Managing your money better is the sure-shot way to build wealth and achieve financial freedom. To do that, you need to understand the basics of personal finance. This process starts with learning how to budget. While budgeting may look like a simple thing, there are some nuances to it that can help you build wealth quicker. You can learn them all from the best budgeting books written by money management experts.
Reading different books on budgeting is like injecting new financial knowledge into you every once in a while. Besides, the different approaches given in these budgeting books could guide you in the best direction and help you figure out the right budgeting model.
When it comes to budgeting, there are several different models available. I’ve covered them all in a different article here. In this article, we are going to find out what the experts have to say about money. You must understand that their teachings are not just limited to budgeting strategies.
From explaining why you must budget to giving you detailed insights on dealing with money, these books have the power to transform your life. Even if you couldn’t read everything listed here, glancing through at least a few of them will give you some great ideas about how to get your finances back on track.
Related Article: 12 Basic Budgeting Tips to Increase Your Wealth
1. The Total Money Makeover by Dave Ramsey
Dave Ramsey is a household name in the United States. His methods are direct, and he doesn’t beat around the bush to get you to do a simple thing. This book is exactly that. From advice on how to get rid of debt to improving your overall financial posture, this book guides you with every aspect of money management.
Some of the popular budgeting strategies like the cash envelope system of budgeting and the snowball method of debt payment are discussed here. You can read more about Dave Ramsey’s other strategies of finance and wealth management online. You can also check out his radio show where he discusses different aspects of personal finance.
2. Broke Millennial by Erin Lowry
If you are a beginner completely lost with personal finance, this is the book for you. Among the best budgeting books suitable for absolute beginners, Broke Millennial is a key one. While budgeting is certainly discussed here, this book offers insights on a lot more including paying off debt, handling a credit card, managing our credit score, and more.
As the title implies, this book is written specifically with millennials in mind. The unique money problems faced by today’s generation are discussed here in detail. From mental blocks preventing you from getting rich to the tools you can use to create wealth, this book provides some great solutions for getting your financial life back on track.
3. The Financial Diet by Chelsea Fagan
This is another great book for beginners. This book talks about various things including budgeting, investing, debt management, mortgages, and more. The best part here is you can learn from this book even if you are familiar with any key concepts of personal finance. In short, this is a great primer for those who don’t know where to start.
While this is a great book for beginners, it may only offer limited insights for those who are already somewhat familiar with money management. So, your learning cannot end here. However, this can get you off to a great start prepare you for learning something a little more complicated in the future.
4. The One-Page Financial Plan by Carl Richards
Mistakes are inevitable in financial management but overcoming them requires you to find the silver lining in it. This is a book that can guide you with that. Rather than giving you just a general overview of personal finance, this book gives you a practical approach that can help you get into a stable financial life.
The best part about this book is that it doesn’t have any complex jargon or lengthy explanations. You will find simple, actionable plans based on your short-term and long-term financial goals. As a bonus, it contains a lot of illustrations throughout for those of you who prefer visual learning over bulky texts.
5. You Need a Budget by Jesse Mecham
We all need a budget for sure. This book by Jesse Mecham shares its name with his popular budgeting app. If you are living paycheck to paycheck, this is the book that can help you break that cycle and create some real wealth. It covers everything from how to spend within your income, how to list down your expenses, how to manage money, and more.
This book also discusses some unique issues you are likely to encounter while budgeting and provides valid solutions. If you are someone serious about getting your financial life back on track, you must check this out before it’s too late.
6. The One Week Budget by Tiffany Aliche
Budgeting is all about finding more money within your income and contributing it to your savings or investments. The best way to do that is by lowering your expenses. The One Week Budget provides a simple roadmap to that task. Your budgeting goal is classified into seven tasks for seven days of the week with each day having a specific task.
You start with your savings goal on the first day of your budgeting and then proceed to find extra money by cutting down on non-essential expenses. The one-week plan given here is practical for everyone, and the entire book is loaded with actionable insights. The overall goal of this book is to encourage financial success by following simple steps that anyone can do.
7. How to Manage Money When You Don’t Have Any by Erik Wecks
Don’t we all love to know that? If you are struggling to make ends meet on an everyday basis, this book is for you. This entire book is written in an encouraging tone, and it is specifically written for Americans who are living paycheck to paycheck. The main thing that this book focuses on is behavioral change.
After reading this, you will have a better perspective on money management and how to create long-term wealth. It doesn’t bore you with generic investment advice which you can find plenty these days in any social media platform. It simply shows you how to prioritize your spending and how to increase your financial security over time.
8. Spend Well, Live Rich by Michelle Singletary
You might have seen the author on the Washington Post’s personal finance column, “The Color of Money” on most Wednesdays and Sundays. In this book, Michelle writes about the money management wisdom she learned from her grandmother. Money, when spent well, can work wonders for you, and this is the theme of the book.
It outlines practices suggestions on how to manage your money, the need to create a budget, and why must stick to it without fail. Living on a budget can certainly help you achieve your financial goals. However, that doesn’t mean you need to cut down on everything and have no time for fun. This book shows you how to manage your expenses and prioritize your spending the right way.
9. How to Stop Living Paycheck to Paycheck by Avery Breyer
This is one of those budgeting books suitable for beginners who have no clue about how to manage their money. This best-selling budgeting bible will give you the motivation and know-how you need to get out of debt, stay out of debt, never run out of money, and avoid the 11 worst budget traps (that will ruin your financial plans if you let them!).
With this book, you can get the resources and information you need to finally breakthrough. You’ll learn a thorough budgeting method that’s simple to use and only takes 15 minutes per week to maintain. Additionally, you can get free access to The Money Tracker, a straightforward tool for keeping track of your finances. Take charge of your finances immediately and stop living paycheck to paycheck.
10. The Simple Path to Wealth by J.L.Collins
Reading this book is like listening to a wise friend who has spent decades on the market and has come to the realization that there is a better approach. This friend is not only eager to share the path, but it is also not a con or a get-rich-quick plan. It’s a simple, doable process: stay out of debt, spend less than you make, invest in low-cost index funds, and then do nothing.
Simply sit back and let time and compound interest take care of the rest. This means you won’t have to be concerned about the next stock market crash or try to track down the next Apple or bitcoin. When you apply the concepts listed here, you can create wealth, retire early, live a great life, take yearly vacations, and more. A simple, no-nonsense approach to managing your hard-earned money.
Thanks for staying till the end and listening to what we have to offer. It is great that you now have a good understanding of the best budgeting books in the market. But, none of this will work if you don’t spend time to read/understand and apply the learned concepts in your life. So, carve out some time in your busy schedule to get started on these great books on budgeting and start focusing on getting your finances back on track.
It doesn’t matter if you haven’t done anything remotely close to financial management. There is no bad time to get started. Even those who have hit rock bottom have climbed out from the pit with solid money management tactics. So, it’s never too late for you. Start today and start strong. The future is yours!
And, don’t forget to download your copy of our FREE Personal Finance Toolkit!