-6 months of living expenses and be used only for emergencies. Regularly contribute to this fund to ensure you have a financial safety net for these unpredictable situations.

Don’t be too hard on yourself

The effect of being too harsh on yourself for budgeting slip-ups can lead to discouragement and potentially abandoning your budgeting efforts altogether. It’s important to avoid this because a flexible and forgiving approach allows you to learn from your mistakes, adjust your budget as needed, and stay committed to your financial goals without undue stress. Remember, budgeting is a tool for financial empowerment, not a source of constant pressure.

Conclusion:

While there are many good ways to set a budget, setting a SMART budget is one of the most effective ways to go. The beauty of the SMART budgeting model is that it works well both at the micro-level of monthly spending and the macro-level of your overall financial situation. The more you break down your spending, the more you can see where you can save money and what areas to focus on. Finally, set a time frame for your goals.

As you’re working on your budget, you’ll discover a lot about your spending habits and the areas where you can save money. You’ll also find out just how far you can stretch your money before you have to start cutting back. And now that you have a better idea of what each of the components of the SMART acronym means, go put it into practice!

The post SMART Budgeting – With Tips And Tricks first appeared on My Blog.

When we hear the word “budget”, the first words that come to our mind are sacrifice and misery. We assume budgeting means giving up all the things we love. But that’s not true. In fact, budgeting makes your life better in many ways. That’s because when you track your money and set reasonable spending limits, you can get ahead of your money instead of being trapped in a cycle of debt and desperation. By understanding where your money goes now and getting intentional about how it will be used moving forward, you can spend less than you make and build financial stability so that fear, worry, and stress over money won’t have a firm grip on you. This article will highlight why budgeting is so important for your personal finances and provide some helpful tips on how to create one yourself.

Why is budgeting important? What does the science say?

Research on budget planning is currently rather limited, and the current body of scientific research does not address this issue. Personal finances, setting goals, and financial advice are the primary subjects for most of the available papers. However, there is an interesting research paper conducted at The Eastern Mediterranean University, Famagusta, North Cyprus, titled: Importance of Creating a Personal Budget among Millenials, their Perception and Satisfaction. You can download this paper here, which is a great read. In this study, Millenials were asked about their thoughts about creating their own budget. They surveyed 161 young people and they found out that most of them acknowledge the importance of building a budget. Building a budget is a critical component of their lives. In other words: they already know that budgeting is important. And probably, at a deeper psychological level, you know it as well, and you just want to hear more encouraging reasons, and, why not: to get some extra motivation to do it while on the way. So, let’s get to it:

8 reasons why budgeting is important:

1. Budgeting is important because it completely changed other people’s lives (for the better). Here are a few concrete examples:
   • • It changed Allison’s life after she decided to get her finances under control back in January 2019
     • It changed Rachel’s life, the author of the Money Hacking Mama blog. Here you can read more about her experience and find out why budget planning was an important part of her journey. She includes some specific details, even screenshots of her net worth from 2015 to 2019.
     • It changed Latasha’s life, her actual words: Budgeting Saved Me: How Budgeting Changed My Life. She talks about her journey and gives some step-by-step advice for those who want to tackle budgeting. It is important to get advice from people who have experience in budgeting, and Latasha is certainly one of them.
     • There are way more examples that clearly demonstrate the importance of budgeting; I’ll give you one more, and then I’ll teach you how to find more if you still need motivation and confidence. I believe that concrete examples of people that have already benefitted from budgeting are the best at conveying the importance of budgeting. The next example is a video. It is about how Kaila saved 10,000 in 3 months with budgeting. To find out more examples like hers, do a search on YouTube for “how budgeting helped me”, and you will find plenty.
2. Budgeting is important because it reduces stress and anxiety in your life. When you have a plan for your finances, it can help you feel more in control and less anxious about money. And when you have a clear understanding of your income and expenses, it can help to ease any worries you may have about making ends meet. There is this interesting example in which Dave Ramsey (who is a popular American radio personality, author, and businessman who specializes in helping people get out of debt) talks with one of his show’s listeners about how to deal with anxiety when paying off debt. And if you want more examples that are not from experts but everyday people like you and me, then you should watch this video about how Ryan uses a budgeting tool to minimize his overwhelm and anxiety. It’s important to know that if you find that your anxiety around money is causing you significant stress, then it may be worth seeking out professional help. Dealing with it is not an easy job.
3. Budgeting is important because it will change the way you see and interact with money. When you’re on a budget, you have to be much more mindful of every penny you spend. You start to think about whether or not you really need something before you buy it, and you become much more aware of how much things actually cost. Some people find that budgeting makes them feel more restricted, while others find that it helps them save money and better manage their finances. Budgeting helps you see money in a new way because you will have new information brought forward, information that was not visible before. This can make you more aware of your spending habits and help you to curb any unnecessary spending.
4. Budgeting is important because it will help you stay out of debt. By using a budget, you will be able to see if a certain expense will lead you into debt. You will probably hesitate to make it if you know. Maybe it’s not worth it. It’s our job to control our urges when it comes to taking out loans. Because they look so attractive, you must know how much money you have and how much further you can stretch it.
5. Budgeting is important because it will make you more accountable. Budgeting is a simple and straightforward method of tracking your money usage. You may employ your budget as a tool to motivate yourself to be more responsible. The first step in your journey toward self-accountability is to stop blaming outside factors for your financial problems. You will be able to identify the real causes of your problems. For example, many people who have obsessive spending tendencies might not be aware of them until they see all of their expenditures recorded for a few consecutive months.
6. Budgeting is important because it can help you stop living paycheck to paycheck. The best way to stop living paycheck to paycheck is to start budgeting and saving money. You need to figure out how much money you need to live each month and then start setting aside money each month to cover those costs. Once you have a cushion of savings, you can start working on paying off debt and building up your financial security. It takes discipline and perseverance, but if you’re willing to make some changes in your spending habits, you can get out of the paycheck-to-paycheck cycle. If you are in this case, The Budget Mom has a very good example of how budgeting can work for a person living paycheck to paycheck. She goes through the whole process step by step.
7. Budgeting is important because it will help you save more. For some people, saving money without budgeting is possible because they have a good handle on their finances and know exactly where their money is going each month. They may have a good income and/or be very mindful of their spending, so they don’t need to budget in order to save. However, there are plenty of people that need to budget in order to save because their income is unpredictable or they have a hard time controlling their spending. There are a variety of factors that can affect whether or not someone is able to save money without budgeting, including income, spending habits, and financial goals. If you are one of those who can’t easily save money, then you should give budgeting a try! We even have concrete examples of people who saved money with budgeting: check out Kaila, who saved 10,000 in 3 months, and listen to Erin, who took the lowest salaried job offer and saved 10,000 in 10 months.
8. Budgeting is important because it will help you find out how much you can borrow. By taking a close look at your income and expenses, you can get a better sense of how much wiggle room you have in your budget to make loan payments. You’ll need to calculate how much disposable income you have each month, and then you will have a good idea of how much you can realistically afford to repay each month. In other words, budget planning is essential to knowing how much you can afford to borrow. If you don’t do it before getting a loan, you might find out that you can’t afford it just after you took it, and then you have to suffer the consequences.

The biggest problems with budgeting:

Up to this point, we tried to figure out why budgeting is important, but from a critical thinking standpoint, we should look at the problem from the opposite perspective as well. What are the reasons budgeting might not be as important as it seems? Are there any good reasons?

The answer is yes, there are some good reasons why budgeting is not important; the real question is if they apply to you or not. Let’s dive deeper!

1) The scarcity mindset

There’s a lot of talk these days about the “scarcity mindset” when it comes to budgeting and about how this scarcity mindset can actually work against you. If you focus too much on saving, you will lose the opportunity to think about how to earn more (abundance mindset). And saving will always be limited by the amount you earn right now. And if you don’t earn a lot, focusing more on savings will have diminishing returns. This means that in the first hour you focus and plan to save money, the results might be significant, but they won’t be doubled if you think about savings for 2 hours. And the more you think about savings, the less the impact each hour has on your overall results because what you can save is limited by your income. You can’t save more than you earn. But you can save more money if you earn more. Let’s take an example: you earn $3,000 each month. Let’s say all your expenses are $1,500, and you save $1,500 each month. If you focus all your attention on saving, you might be able to reach $2,000 in savings after a lot of tweaks and struggles. So that is an extra $500 you got for a lot of work and time invested. And it will be increasingly harder to save even more than that without big sacrifices. Compare this with an abundance mindset, in which you save $1,500 each month, but you focus your attention on earning more. In the beginning, you might earn less than you saved in the previous example, maybe only like $100 (because earning more is actually very hard and challenging), but in time, as you become better and better at it, you might earn $1,000 extra, $2,000 or even $3,000 extra. Compare this to the maximum $500 you could earn if you focused only on saving.

Some experts like Grant Sabatier, who is a financial independence expert and the creator of the blog “Financial Mentor”,  the author of the book “Financial Freedom: A Proven Path to All the Money You Will Ever Need”, take a hard stance on this matter and blame budgeting to be the no. 1 thing holding you back from saving as much money as possible. Sabatier has been featured in many major publications, including Forbes, Time, CNBC, and The Huffington Post. He has also been a guest on numerous podcasts and radio shows.

But I think the problem is more nuanced than people would like it to be. And in the end, you can’t really apply this thinking to everybody. It might work wonders for people who consider themselves hustlers, who prefer easier jobs that don’t drain out all their energy so that they work overtime on other projects. But it might not work for people with very fixed career paths and jobs that drain all their energy, like for example nurses, the military, drivers, or construction workers. It might work if you are a security guard, if you have a job where you spend all day standing around, and you come home and you have enough energy to try something new. It might be perfect for you. But surely it is not for everybody. So, take this with a grain of salt. In theory, it’s good advice, but does it really apply to your specific circumstances?

2) Budgeting takes a lot of time. 

Budgeting can take a lot of time, depending on how complex your finances are. If you have a lot of income and expenses to track, it can be quite time-consuming to create and stick to a budget. Habits are the most important things that reduce the time investment required for budgeting. But again, it takes some time and repetition until they are formed. So, even if you consider budgeting important, if you don’t have enough time to do it, especially in the beginning, there is a reasonable chance you will fail. Besides habits, there are more ways to make budgeting quicker and easier, such as using budgeting software or apps, setting up automatic payments, and simplifying your finances. But, let’s not kid ourselves; even with all of them together, it will take plenty of your free time. The minimum time I could come up with would be an hour a week, or even just 15 minutes a day. The key is to be consistent and to track your progress.

Conclusion:

Here are the pros and cons of budgeting summarized in simple words:

Budgeting pros:

• It improves lives
• It reduces stress & anxiety
• Changes the way you think about money
• Can prevent getting into debt
• Makes you more accountable; no bullshit excuses
• Can help you stop living paycheck to paycheck
• It helps you save more
• It helps you know how much you can borrow

Budgeting cons:

• Might put you in a scarcity mindset if not careful.
• Takes a lot of time. Valuable time because you don’t have a lot.

In the end, you can think about it like this: budget planning is a lot like an onion. You can peel away different layers to find the truth.

The post Why is Budgeting Important – Pros and Cons for Budgeting first appeared on My Blog.

Each of us is capable of coming up with that one brilliant idea that will take the world by storm and change everything in the process. So, if you want to become an entrepreneur and you don’t have a concrete idea of what to do, the next step is to narrow down the possibilities a bit. This article provides a broad overview of various types of businesses you can set up as an entrepreneur. I did a lot of research on this topic and I extracted more than 350 entrepreneurship business examples and ideas for starting a new venture. Click on the category in the table below to jump straight to that category and read more examples.

What is entrepreneurship, and what does entrepreneurship actually mean?

Entrepreneurship is the process of designing, launching, and running a new business or enterprise. Individuals who are entrepreneurial are typically characterized as being innovative, risk-taking, and willing to take on challenges. The concept of entrepreneurship has been around for centuries, but it was only in the late 18th and early 19th centuries that economists and other thinkers began to really focus on it as a separate field of study. In the years since then, entrepreneurship has become an essential and central part of many economies. Regardless of how it is defined, entrepreneurship is generally considered to be a positive force in the economy. Entrepreneurship is often associated with innovation, creativity, and the ability to create new jobs and businesses. It can also be a driver of economic growth. And now let’s look at all the major types of entrepreneurship with examples for each case.

To truly get a handle on entrepreneurship, you need to consider its two main components. First, there are different kinds of entrepreneurship, each with its own style and way of doing things. And second, these entrepreneurial businesses can happen in all sorts of industries. It’s about who you are as an entrepreneur and where you choose to make your mark. So we have:

No matter the specific style of entrepreneurship, most entrepreneurs will generally align with one of two broad categories: small business entrepreneurship or large business entrepreneurship. This tends to reflect the entrepreneur’s aspirations, resources, and their business’s size and scale.

• In a small business entrepreneurship, the focus is often local, with personalised service and deep community ties. The bakery on your street corner is a great example. The baker knows his customers by name, understands their preferences, and might even adjust his menu based on their feedback. These entrepreneurs are often deeply embedded in their local community and economy.
• In contrast, a large business entrepreneurship is about scale and widespread impact. These entrepreneurs aim to create businesses that reach beyond local communities, often spanning across countries or even globally. An example is a multinational corporation like Amazon. Jeff Bezos started Amazon with the goal of it being “the world’s most customer-centric company,” aiming to serve customers globally rather than in just one local community.

While these two types might seem different, they both involve the same core entrepreneurial principles: spotting opportunities, being resourceful, and creating value. The difference lies in the scale of their ambition and operation.

Types of entrepreneurship with examples:

• Innovative Entrepreneurship: These entrepreneurs introduce new ideas or improve existing ones. Apple’s Steve Jobs, with the iPhone, transformed mobile technology.
• Hustler Entrepreneurship: These entrepreneurs are hard workers, gradually building their business from the ground up. An example is the owner of a local restaurant who started as a food truck and expanded over years.
• Scalable entrepreneurship refers to a style of entrepreneurship where the goal is to rapidly grow the business. Scalable entrepreneurs often start with a unique, innovative idea that has the potential to serve a large, often global, market. They typically seek venture capital to help accelerate the business’s growth. A few examples would be Google, Facebook or Uber. In each example, the entrepreneurs started with an idea that could serve a large market, sought venture capital to grow quickly, and scaled their businesses to serve customers worldwide.
• Imitative Entrepreneurship: These entrepreneurs adapt successful business models to new markets or environments. For instance, someone might take the concept of Uber and introduce it in a city where it doesn’t exist.
• Research-Based Entrepreneurship: These entrepreneurs often come from academic backgrounds and leverage their research into a business. Biotech startups developing new medical treatments are examples.
• Buy-to-Sell Entrepreneurship: These entrepreneurs start or buy businesses with the goal of selling them at a profit. For example, someone might buy a struggling store, improve it, and sell it for profit.
• Franchise Entrepreneurship: These entrepreneurs adopt a tried-and-tested business model from a franchisor and replicate it. Think of your local McDonald’s or Subway franchise owner.
• Lifestyle Entrepreneurship: These entrepreneurs build a business around their personal interests or lifestyle. An example could be a travel blogger who earns through advertising and sponsored content.
• Serial Entrepreneurship: These entrepreneurs love the thrill of starting new businesses. Once one business is established, they’re off to start another. Richard Branson, founder of the Virgin Group, is a good example with his multiple ventures across different industries.
• Social Media Entrepreneurship: These entrepreneurs use social media platforms to build their business. Successful YouTubers, Instagram influencers, and TikTokers fall in this category.
• Intrapreneurship: These are employees who think and act like entrepreneurs within a company, often driving new innovations or spin-off divisions. An example is Ken Kutaragi at Sony, often called the “father of the PlayStation.”
• Mumpreneur/Dadpreneur: These are mothers or fathers who start businesses, often from home, to balance work with childcare. An example might be a parent setting up a children’s clothing line.

Entrepreneurship business examples for different industries:

Click on any category above to read more examples.

1. Entrepreneurship business examples for online businesses

An online business entrepreneur is someone who creates and runs an online business and is typically someone who is innovative and creative. Experts believe that you need to have a good understanding of technology and how to use it to your advantage in order to succeed in this kind of environment. There are a few key characteristics that are common among successful online business entrepreneurs. First, they are passionate about their business idea and are willing to put in the hard work to make it a success. Second, they are often very good at marketing and promoting their business, as this is essential for attracting customers and making sales. Third, when starting a new business, making mistakes is inevitable. But what separates successful entrepreneurs from those who fail is the ability to learn from those mistakes. So if you want to be a successful entrepreneur, remember that mistakes are part of the journey. Embrace them, learn from them and get more and more experience that can be applied to future endeavors.

Here are some entrepreneurship business examples: translation firm, content creation business, social media management company, SEO company, video editing company, talent recruiting firm, website development business, voice-over creation company, marketing company, vending machine business, affiliate marketing business, aerial photography, advertising company, phone apps building company, website flipping business, YouTube channel creator, content strategy company, custom t-shirt business, podcast network, dropshipping, pet influencer business, web design & development company, Etsy shop, virtual assistant, graphic designer business, IT system consultant business, video creation company, brand ambassador business, digital agency.

2. Entrepreneurship business examples in the food industry:

A food business entrepreneur is an individual who owns and operates a food-related business. Food business entrepreneurs are responsible for all aspects of their businesses, from concept and menu development to marketing and financial management. They must have experience working with food, and be creative and passionate about food in order to succeed in this competitive industry.

Here are a few entrepreneurship business examples: themed restaurant, gourmet popcorn shop, coffee shop, bakery, farms, juice bar, ice cream shop, catering, homemade jam jellies or pickles, nut butter business, artisanal beer shop, chocolate shop, cupcakes & biscuit shop, mobile food van, fast food business, bread & pastries shop, honey shop, fruit and vegetable mart, herbs & spices store, themed pub, frozen yogurt store, aquaponics farm, personal chef.

3. Entrepreneurship business examples in the home services category:

A home services entrepreneur is someone who owns and operates a business that provides services to homeowners. Home service entrepreneurs typically have experience in one or more trades, such as plumbing, electrical work, carpentry, or painting. Some home service entrepreneurs start their own businesses, while others work for existing companies.

Here are some entrepreneurship business examples: house cleaning, garden & lawn landscaping services, painting business, handyman services, pool care, pet sitting, dog training, Doggie Day-care, pet grooming, pet toy maker, massage parlor, subscription box business, plumbing business, pest control business, mobile locksmith, graffiti removal, pet sitting, packing & unpacking business, computer repair shop, Rental property management, soundproofing services, In-home masseuse, pillow designing business.

4. Entrepreneurship business examples for the training / personal training type:

These types of entrepreneurs are those who create and deliver programs that train people on how to become better at something specific. They typically work with a small number of clients and often build long-term relationships with them in order to help them achieve their goals. They usually have a deep understanding of their field, a lot of experience, and are able to translate that knowledge into actionable steps that ordinary people can take to improve their performance.

Here are a few entrepreneurship business examples: personal fitness trainer, cooking trainer, dance teacher, diet planner, homeschooling service, teaching your hobby, language translation business, employee training business, online video courses, test prepping, sewing classes, arts & music teacher, sports coach, fashion design courses, stress management courses, sales training courses, sewing classes, remote tech support business, public speaker, team building business, life coach, meditation instructor, online dating consultant, gaming coach.

5. Entrepreneurship business examples in the childcare & senior care industry:

These types of entrepreneurs often have a passion for working with children and a desire to provide quality care for families and the elderly. They may also have a background in early childhood education or child development. Childcare businesses are booming in the United States, as more and more parents are returning to work after having children. The demand for quality childcare is high, and entrepreneurs who can provide this service are in a great position to succeed.

Here are a few entrepreneurship business examples: nanny, night nanny, children’s party organizer, senior care business, after-school tutoring club, children with special needs daycare business, baby nursery business, retirement community, home retrofitting, mobile salon for the elderly, senior exercise classes, senior travel group business, selling or storing possessions for the elderly, tech training, wheelchair manufacturing, errand services business, chiropractor.

6. Entrepreneurship business examples for the event based & personal care types:

An event planning entrepreneur is someone who plans and organizes events for a living. This can include everything from weddings and corporate functions to birthday parties and other private gatherings. Event planning entrepreneurs must be organized and detail-oriented, and they must have a good working knowledge of the various aspects of event planning, such as catering, decoration, and entertainment. A personal care entrepreneur is someone who develops and sells products and services that help people with their personal care needs. This can include anything from skincare and haircare products to fitness and wellness services. If you’re interested in becoming a personal care entrepreneur, you’ll need to be creative, driven, and passionate about helping people improve their appearance and well-being. Personal care entrepreneurs often have a passion for the products they sell and a strong commitment to providing quality customer service.

Here are a few entrepreneurship business examples: hair stylist, make-up artist, wedding photo & video, virtual events business, rentals for weddings business, cloth alteration business, event planner, mobile disc jockey, greeting card business, cake decorator business, lights and sound service provider, customized gift business, corporate event planner business, outdoor events planner, party supply rental company, organize & manage tours for musicians, exhibition planner, career expo organizer, fashion show planner, festival planner, tattoo parlor, acupuncturist, escape room business.

7. Entrepreneurship business examples for the consultancy type

A consultant entrepreneur is an individual who provides professional advice and assistance to people or businesses. To be successful they should have a lot of experience in their practiced field. They may work with businesses of all sizes, but typically focus on small and medium-sized businesses. As a consultant, they offer advice and guidance on a wide range of business topics, from marketing and sales to finance and operations. In many cases, they act as a sounding board, providing objective feedback and helping to develop strategies for improvement.

Here are a few entrepreneurship business examples: interior decorator, solar energy consultant, personal organizer, yoga instructor, marketing consultancy, business management consultancy, environmental consultancy, nutritionist, personal investigation business, business plan consulting, small business consultancy, childbirth education business, scholarship consulting service, property consultant, SEO consultancy business, UX and UI designing consultancy, WordPress consultancy business, paid advertising consultancy, Shopify consultancy, amazon FBA consultancy, e-commerce implementation consultancy business, tax consultancy, risk management consultancy, Instagram consulting, online security consultancy.

8. Entrepreneurship business examples in the retail industry:

A retail entrepreneur is someone who owns and operates a retail business. Retail businesses are businesses that sell products or services to customers through a physical storefront or online store. Retail entrepreneurship is a risky business venture, as it requires a large investment of capital to open and maintain a retail store. Retail entrepreneurs must also be able to effectively manage their inventory, staff, and finances in order to be successful. However, experience pays off, and the rewards of owning a successful retail business can be great, as retail entrepreneurs have the potential to earn a significant income and build a valuable asset.

Here are a few entrepreneurship business examples: organic food shop, handbag design and manufacturing, shoes design and manufacturing, maternity clothing shop, cellphone cover shop, baby clothing line, summer camp business, sustainable goods shop, plus size clothing shop, locally curated goods shop, organic cosmetic & skincare shop, used goods shop, online thrift store, vape shop business, fashion boutique, used bookshop, collectibles shop, customized gift shop, second-hand IT hardware store, pet store, kitchenware business, drone shop, perfume business, bags shop, footwear shop, gadget & accessories store, gardening tools store, tea shop, hipster clothing brand.

9. Entrepreneurship business examples for the manufacturing type:

A manufacturing entrepreneur is a business owner who is responsible for the creation and production of new products or services. This type of entrepreneur typically has a strong technical background, a lot of experience with physical products, and is able to utilize new technologies to create innovative solutions to problems. In many cases, manufacturing entrepreneurs are able to bring their products to market quickly and efficiently, thanks to their intimate knowledge of the manufacturing process.

Here are a few entrepreneurship business examples: 3d printing business, candle manufacturer, embroiderer business, cosmetics manufacturer, soap manufacturer, hair extensions and wigs manufacturer, carpentry, jewelry manufacturer, tailor, porcelain manufacturer, bag manufacturer, shoe manufacturer, herbal oils manufacturer, microbrewery business, garment manufacturing, crafts making, DIY youtube tutorial business, toothpaste manufacturing, cashew processing business, chocolate making business, recycled materials goods manufacturer, cabinet making, picture frame manufacturer, liquid soap maker, woolen products manufacturing, paper & cloth bag manufacturer, hair accessories manufacturer, custom PC manufacturer, countertop manufacturer.

10. Entrepreneurship business examples for the tourism type:

A tourism entrepreneur is someone who comes up with innovative ideas to promote tourism and attract visitors. They are often involved in the planning and development of new tourist attractions, as well as marketing and advertising campaigns to get people interested in visiting these places. Tourism entrepreneurs need to be very creative and have a good understanding of what people want to see and do on vacation. They also need to be good at networking and building relationships with other businesses in the tourism industry.

Here are a few examples of entrepreneurship businesses: community tour guide, travel vlogging, Airbnb hosting, virtual events organizer, souvenir shop, adventure club, bed & breakfast, canoe and kayak rentals, ecotourism, agritourism, bar lounge, off-road tours, travel photography business, ticketing & reservation business service, translation business, travel agency, glamping host, travel concierge service, bike rental business, bike tour business, campground rental, private snorkel tour, tourist bodyguard business, speed boat rental, corporate retreat coordinator, ski or snowboarding instructor, SCUBA diving instructor, beach equipment rentals.

11. Entrepreneurship business examples in transportation:

A transportation entrepreneur is an individual who initiates, organizes, and manages a business venture in the transportation industry. A transportation entrepreneur is typically involved and has a lot of experience in activities such as shipping, logistics, warehousing, and distribution. Transportation entrepreneurs need to be well-versed in the various aspects of their chosen industry, from regulations to logistics. Transportation entrepreneurs often have a deep understanding of the transportation industry and are passionate about making it more efficient and effective. They are always looking for new opportunities to improve the way people and goods move around.

Here are a few entrepreneurship business examples: auto repair shop, currier business, specialized transportation, insurance broker, car rental, minibus, car wash, driving school, gas filling station, airport transfer company, bicycle rental company, relocation company, logistics company, vehicle towing business, travel agency, vulcanizing service, limousine services, trucking business, car storage, scooter rental, bicycle repair shop, grocery transportation, car & boat re-selling business.

12. Entrepreneurship business examples for the financial services type:

A financial services entrepreneur is someone who creates and provides innovative financial products and services that address the needs of consumers and businesses. Financial services entrepreneurs must be highly knowledgeable about the financial industry, have a lot of experience managing money and possess the ability to identify and exploit opportunities for profit. They must also be able to manage risk and handle the complex financial regulations that govern the industry.

Here are a few examples of entrepreneurship businesses: debt collection service, finance blogging business, tax preparation service, bookkeeping service, online financial courses developer, accounting and invoicing software developer, budget consultancy business, finance podcast, finance coaching business, real estate appraiser, stock market research website, credit repair business, business broker, auditing firm, mortgage/debt-reduction service, digital investment tools developer, digital banking business, personal finance management app developer, fintech consultant, digital wallet app developer, blockchain applications developer, bill reminder app developer. Additionally, we have already reviewed two budgeting apps. Our Truebill review tested its features, evaluating both good and bad aspects, and provided an honest assessment. Similarly, the Acorns review offered a thorough examination, highlighting its strengths and weaknesses in an unbiased manner.

13. Entrepreneurship business examples in construction & engineering:

Construction entrepreneurs typically start their companies from scratch, although some may purchase existing businesses. They typically build their businesses by bidding on and winning construction projects. Once they have a few projects under their belt, they can use their reputation, experience, and track record to attract new clients and grow their business. An engineering entrepreneur is someone who uses their engineering skills and knowledge to start and grow their own business. They are often innovators and problem-solvers and are able to see opportunities where others may not.

Here are a few entrepreneurship business examples: fireplace installations, ceramic tile retailing & installation business, waterproofing services, roof maintenance & repair, junk removal services, manufacturer of blocks and bricks, fencing, bricklaying services, electrical and light fitting, laminate floor installations, welding business, house repair services company, home renovation and remodeling, sprinkler system installation & repair, bathtub reglazing, CCTV installation services, chimney installation & repair, solar panel installation, window installation, construction estimation services.

14. Entrepreneurship business examples in the environmental & sustainability niche:

A sustainability entrepreneur is someone who creates and runs a business with the goal of promoting sustainable development. This can involve developing new technologies or products that are more environmentally friendly or finding ways to reduce waste and promote recycling. It can also involve working to raise awareness about environmental issues and encouraging others to adopt more sustainable practices. Sustainability entrepreneurs are often motivated by a desire to create a positive impact on the world, and they use their creativity and entrepreneurial skills to develop new products, services, and businesses that address environmental and social problems.

Here are a few examples of entrepreneurship businesses: handmade clothing, sustainable event planner, tiny home builder, farmers market vendor, sell water filters and purifiers, environmental law consultant, composting business, thrift store, environmental blog, bicycle tour operator, eco-friendly landscaping, urban agriculture, eco-friendly kids toys, reclaimed wood business, grow and sell your own food, upcycling, sell used books, reusable shopping bags manufacturer, urban garden planner, juice and smoothies bar, green cleaning business, minimalism training & consultant, grow and sell plants, mushroom farm, environmental fundraiser, car sharing service, recycling business, trash collection, packaging design business, sustainable fashion business, tech recycling business, efficient lighting supplier, biofuel production, electronics repair shop, eco-friendly retail business, worm farming fertilizer creation, green florist, eco friendly skin care products manufacturer, carbon offsetting dealer, clothing rentals, sell vintage clothing, green franchise.

Conclusion:

If you need more motivation to start an entrepreneurship venture (besides the entrepreneurship examples above), you could do the following:

• Read stories or watch documentaries about other entrepreneurs and their journey. This can help you see what’s possible and get some ideas for your own business.
• Attend entrepreneurship events or meetups. This can help you network with like-minded people and learn more about what it takes to be a successful entrepreneur.
• Talk to people who have already started their own businesses. They can offer advice and insight into what it’s really like to be an entrepreneur.

While some people are born with natural entrepreneurial ability, anyone can learn the skills and knowledge needed to be successful in business. With the right mix of passion, determination, and hard work, anyone can be a successful entrepreneur!

The post 350+ Entrepreneurship Business Examples & Ideas first appeared on My Blog.