Why is a budget essential to financial success? Boundaries are essential to keep anything in place. If you want to keep your finances under control then you must first define your financial limits. Entering your income and expenses on a worksheet is the simplest way to create your budget. There are even websites that offer these templates for free!
What goes into a budget? To get started, list your essential expenses. These will include: housing costs, utilities, groceries. Your next categories will consist of essentials as well but these can vary in cost: pet care, personal hygiene, debts, internet, gas (auto). Secondly, you need to notate you income. The picture we are going to create will clearly show your income vs expenses. Set aside a portion of your income each month. Use this towards a goal such as: a large purchase, family vacation, retirement, wedding, or an emergency fund.
Once you have your income and expenses clearly notated see if adjustments need to be made. If you are required to pay out more each month than you are earning, cut back on your expenses. Here are some tips to stretch your income. Change you internet to a slower speed, reduce your cable package or rid of it all together. Carpool to work or see if there is an option to take public transportation. Schedule less frequent haircuts for yourself, your children, and family pets. Update your thermostat to a programmable option to cut costs of heating and cooling when you’re not at home. Use a free email host (ie: email@example.com, firstname.lastname@example.org) some hosts are still charging monthly fees (ie: @earthlink.com)!Now that you have set your spending boundaries and/or cut backs stick with them, it will pay off.
One of our trained advisors will gladly review your budget in detail and can even offer suggestions on how to further manage your finances. Most importantly a budget will only work if you stick with it. We are here to help, reach us at 636-209-4481.
Free Budget Templates:
Below are some links to find free templates for creating your budget! Hard work, determination and a template are all you need to make a budget work for you. Try one of these out.
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