In other words, don’t stress about writing your own budget. It’s not rocket science, and the only math required is at a second-grade level. Creating a Budget in Google Sheetsīudgeting doesn’t have to take much time, either upfront or on a monthly basis. But you get the idea: If you want to build wealth, you need a written b udget and financial plan. Schwab goes on to list many more financial disparities between those who plan their budget and financial future and those who don’t. And 56% of planners feel “very confident” about reaching their financial goals, versus 17% of nonplanners. Fully 74% of planners automate a portion of their income to go to savings each month, compared with 25% of nonplanners. Among planners, 68% keep an emergency fund, compared to 26% of nonplanners. A worrying 38% of “nonplanners” can say the same. Of the “planners,” 78% say they pay their bills on time and save money each month. Those who have a written plan are in vastly better financial shape than their planless peers. Only 28% of Americans have a written financial plan, according to Charles Schwab’s 2019 Modern Wealth Index study.
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