Tips & Advice
- The Actual column is for recording what you are actually spending and saving each month.
- The Plan column is for your spending and savings plan for each month. It is a tool for you to create a budget to follow in your current month and reflective of your current financial life. You can easily compare what you planned to spend and save each month with what you are actually spending and saving each month. This is a great way to see if you can afford to make a purchase or if you can just pay for a purchase.
- The Dream column lets you make big adjustments to your income or expenses or both and see what your financial life could look like. It is useful when you are thinking about making a major change like buying a new house or earning more income. It can also help you to see what income targets you need to hit to live the financial life you want to live. The dream column is about creating goals and seeing what different financial options look like on a monthly basis.
- When you record a purchase and put it in to a specific area of your budget, rethink what the purchase was about. If you went out for drinks with a few friends, was it a food and beverage expense or was it entertainment?
- A common budgeting myth is that budgets are for people who do not have a lot of money. Tuskfund is for everyone whose finances can no longer fit in his or her head. Treat yourself like a company. Microsoft earns over 65 billion a year in revenue. What would happen if they decided to stop keeping track of expenses? If they just decided to “not worry about that”? Budgets are for everyone regardless of income.
- If you are unsure if you should make a purchase, use Tuskfund to figure out if you can PAY for the expense or AFFORD the expense.