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  • Create Success With A Budget

    Businessman holding plant sprouting from a handful of golden coins

    Everyone wants to pay down their debt and invest in their future.  Forming a monthly budget is the quickest way to save money. This may be more difficult as some people find the word “budget” to be stressful.  But creating one can simplify your life, reduce stress, and help you achieve your future financial goals.

    Quick Tips For Creating a Budget:

    Know your income – Determine how much money you will earn for the month. Remember to consider all forms of income including bonuses, alimony, child support, and interest on investments, etc. You will be more financially aware if you record what you make compared to what you owe each month on paper.

    Calculate expenses – Figure out exactly how much you are spending each month.  Your expenses can be separate into two categories: fixed and variable expenses. Fixed expenses are payments that do not change each month such as mortgages, car payments, etc. Variable expenses are costs that change based on usage such as your phone bill, power bill and other utilities. Things like clothing, dining and entertainment can be added into the variable category but these are the expenses you can slowly pay more attention to cutting down on.

    Create your plan –  If you find that you are spending more than you are earning, it is time to prioritize. Determine what is a necessity to live day to day. Ideally, you want to have 10-20% of your income left each month to add to your savings account.

    Record your spending – Recording your income and expenses is the easiest way to keep up on your savings. It forces you to be aware of how much you are spending and in what area. There are many useful apps and websites to help you record your spending and maintain a budget.

    Budgets help you maintain a savings so you have a reserve for when important times arise.  With a budget, you will know if you have enough saved to splurge when needed but also will help you stress less when unexpected expenses show up.

    I am someone you can rely on for advice whether your goals are saving up for your first home or  investing in your future. I work with several financial advisors that I trust and I would be happy to share their contact information if you need any other advice about investing in your future. Please know that I am always here to answer any questions you have and to be an ongoing resource for you.



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