With inflation on the rise, the purchasing power of the average consumer’s dollar is dropping quickly. According to the New York Times, consumers’ disposable income, or gross income less taxes, dropped nearly 2 percent in June alone. Adjusted for inflation, this amounts to about a 2.5 percent drop.Such a rapid tightening of the economic belt has made careful budgeting even more important than it has been for many households. Budgets, however, can be extremely time-consuming to create. An added challenge is that you often have to know roughly how much you’re already spending on each expense in order to cut back.
There is some good news for the consumer, though, because a new wave of online personal banking technology is making budgeting easier than ever before. Most major online banking Web sites offer a “my portfolio” option which keeps track of exactly where your money goes when you shop with a debit card.
Other Web sites, such as mint.com, are devoted exclusively to personal budgeting. Mint.com allows visitors to keep track of all of their finances including bank accounts and credit cards. The site also allows visitors to see exactly where every dollar goes. Best of all, these services are totally free.
If you haven’t already made an online budget, go ahead and try using one. Chances are, you’ll be unpleasantly surprised at how much you’re paying for insurance, utilities, cable, or your cell phone -- just to name a few expenses.
Find the money burner in your budget and see if Consumer United can get you a better deal.
--Bridget O'Sullivan
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