I don’t know about you, but for Allyson and me, the word brings grimaces and a feeling of dread. Do you really want to stress out over every penny you spend? You’re doing fine as is, right? Truthfully, it never feels like there’s enough to go around.
While it may feel like you’re getting by just fine without budgeting, and you dread the prospect of sitting down with a calculator and tallying up everything you spend, budgeting is how many individuals learn to be fiscally responsible and live comfortably within their means. Under normal circumstances, budgeting is a good idea, but it is especially imperative now. With so many layoffs and an uncertain future, budgeting is what is keeping many families afloat.
Because our economic situation has changed I needed to find a way
I lost my job due to the pandemic (I worked in the travel industry which has been hard hit), so I’m job hunting. In a matter of days, we went from being a two-income family to a one-income one temporarily. It’s very scary to think that there won’t be enough to pay the bills right now, so I needed to get serious and figure out how to manage the money that we do have coming in right now.
Enter Pigly.com, a nonprofit personal finance guide that calculates your budget for any number of financial responsibilities or debts you may have acquired, or just for day to day living expenses. They have a collection of calculators for budgeting, building your savings, saving for retirement, and so much more. If you don’t see a calculator that meets your needs then you can request a custom calculator via email at firstname.lastname@example.org.
There are different options for budget calculators that are preexisting that show you how to create a budget. These include account reconciliation, cash flow, irregular payments, budget planner, and paycheck estimator. Because our income is less, we were concerned about making sure that we could budget with what we have. Through the budget planner calculator, Pigly.com helps you create a budget that is mapped out for you. It gives you percentages on every area of personal expenses, including food, clothing, personal, and even charity, among others. These percentages vary for each individual and can be changed to meet your specific needs. Pigly is helpful enough to give you a few examples of what may need to be adjusted in your percentages to get you off to the right start (or to pull you through a situation like we’re in now).
Giving it a try
As you can see I simply popped in our income (FYI – this is not our actual income, I just wanted to test it) and saw exactly how much we should be spending on what. Knowing that our mortgage was much higher than the low number I panicked until I realized that I could use the calculator to tweak what we spend on some of the less essential things like recreation and clothing.
Seeing your budget in front of you helps you know EXACTLY where the money is going.
Less sleepless nights worrying about “How will we do this?”
Setting up a budget for yourself will provide you with peace of mind and help to get through these tough times. You will stress less over money, knowing exactly what you can or cannot spend. You can save up for crucial things such as emergencies, retirement, and your child’s future. You can finally mark “getting your finances in order” off your to-do list. You can save to pay off debts sooner. If that is not enough to get you interested, consider that once you have the necessities in hand you can begin to focus on saving for wants, instead of just needs. You can work in the occasional splurge without breaking the bank. Having a steady, growing savings account can also benefit you monetarily, as these often accrue interest over time. Budgeting can be hard, but Pigly makes it easier for you by showing you how to create a budget, along with helpful tips and advice to encourage you towards financial security.
We are thinking about you
Please stay safe and make use of the budgeting tools available at Pigly.com to help you through not only these tough economic times but also to achieve your financial goals after.