Aside from creating a global public health crisis, the COVID-19 pandemic has also devastated most economies and wreaked havoc on personal finances. Many people around the globe, not to mention those who lost their jobs, felt the financial impact.
Regardless of your situation, it is practical to evaluate and prioritize budgeting tactics in this time of crisis. Short term or long term, you can learn how to budget your finances with the help of a graph maker.
We understand that seeing numbers and percentages can be a little bit overwhelming, especially if you’re not particular about your financial situation. Therefore, we want you to look at spending and budgeting a little differently — through budget charts.
And with a graph maker, you can create a pie chart on monthly expenses for your family (or yourself) in just a few minutes. With these online graph makers, you can effectively organize and manage your finances — where your money should go and where it went.
How Do Charts Help You Stick to Your Budget?
Now, let’s look at some notable points on how budget bar graph maker or line graph maker help you successfully plan your finances during this pandemic.
They Help You Keep Track of Your Finances
If you’re new to budgeting, you may need external help from other resources to keep track of your finances. First, you need to quickly comprehend your liquidity, cash flow, budget, and expenses. With the help of a visual representation of data, such as graphs and charts, you can carefully study your finances and know where to focus on.
They Help You Stick to Your Budget
When creating budget charts, you can review the expenses you tracked and compare what you spent during the previous timeline. If you overspent, you could then refer to your chart and look for an area or category where you may cut your spending. In this way, you can exercise and learn from teaching expenses, which can help you save or allocate more to your savings.
They Reveal Your Spending Issues
With a chart, you can identify your expenditures throughout a timeline. Thus, it makes you more aware of your spending habits. For example, you learn from your tracking expenses chart that you have been buying loads of clothes (which you are probably not using yet because you are locked down due to the pandemic). So, you rethink your spending habits and realize that you might run out of money by the end of the month if you keep spending on clothes you can’t really use yet.
Remember, if you don’t know where your money is going, you won’t spot your negative spending behavior. So, if you want to avoid this, you can check out these chart templates. You can edit these chart examples to track your expenditures.
Sometimes, tracking your expenses is not enough; labeling these could remind you to save money. For instance, you can put a small reminder to avoid spending your money on a specific category. You can use this chart template below if you want to follow this good practice.
They Push You to Make Changes
For many people, the pandemic has caused massive financial stress as their work hours were reduced, their monthly expenses soared beyond their earnings because they had to buy supplements in bulk to keep their immune system strong. As a result, prices have skyrocketed, and so on. With this in mind, you might need to make lifestyle changes like getting another job to earn more money or moving to a more affordable residence.
They Help You Meet Your Financial Goals
Once you’ve managed your spending habits and learned how to stick to your budget with the help of your charts, you can then make strides toward your financial goals. As a result, you’re more likely to meet your financial objectives, especially if your spending matches your priorities. For example, you’ve already paid your debts. Then, you can start on your primary financial goals, such as investing for retirement, health insurance, or startup business!
Use the Best Graph Maker to Keep Track of Your Expenses
This is a no-fuss approach — use Venngage’s free graph maker for your budget charts. Our graphs and charts offer colorful designs that effectively illustrate your spending habits. Not only that, you can quickly enter your data in hundreds of templates available in our system. Need to change the theme or drag some icons in the template? Easy as counting to three! Our website’s tools are easy-to-navigate and are beginner-friendly.
So, give the pen and paper, online spreadsheets, and budget applications a miss! You can get creative when it comes to tracking your budget with Venngage. All you need to do is create an account with us to access chart templates. We also care about how you can save more, and that is why we are also offering our tools and templates for free!
- About the Author
Alex Grigoryan is a Professional Home Improvement and Lifestyle Writer. He has been in the industry for over 6 years and has been writing for Chique Home Living since 2019. His work has been featured in prestigious blogs such as Spruce Home, Better Homes & Garden, and more.