Budgeting can be a daunting task, especially when you are living from one paycheck to the next. With the rising cost of living and energy bills, it can be challenging to make ends meet. According to the Debt Management experts at Intrum, 40% of people struggle to make it through each month and have no savings at all. However, with the right tools and mindset, budgeting can become a manageable and even enjoyable task. One such tool that can make budgeting easier is an iPad, and what better place to do it than by a window, where you can enjoy the natural light and a beautiful view.
Adrian Murphy, CEO at wealth management firm Murphy Wealth, believes that when things get tight financially, people tend to overspend and use credit cards, which can lead to debt. He suggests a budgeting lifestyle hack that can help manage your finances effectively. This budgeting method is known as the 50/30/20 rule, and it can be easily implemented using an iPad by a window.
The 50/30/20 rule is a simple and effective way to budget your income. It divides your income into three categories – needs, wants, and savings/debt repayment. Let’s take a closer look at each category and how an iPad can help you manage them.
50% of your income should go towards your needs. These include essential expenses such as rent/mortgage, utilities, and groceries. Murphy advises starting by assessing your income and identifying your needs. This will help you determine how much you can allocate towards each expense. With an iPad, you can easily track your expenses using budgeting apps and stay on top of your bills. You can also use the iPad’s calendar to set reminders for bill payments, ensuring that you never miss a deadline.
30% of your income should be allocated towards your wants. These are non-essential expenses such as dining out, entertainment, and hobbies. Murphy suggests using this money to have a bit of fun and do the things you enjoy. With an iPad, you can easily track your wants and see where your money is going. You can also use the iPad’s camera to take pictures of receipts and keep a record of your expenses.
The remaining 20% of your income should be used for savings or debt repayment. Murphy emphasizes the importance of clearing your debts first if you have any. With an iPad, you can use budgeting apps to create a debt repayment plan and track your progress. You can also use the iPad’s calculator to calculate interest rates and see how much you can save by paying off your debts sooner. If you are fortunate enough to not have any debts, you can use this 20% towards building an emergency fund. With an iPad, you can set up automatic transfers to your savings account, making it easier to save consistently.
If you are struggling with debts, Murphy recommends reaching out to StepChange, the UK’s leading debt charity. They can provide you with free and confidential debt advice and help you create a plan to become debt-free.
Budgeting on an iPad by a window can be a game-changer. Not only does it make budgeting more accessible and convenient, but it also allows you to enjoy the natural light and a beautiful view while managing your finances. Murphy also suggests using banking apps to analyze your spending habits and identify areas where you can cut back. This can be eye-opening and help you make better financial decisions in the future.
In conclusion, budgeting is a crucial aspect of managing your finances, and an iPad can make it easier and more enjoyable. By following the 50/30/20 rule and using budgeting apps, you can take control of your finances and work towards a better financial future. So, next time you sit down to budget, grab your iPad, head to a window, and enjoy the process. Remember, with the right tools and mindset, budgeting can be a positive and empowering experience.
