Mastering Your Money: Budgeting and Investing for the Long Haul

You've built a budget and stick to it every month, but you want to do more with your money. Sounds like you’re ready for budgeting next steps! 

In this article, we’ll guide you through building long-term budgeting habits and offer ways to empower your financial future. So, watch your hands and feet, and make sure your budget is firmly in front of you because today, you’re taking a one-way trip to becoming an expense-tracking expert. Let’s get started!

(Need to build a budget or want a refresher on smart budgeting habits? Head over to our Budgeting 101 article, or check out our entire budgeting series.)

The Expense Tracking Express

The last step in Budgeting 101 [link] is so important, it’s the first step to becoming an expense-tracking pro. The more frequently you return to review and revise your budget, the more accurate it will be. Treat each month as a new opportunity to monitor your expenses and adjust your budget accordingly. 

Here are some great tracking techniques to level up your budgeting:

1. Use a budgeting app. Work smarter, not harder— make your life easier with a budget-tracking app! These apps are designed to keep you on course and eliminate the busy work. Not sure what bells and whistles you need and what’s too much? Ease into it with GreenPath’s budgeting tool.
2. Keep receipts and review them regularly. Just like bank statements, it’s good to get in the habit of reviewing your receipts to make sure you’re staying on course. If you’re not careful, those small purchases can add up!
3. Find areas where you can cut back. Do you volunteer to drive to every social event and spend a ton on gas, or jump at the opportunity for a spontaneous movie night out with friends? It’s easy to lose track of how much money you spend, especially when you’re having fun. Try categorizing your expenses—food, transportation, entertainment—to find areas where you can cut back. 

Once you feel comfortable with your budget, it’s time to branch out! Let’s look at different ways you can empower your financial future.

Investing Insights

Investing may seem daunting, but it’s really about making your money work for you. Start with low-risk options like index funds and bonds. And remember, the key to investing is diversification—don't put all your eggs in one basket!

Want to talk to an expert about what investment is right for you? EdiFi is partnered with Mercer Wealth Management, LLC to help you kickstart your investment journey and empower your financial future. Work with a knowledgeable advisor who will help you identify your goals and create a plan to achieve them on your timeline.

Retirement Planning

Another great way to empower your financial future is retirement planning. We know, we know: Retirement feels like a lifetime away! But it’s never too early to start saving— trust us, your future self will thank you. 

Make sure you’re investing a suitable percentage of your monthly salary into a 401k or other retirement plan if you have one. You can also invest in your future through our IRAs.

Still struggling with where to begin? If everything is starting to look like alphabet soup, don’t worry, we can help! Whether you’ve done your own research or want to talk to an expert about your options, EdiFi has the tools to help you grow. 

And we aren’t your only resources! Financial education isn't finite; chances are your family or friends have experiences you can learn from. Ask around and start empowering your financial future today.

Ready to dive deeper into the world of money management? Check out the rest of our budgeting series for articles on adapting to a changing financial environment and more!