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​Budgeting Tips from Your Denver Accountant

January 18, 2017

When it comes to your budget, how on top of things are you? Do you live paycheck to paycheck or do you make room for savings and future planning? No matter what your financial situation, there is also room for improvement! One of the best ways to handle this is to assess your certain situation and review where you would like to be. Utilize some of these tips from your local Denver accountant to transform your finances and get you back on track if you need it!

Lay it all out on the table

One of the top things you can do when making tweaks to your budget is to see how much you are spending. If you do not track each expense in a checkbook or online, set 30 minutes aside to find out what’s coming in and what’s going out. If you participate in online banking, this is an easy way to see what’s going in and out. Scroll through your entire month and document all your bills. Next, look at how much you are spending on groceries, entertainment, shopping etc. Assess your situation and see if there are any changes you can make or areas you can cut back to save? Ideally, you should have around $500 available for emergency savings.


Technology has made it easier to stay on top of your finances. Online banking allows you to pay attention to your bank account. Many banks even offer the ability to send all your payments automatically through your online checking account. Several bill sources will even provide discounts for those who choose to enroll in an auto-pay service. Regardless, it takes care of your bills for you and you never have to worry about a late payment. Just be sure to keep tabs on how much is in your account so you do not go into the red. Also, does your credit card work for you? Many credit cards offer rewards and cashback. If you primarily use a credit card, consider applying for one if you feel you have a chance to qualify. This will all factor on your credit score, debt-to-income ratio, how many places you have applied for and if you have been late on any bills. Last, check out apps that help you track all your spending.

Creating a budget

Taking all the above into consideration, it’s now time to create a budget! If you already budget and are just looking for a tune up, review all your finances and make changes. If you are new to budgeting, look into the 50-20-30 rule. Forbes’ explains in their New to Budgeting? Why You Should Try the 50-20-30 Rule, that 50 percent of your income should go towards your daily living expenses and necessities. This is your rent or mortgage, utilities, food, etc. Next, 20 percent of your income should go towards your financial goals. They explain this could be paying down debts from credit cards or loans, saving, etc. Last, 30 percent of your income can go towards anything else, whether it’s dinner out, seeing a movie or shopping for clothes.

With tax season around the corner, be sure to check out these six smart ways to spend your Denver tax return. For any of your tax needs, Bloch, Rothman & Associates is your go-to agency. With the premier quality service you will receive from us, we will help you get the most out of your return. Contact us at 303-321-7160.