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2 Min. Vid: How to Create a Simple, Effective Budget

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  • Many people tend to avoid the b-word, budget.
  • But a budget is just a plan that gives you control over your finances by tracking what comes in and what goes out.
  • It's that simple and it doesn't need to be fancy.
  • It could be just two columns titled income and expenses.
  • Start by tracking all your expenses, including essential costs like rent, groceries, and medicine. As well as non-essential expenses like cable TV, entertainment, and travel.
  • Next, add up all your income such as your salary or paycheck after taxes and any other income, including child support, investment, or rental income.
  • Then, subtract your expenses from your income. A break-even or negative number means it's time to take a closer look at cutting non-essentials or trimming where you can.
  • With a clear picture of your income and expenses, you can adjust your spending to begin saving for important financial goals like:
    • An emergency fund,
    • College,
    • or Retirement
  • Review your budget every few months and adjust accordingly.
  • Your budget should be flexible enough to change with your needs.

To learn more about saving for your financial goals, give us a call or send us an email.

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