Successful budgeting May 13, 2019
Thinking about trying to create a budget for your household but aren’t sure how to go about it? Here are a few tips to get you started and keep you going.
1. Mentally prepare yourself.
- Think about and understand why you’re budgeting in the first place.
- Be prepared to adjust your lifestyle to help you reach your goals.
- Be realistic.
2. Set your budget.
- Calculate your expenses. Make sure to include those that only occur occasionally, such as quarterly water bills and semi-annual insurance bills.
- Determine your total household income.
- Set goals for saving money and paying off debt.
3. Keep yourself on track.
- Record all of your spending and savings.
- Track your progress in a tangible way, such as in a spreadsheet or through an app such as Mint. Check out NerdWallet’s recent rundown of budget apps and personal finance tools for inspiration!
Talk to your financial advisor about the best course of action for your specific situation.
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