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​Tips for Creating Your Budget

November 15, 2021

Tips for Creating Your Budget

  • Be realistic in planning your budget and make sure it reflects your current life.
  • Create your budget for the entire year.
  • Breakdown income and expenses on a monthly basis.
  • Identify all income sources for your household.
  • Look back at several months of checking account and credit card statements to determine where your money is currently going.
  • Calculate your occasional expenses and bills to a monthly number for your budget. For example, $700 for car insurance every six months is equal to $116.66 per month.
  • Track how you are doing for a few months and adjust as needed to get a handle on your finances.

Remember, a budget is not about depriving yourself of things you want, it is about managing your money to reach your goals. Prioritize the things important to you.

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