Even though the economy is a hot topic in a general election, few think to focus on their own budgets, according to online newsgroup NY1.
“Less than 22 percent of the country actually has a budget. So when you think about what that means, it means a lot of people are running around uncertain of where their dollars are going or uncertain of how they are going to pay next month’s bills," Alexa von Tobel, LearnVest.com Founder and CEO, told NY1.
About 50 percent of Americans survive paycheck to paycheck, Farnoosh Torabi, host of Yahoo’s Financially Fit, told NY1.
One method of budgeting includes setting 50 percent of your wage aside for necessities, leaving 20 percent for savings and 30 percent for spending, von Tobel told NY1.
"Look at the small purchases as well as the big purchases because a lot of little purchases add up, and the only way you're going to be cognizant of that is to go back and look at a month's spending," Torabi told NY1.