With busier lives, economical struggles and a high unemployment rate, among other things, managing your finances responsibly can be a challenge. While it is a good idea in theory, most people don’t have the time, energy, or know-how to actually do it. This leads to overdrawn checking accounts and a tendency to live paycheck to paycheck, even when it isn’t necessary.

If you are on Well Kept Wallet, then you can probably identify with all of the above. Perhaps your struggle has been going on for longer than you can remember, or perhaps this is new due to circumstances that have just cropped up. We now live in an electronic age so rather than suffer through financial debacles, why not let your phone manage your finances for you?

Here are The 4 Best Personal Finance Apps for Your Smartphone

4. Cash Flow

Image via Google Play

Even in the midst of any financial struggle, how often do you still find the money for the items you want, like the latest cell phone or other electronic? But, when you’re able to keep up with your finances even as you’re spending, you realize that 4g phones quickly pay for themselves. Once you have yours, download Cash Flow right away. If you’re used to manually tracking your expenses by saving endless receipts or if you ever struggle to remember to balance your checkbook, this is an efficient, time-saving app.

With Cash Flow, you’ll have records for everything, the details of the people and companies to whom you’re making payments, your current balance, and your expenses. Keep up with the transactions and payments you make every month as well as one-off payments. The best part is that it’s free, although you can upgrade if you like it.

3. iWallet

Image via Google Play

Keeping up with the income you’re bringing in and the expenses you’re paying out is an effortless process with iWallet. If you need a budget but you’ve never done it before or you’re afraid of is calculating, this app will be invaluable. If you’re always running low before your next paycheck, this app helps you see where your money is going. That way, if you’re spending too much on junk food, need to stop eating out so much, or are investing an exorbitant amount on frivolous items, you’ll know exactly where to cut back so you can stop living your life from paycheck to paycheck.

2. Home Budget

Image via Google Play

Although it’s still smart to keep receipts, you’ll only need them for records, returns, or your taxes if you download Home Budget. It’s a simple app overall, but it serves a huge purpose by keeping up with all your payments as they happen. Updating in real time makes it so much easier to see what you’re spending, when you are spending most often, where you should curb your spending, and why. With Home Budget, you’ll never have to visit the bank or an ATM to check your balances either. Also, you can seamlessly transfer money between accounts or even merge your accounts together, all with just a couple of clicks in Home Budget.

1. Mint

Image via Apple

The Mint.com application is definitely one of the most popular and best personal finance apps around, because it lets you build your own easy-to-follow budgets. Create a budget for eating out, gas, entertainment, luxuries like cable and Internet, or anything else you want to monitor or save for. This app not only keeps track of what you’re spending but also shows you how much you have left on a given budget, and color codes your categories so you’ll easily know when you’re reaching the danger zone. Mint.com even keeps up with your investments and offers helpful stock tips and advice.

Simply put, you don’t have to hire a money manager to learn about personal finance, all you need is a good phone. Have any finance apps helped you become a smarter, savvier spender?

About the author:Jennifer is a freelance writer, working hard to maintain that positive balance in her checking account and helping others to do the same.

10 Ways to Cut Your Grocery Bill

1. Plan ahead

When you go to the grocery store, if you have not planned ahead of time, it can be easy to buy more than you need. Sit at the kitchen table and write down what you need for the month. You could also use a meal planning app to help you figure out what meals you need to plan for each week. This way you don’t buy more than you need and you can have peace of mind that all of the food needs will covered.

2. Use store coupons

Sometimes stores will have an insert in the Sunday paper with coupons that are specific to their store. This can be a great way to save money if you shop at that particular store AND the items are on your list for that week. Here is a little known fact: did you know that you can get Sunday newspaper for $1 at certain dollar stores like Dollar Tree?

3. Use manufacturer coupons

Certain grocery stores don’t have store coupons, however, they do take manufacturer coupons. Not only can you also find these in the Sunday paper but you can also print coupons for free at websites like Coupons.com. Some stores will even go to the extent of making all manufacture coupons $1. So, if you have a coupon for 10 cents off, you can actually get a $1 off instead. Not too shabby, right?

4. Shop around

Comparing the advertisements from different stores can be a sure way to find the best deals around. I am not a big fan of driving to multiple grocery stores, however, if it can save you $10-$20 then it might be worth it. You want to be sure to keep in mind the cost of gas when driving around to different grocery stores. With gas at 3.56 per gallon, it might not make sense to drive all over town.

5. Price match ads from another store

Certain grocery stores even take it one step further. They not only take coupons from other stores but they also price match ads from other grocery stores. This can take some work on the front end to do the research, but it can save you a ton of money over the long haul.

6. Take inventory of what you already have

Have you ever gone to the grocery store to buy an item only to return home and realize that you already have that particular item? If so, try using a Food Inventory List. This way you know what you have at all times and are able to keep from buying items that you already own.

7. Buy store brands

I know that it can be tough to sacrifice name brands from personal experience. However, it can be crucial in order to stick to your budget at times. If you are getting toward the end of the month and you don’t have much money left for groceries, then consider getting the store brand instead of the name brand. For instance, I made the switch with my oatmeal; it is about $2 cheaper and I cannot even tell the difference when it comes to taste.

8. Browse the “about to expire” rack

Many stores will have a special rack dedicated to items that are about to expire. If you have not seen this rack before, ask a store associate where it is located. Often times items will be 50% off and this can be a budget saver when you are cutting it close.

9. Buy in bulk

First I want to mention, don’t buy in bulk just because it is a great deal. You have to make sure that you are going to eventually use the product before it expires. For example, Costco will sell two  gallons of milk that are attached and it is a better deal than just buying one. However, if you cant finish two gallons of milk before the expiration date, then don’t buy it in bulk. It is best to buy items in bulk that you use on a regular basis AND that have a long shelf life.

10. Create a grocery list and stick to it

It can be easy to buy things that you don’t need when you don’t have a list of what you need. Consider having a written list or use an app for your phone like Out of Milk. Then make a commitment to your spouse that you will not buy anything that is not written on the list. This can be a great way to keep yourself from overspending, however, it does take self-discipline.

Do you have any additional shopping tips that you use to cut your grocery bill?

Here is how to create a budget:

1. Gather All of Your Financial Data

This includes bank statements, credit card statements, or any other paperwork that shows your monthly expenses and income. We actually use an online service called Mint.com to track our non-cash expenses. It is a free service that will link all of your financial accounts to one place so that you can see your entire financial picture on one page. This takes a lot of the nitty-gritty detail work out of the equation. Instead of needing to add up all of my vehicle expenses for one month, Mint automatically categorizes those purchases for me. All I need to do is go in and make sure that they are categorized correctly.

2. Begin Adding Up All of Your Income and Expense Items

Whether you manually add up all of your items or let a software program do it for you, this is how you begin to expose any weak areas of your budget. For instance, you may add up your grocery expenses and realize that you spend $700/month at the grocery store. If you are looking for an extra $300 per month to save, pay off debt, or invest, this would be an area you could cut back to achieve your financial goals. If you are looking for ideas, see this post by Lydia at Parents.com called 4 Things I do to keep our Grocery Budget at $200/mo. for a Family of 4.

3. Enter Those Totals on a Piece of Paper

What Kim and I used when we were paying off our debt was what I like to call the Financial Gameplan form. There are 3 tabs on this form. The first tab is instructions on how to use the spreadsheet  The second is the actual Financial GamePlan form where you will enter most of the data. The third tab is where you can enter the detailed expenses of a given category like groceries, vehicle/gas, etc. On the 2 tab you will put the monthly amount you spend in a given category. You should also do the same for your income. If you get paid twice a month than put look at your paycheck and multiply your take home pay times 2. For example, if your take home pay is $1,000 every two weeks, then your monthly income you put in is $2,000 ($1,000 x 2).

4. Involve Your Spouse or Significant Other

This is one of the most important aspects of doing a budget. If your spouse isn’t involved in the budgeting process than it would be very easy for them to spend more every month. Sit down with your spouse and as a couple decide the amount you will budget for each category. There will be areas where he/she will want to spend more, so be flexible.   The objective isn’t to live on as little as possible. You want to have a budget that works for both you and your spouse and that helps you achieve your financial goals. Download our Couples Guide to Money to help you through this process.

5. Keep Your Goals in Mind

Ask yourselves, “what do we want to accomplish financially?” Do you want to have an emergency fund? Maybe you want to save for your kids college or perhaps you want to invest more for retirement. When you are doing a budget, these goals help you to remember “Why” you are doing one in the first place. (See the Importance of Setting Goals)

Have more questions about budgeting? Ask me by clicking here.

Do you find it challenging to not spend money? Does it feel like there is always something to buy every time you get a paycheck? If so, this challenge is for you.

No Spending Challenge

If you want to get on track with your finances then consider this challenge to not spend money. Here are some tips on how to make it through the challenge without going crazy:

1. Create a Financial GamePlan – Planning will be key to ensure that you have all of your needs met while you are on your spending fast.

2. Determine the amount of time that you are willing to commit to not spending money. It could be one day, one week, two weeks, it is up to you.

3. Use a calendar to plan out you what you will need during that time. Some things to consider are items like food, gas, and any bill that might be due in that window of time.

4. Once your gas tank is full, your cupboards are stocked with food, and your bills are prepaid, the challenge begins. If you have credit cards, perhaps you should take them out off your wallet during this time to avoid the temptation of using them.

$100 Giveaway – Cash or Gift Card from Amazon

Are you interested in a chance to win 100 bucks so that you can stock up for your no spending challenge? If so, here are over 30 things you can do to be entered in the giveaway for a chance to win. It is that easy.

10 Ways to Keep from Spending Money

How to Track Your Finances Online for Free

10 Ways to Trim Your Budget

Are you a personal finance blogger and interested in joining the next Giveaway? If so, click here.

Do you want to get a handle on your spending? Have you ever thought about tracking your finances? It is amazing how fast money can disappear if we don’t have a plan. There are many different resources out there to help you manage your finances, however, there is one website that I use that has helped us to become debt-free (except the home).

Track Your Finances Online with Mint.com

This site has revolutionized how I do my budget every month. I used to get my bank statements online and print them out every month. Then I would go down line by line and mark a “V” if it was a vehicle expense, a “HI” if it was a home improvement expense, etc. Then I would put each dollar amount in an excel spreadsheet I created where it would total up all of the expenses. Now that I use Mint, the process is so much easier.

It Automatically Categorizes Purchases

This is probably one of my favorite features. If I shop at a grocery store, it will label that purchase “Grocery”. If I stop at a Gas Station it will automatically label the purchase “Gas”. There are some purchases that won’t populate automatically, but it is super easy to fix this. Mint allows you to create “rules” so that if you shop at a certain place and always want it to be labeled the same,you just create a rule and it will label it for you based on what you tell it. For instance, there is a restaurant close to my office where I meet people for lunch. I decided that I wanted to label this “Deacon Misc” and every time I go there this is how it is automatically recorded in Mint.

Create a Budget for Each Category

One of the best ways to get control of your finances is to limit how much money you can spend on a given category. Without any boundaries it is hard to get anything accomplished because there is no goal. As soon as you set a limit on groceries of $300, now there is a goal that you are trying to achieve. You will be more cost conscious as you walk through the grocery store or perhaps you will cut coupons to make sure you stay under the budget you have set.

Export to Excel

This is a cool feature for two reasons:

1. You can print out an entire month or year of data to be able to get a better idea on how you’re doing with you finances.

2. If you own a business, you can just print out the totals for your business expenses and give it to your accountant when doing taxes. This feature alone will save both you and your accountant a lot of time.

Link ALL of Your Accounts

Have you ever wanted to see your entire financial picture in one place? Well, now you can. You can link all of your financial accounts to your Mint account and it will show up all on one page when you log in. I have it pulling in my mortgage balance, bank accounts, 401(k), and more. You can even link your home to Zillow and it will pull in the estimated value so that you can get an idea of what it is worth in today’s market. All you have to do is log in to the financial account through Mint’s interface and it will go out and pull in the data.

It is Safe and Secure

The site is owned by Intuit who is best known for bringing you Quick Books and TurboTax. Mint uses the same 128-bit encryption and physical security that banks use. Their practices are monitored and verified by TRUSTe, VeriSign and Hackersafe, and supported by RSA Security.

Manually Input Cash Transactions

Perhaps your using the cash envelope system and you want to be able to have that tracked in Mint as well. You can absolutely do that. All I do each month is when I take out a cash from the ATM, I label that transaction by splitting it into categories like groceries, entertainment, etc.  It takes just a matter of seconds to do this and makes using cash even more convenient.

Syncs With Your Phone

Do you want to know if you have any money left in a given category? Let’s say you want to go out to eat and wonder if you have money left in the budget. You can pull up the app on your phone and it will tell you how much you have left to spend for each category you have set up.

If you are interested tracking your finances online for free, find out more at Mint.com.

Do you use Mint and if so, what has your experience been like?

Creatively managing resources is essential if you want to have more fun with shopping, socializing, and enjoying down time. Just as time management is a huge factor, so is budgeting the bill! You need to juggle resources to pay for the cost of living, books, student loans, and still have money left to kick back and rejuvenate doing something fun.

Shopping wisely, scouting for deals, and taking advantage of special discounts is part of the college lifestyle. Following these 5 tips will ensure that you stretch your college dollars further:

Buy Furniture for Next to Nothing

Furnishing a room or apartment is surprisingly inexpensive when you stick to the basics. Retailers such as Ikea and Target carry a wide inventory of office supplies, bedding, and other basic household items that is targeted for frugal dorm room living.

Furniture such as collapsible desks, detachable shelves, and fold-able tables are typically inexpensive. They are also easy to disassemble and pack in a mid-sized car when it’s time to move. If you’re really low on cash, consider buying second hand furniture from Goodwill. Toward the end of the month, the local listings on Craigslist are full of decent furnishings from people who are moving and are in a rush to sell.

Keep the Fridge Stocked with Healthy and Quick Meals

At the end of the day it’s tempting to eat out or grab something prepared from the deli section. Constantly eating on the go leads to malnutrition and an empty wallet. Create a grocery list that includes staples for breakfast, lunch, and healthy snacking.

Preparing lunch is a cinch if you keep items on hand such as deli meat, wraps, bread, salad greens, cheese, yogurt, fruit cups, and condiments. Never skipbreakfast before you head out the door. Not only is it the most important meal of the day, it’s also a quick and inexpensive meal that will help curb temptation to waste money on junk food later.

Create a Budget

The real money management doesn’t begin until you roll up your sleeves and take a hard look at where the finances are going. Outline the essential bills first. These include primary bills such as boarding, utilities, books, car payments, insurance, essential travel and grocery expenses. The money that is left will need to be responsibly distributed between where it is needed the most.

Making goals to pay off student loans while in college can be a motivating challenge when creating a budget. Naturally, you will want to keep your shopping money to a minimum. Just make sure that it is a realistic plan that you know you will follow to increase your chances of sticking to your budget.

Check Prices Online

Try to get in the habit of checking the internet before making moderate sized purchases. Finding the best deals online will save you time and money. A search engine is all you need to compare prices, find sales, coupons, and nearby store locations.

Within seconds you will be armed with knowledgeable shopping information that can save you a few well-needed bucks. Opting for refurbished electronics such as notebooks, e-readers, and smart phones will save you a bundle as well. Check for student versions whenever you buy software.

Find Free Things to do in Your Free Time

There are plenty of free activities to do that are relaxing and fun. Kicking back at your place and hanging out with friends is all you need to unwind and have a good time. Make some popcorn and pick up a DVD at the neighborhood library for something to watch.

When the indoor life finally becomes tiring, get out for some fresh air at the park, beach, or a museum. The more money you save on regular down time, the more you will have for planning bigger events such as a spring vacation.

It pays to network and share your discoveries with other students to find deals where you didn’t think to look yourself. Regularly check in with the school’s financial advisor to learn about new student discounts and grants as they become available to you.

Do you have any other tips to share with us? Please include them in the comments below!

About the author:

Sani Golriz is a community blogger and staff writer for CollegeFocus. You can find CollegeFocus on Facebook at Facebook.com/collegefocus.

Are you looking for some ways to keep you from spending money? Well, you have come to the right place. It can be hard to resist the urge to go shopping or to buy items that you really want. Here are 10 tips to help you fight the urge and help you get your finances in order.

1. Put your credit cards in the freezer

If you have tend to carry a balance every month on your credit card because you don’t have the money to pay it off , then this can be a great solution. Put your credit cards in a container, fill it with water, and then put it in the freezer. Once it is frozen, it will be really hard to get to the cards without damaging them. You will be forced to wait for them to thaw in order to be able to use them. By the time the ice has melted, it is possible that you have lost the desire to buy that impulse item. Can’t live with out the rewards of a credit card? Consider signing up for a cash back debit card that pays up to 2%, you get the rewards without the debt.

2. Sleep on it

When you go to the store, is it hard for you to say ‘no’? If so, implement the 24 hour rule. Tell yourself that you will not buy anything without sleeping on it and giving it 24 hours before purchasing. This will let the emotions settle and let you evaluate your financial situation to determine whether you can afford it or not.

3. Get an accountability partner

Is self-control difficult for you? Consider getting an accountability partner. If you are married, this would be the first person I would look to.  I mean, who better to keep you in check than the person you have teamed up with for life. If you don’t have a spouse yet, that is OK, find a friend or someone who you trust and that can be objective. Don’t ask your close friend who is a shopaholic and has no self-control either. That would be like the blind leading the blind. Find someone who will be honest and that will be tough with you when necessary.

4. Stay out of the mall

If you go to the mall, do you find it hard to walk out empty-handed? If so, stay out of the mall for a period of time. The time that you decide should be tied to a goal that you have. For instance, if you are trying to save for a Starter Emergency Fund of $500, and you think that will take a month to save up, then tell yourself to stay out of the mall for 30 days. This way you have a good reason of why you can’t shop and you know that it is only for a season. You will be more motivated to stay away if you do this.

5. Limit your internet use

Perhaps your challenge is shopping on the internet. You should look at blocking certain sites from your computer. Once again, you can do this for a short period of time in order to achieve one of your financial goals.

6. Reflect on your goals

Do you have any goals when it comes to your finances? Having a goal can be powerful and can motivate you to change your behavior. Here is a list of goals that you could consider adopting:

Get out of debt
Spend less than you make
Establish an emergency fund
Pay for college without taking on debt
Save up money to go on vacation

7. Use the Cash Envelope System

If you froze your credit cards, than this is probably going to be your best option since your plastic is now unavailable. Look at your variable expenses, categories that vary each month, and make an envelope with that category written on it. Then determine an amount of cash to put in the envelope. For instance $250 for groceries. Then only buy groceries with cash out of that envelope. For more details on this, check out How to use the Cash Envelope System.

8. Hang out with frugal people

Generally speaking, you are who you hang around with. If you hang out with people who spend money like it is water than chances are that you do the same. One thing that is important to note is that there is a difference between being “frugal” and being “cheap”. Someone that is “frugal” is conscious that they only have a limited amount of money to spend so they must have a plan when it comes to spending money. Their priority is to be wise when spending money. A “cheap” person is more concerned with getting a good deal just for the sake of being able to say they got a good deal. Which you rather be, frugal or cheap?

9. Create a shopping list

Have you ever gone to the grocery store and spent more than you wanted to? You went in to get 3 items and came out with 10. Well, putting together a list of items that you need and not straying from it will help keep you from unnecessary spending. There are also some handy mobile apps out there that you can use to create a shopping list.  I use Out of Milk for Android and I have found it to be really helpful.

10. Know what you own

Are you notorious for having duplicates of almost everything? You have two copies of the same DVD. You have three hammers because you could find the first two, so you made a trip to Home Depot to get the third. Getting organized can help you avoid this from happening. If you want to know what DVDs you own, spend a Saturday morning arranging them in alphabetical order. If you want to know what tools you have, go through your tool box and organize it so that you can find everything easily.

Do you have any other ideas on how to keep from spending money?

The cash envelope system is a great way to get a hold of your finances. It gives you control over your money and allows you to tell your money where to go. Many people have paid off thousands of dollars in debt using this system. This is how it works.

Start with your budget

Looking at your budget, highlight the expenses that are variable; That is, expenses that fluctuate every month. Some common examples are groceries, dining out, clothing, entertainment, gas, etc.

Label each envelope with the category

Write down the name of each category on an envelope. Some people write the amounts of each transaction on the envelopes as well. If you think that would be helpful, give it a try. As for us, we just write the total amount of cash that goes in the envelope as a quick reference for how much to put in there every month.

Stuff cash in the envelopes

Your budget should dictate how much cash you put in each envelope. For instance, if you have budgeted $300 for groceries, then put $300 in the Grocery envelope. Then do the same for each of the different envelops you have created.

Only use the money in each envelope for that category

It can be tempting to use money from the grocery category to go to the movies, however, then you will likely not have enough money left to eat for the rest of the month. It will take some trial and error. If you realize that a budget set for a given category isn’t realistic, discuss it with your spouse and consider adjusting that category. We have a budget meeting almost every month to go over our finances together as a couple and I highly recommend you do too. If you don’t have a spouse, consider finding an accountability partner. Find someone who is going to help you stay on track and that you trust. Then meet with them at least once a month to go over your finances.

Have a goal in mind

When you are using the envelope system, it can be extremely helpful to have a goal that you are trying to attain. When we started using it, we wanted to pay off $52,000 in debt. Any extra cash that we had left over at the end of the month went toward our goal: paying off debt. Now that we paid that debt off, we want to pay off our mortgage. Keeping this goal in mind, helps us to understand why we don’t want to overspend and gives us motivation to stay within our budget.

Budgeting is becoming more common – Almost 50% of them have a budget! I asked them how many of them do a budget and almost half the room raised their hands. I was blown away as I didn’t do a budget at their age.

Graduating from college without debt is possible – I have talked to a number of students that either had graduated or will graduate from college without debt. It seems people are taking the initiative to work through school, apply for scholarships, or do whatever it takes to graduate without getting student loans. Are you interested in doing this too? Check out How to Graduate College Without Any Debt.

Budgeting can be tough when you are “commission only” – I know this first hand, as I was in a 100% commission job when we were paying off our debt. I had two people come up that were in this situation and I was able to discuss with them How to Budget with a Variable Income.

College students need an Emergency Fund too – I asked the group if any of them had an emergency in the past 6 months and here are some of their responses:

“Does a speeding ticket count?”

“Got kicked out of my apartment and need to find a new place to live.”

“I had to replace three tires on my car.”

As you can see, unexpected expenses happen and you need to be prepared, no matter how old you are. Find out more at The Purpose of An Emergency Fund.

Can you relate to any of these college students?

Kim and I are in Singapore this week visiting friends. We saved up for 18 months to make this trip happen and we have finally arrived. The weather is a little more humid than we’re used to but the island is beautiful and the people are great.
In the midst of our travels I thought I would share 5 things you can do to get the most out of your vacation:

1. BYOF (Bring Your Own Food) – It is amazing how much food costs in other places. If you can bring your own snacks, like protein bars, trail-mix, etc; That can save you a lot of money in the long run. Bringing your own drinks, can be a money saver as well. At the Singapore Zoo, the bottled drinks were $3.00 each, where the same drink only cost $1.25 at the local 7/11.

2. Pay Cash for it – There is something to be said for being able to pay cash for a vacation. It says, “I can afford it.” Generally speaking, if you don’t have the cash to pay for something, you can’t afford it. You have to resort to borrowing money from someone else to pay for something you can’t afford at the moment. I recently introduced to you the Countdown Fund, which I think is the best way to save up and pay cash for a vacation.

3. Google it Beforehand - Search on the internet to see what there is to do in the city you are visiting. We did this recently before our trip to Singapore. We were able to come up with a ton of options, one of which we just did yesterday, visiting the Singapore Zoo. I usually will type something like “Top 10 things to do in Singapore.” The way I see it, if someone spent time to research a place and has been there, they might be a good source of information.

4. Buy in Advance – Plane tickets and hotel rooms can be very costly. The earlier you can buy them, the better. This takes planning and having money already saved up in the bank, but can save you hundreds, if not thousands of dollars.

5. Set a Budget- Don’t just fly by the seat of your pants, because that can be dangerous and  not fulfilling in the end. If you make a plan and stick to it, it is amazing how much more liberating that can be. “How is it liberating?” you may ask. Because you know that you have the money to pay for everything you want to do. You don’t have to wonder how you are going to pay off the credit card you put the trip on at 14.95%. Or you don’t have to worry about how you are going to pay the bills when you get home. If you set a budget, and say you have $1,000 to work with, then you know exactly what you can AND cannot afford.

What other tips do you have to get the most out of your vacations?