My Bills budget planner (2024)

FAQs

What is the best program to keep track of bills? ›

MoneyPatrol is one of the best software to keep track of bills. MoneyPatrol provides users with customizable reminders and notifications to ensure that bills are paid on time. Users can set up reminders for upcoming bill due dates, allowing them to stay proactive and avoid late payments.

Try the 50/30/20 rule as a simple budgeting framework. Allow up to 50% of your income for needs, including debt minimums. Leave 30% of your income for wants. Commit 20% of your income to savings and debt repayment beyond minimums.

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

Create a Comprehensive List of Bills. Making a list of bills to pay is one of the best tips to keep track of bills and payments. To make an effective list, start by gathering details about your bills. This includes the biller's name, amount due, due date, and frequency of the bill.

Rocket Money (formerly Truebill) is your primary financial control center. The app automatically tracks different accounts and helps you navigate your finances each month in order to provide a clear picture of your income and expenses.

50% of your net income should go towards living expenses and essentials (Needs), 20% of your net income should go towards debt reduction and savings (Debt Reduction and Savings), and 30% of your net income should go towards discretionary spending (Wants).

The 70-20-10 budget formula divides your after-tax income into three buckets: 70% for living expenses, 20% for savings and debt, and 10% for additional savings and donations. By allocating your available income into these three distinct categories, you can better manage your money on a daily basis.

Put 60% of your income towards your needs (including debts), 20% towards your wants, and 20% towards your savings.

Living on $1,000 per month is a challenge. From the high costs of housing, transportation and food, plus trying to keep your bills to a minimum, it would be difficult for anyone living alone to make this work. But with some creativity, roommates and strategy, you might be able to pull it off.

How to live on 2000 a month? ›

Housing and Utilities

Housing is likely your biggest expense, so downsize or relocate somewhere with a lower cost of living. Opt for a small space or rental apartment rather than homeownership. Shoot for $700 or less in rent/mortgage. Utilities should run you no more than $200 in a small space if you conserve energy.

As a result, it's recommended to have at least 20 percent of your income left after paying bills, which will allow you to save for a comfortable retirement. If your employer offers matching 401(k) contributions, take advantage so you can maximize your investment dollars.

If your mobile provider doesn't tack on additional fees to pay with a credit card, this is an opportunity to earn cash back or travel rewards. Even better, opt for a card that earns 2% back on all purchases, or a card that offers a higher ongoing rewards rate for cell phone bills.

The average monthly expenses for one person can vary, but the average single person spends about $3,405 per month. Housing tends to consume the highest portion of monthly income, with the average annual spending on housing at $1,885 per month per person.

If you're 30 and wondering how much you should have saved, experts say this is the age where you should have the equivalent of one year's worth of your salary in the bank. So if you're making $50,000, that's the amount of money you should have saved by 30.

Consider an individual who takes home $5,000 a month. Applying the 50/30/20 rule would give them a monthly budget of: 50% for mandatory expenses = $2,500. 20% to savings and debt repayment = $1,000.

Spend 50% of your income on 'needs'

Needs may include things like: Monthly rent or mortgage payments. Household bills (for example electricity, gas, water, broadband, or Wi-Fi)