The golden rule for finances is to spend less than you make. This is truly the basics of financial literacy. That is much easier said than done, however. When starting with any type of money management, we need to identify what money is coming in via income, side hustles, passive income, etc… and what is coming out via expenses. <\/p>\n\n\n\n

The easiest way to stay on top of this is with an excellent budget. There are several successful budgeting tactics out there, and ultimately the one you stay consistent with is the one I would recommend. <\/p>\n\n\n\n

What budgets are for is to create more financial margin. Financial margin is available to you regardless of your income and expense levels, but it can’t be obtained without a proper budget. <\/p>\n\n\n\n

Trying to find financial freedom without a budget is like putting all your money down on red at the casino; it could work, but as my granddad used to say, “They don’t build those big glamorous buildings because they lose money.” <\/p>\n\n\n\n

Regardless of the system you choose (I prefer 50-30-20 or the Zero-out method ), here are a few things to consider to ensure a successful budget.<\/p>\n\n\n\n

• Track your expenses and income<\/li>
• Spend less than you make — all about the margin<\/li>
• Understand your relationship to money<\/li><\/ul>\n\n\n\n

  For more information on making a successful budget, check out our article here!<\/p>\n\n\n\n

  Bank Accounts — Savings vs. Checking<\/h3>\n\n\n\n

  Banks provide us with several valuable services but arguably none more helpful than the humble bank account. There are several different bank accounts available to you, but we will focus on savings and checking accounts today. <\/p>\n\n\n\n

  Savings vs Checking Account<\/h5>\n\n\n\n

  If you are still burying your money or putting some money in your mattress, I’m here to tell you there is a better way. Both savings and checking accounts offer safety, convenience, and accountability. <\/p>\n\n\n\n

  <\/td>	Checking Account<\/td>	Savings Account<\/td><\/tr>
  Purpose<\/td>	Everyday Use\/Bill Pay<\/td>	Future Goals\/Expenses<\/td><\/tr>
  Average Interest Earned<\/td>	.03%<\/td>	.06%<\/td><\/tr>
  ATM\/Online Access<\/td>	Yes<\/td>	Yes<\/td><\/tr>
  Card Access<\/td>	Yes<\/td>	No<\/td><\/tr>
  *FDIC Insured<\/td>	Yes<\/td>	Yes<\/td><\/tr>
  Fee Structures<\/td>	Higher with more flexibility<\/td>	Lower Fees but come with restrictions<\/td><\/tr><\/tbody><\/table>