Q. How can I get a
handle on my finances this year?
A. A new year is one of the best times to take control of your
finances, because the year is fresh and you have plenty of time to get your
ducks in a row. One of the best changes you can make is to create a budget for
your household that allows you to keep track of income, expenses, and goals for
saving and spending.
Once you have
a good idea of income and expenses monthly, you have the information you need
to build a workable budget. Your budget needs to account for how much money
you're bringing in and estimates of where that money is going to go, accounting
for all expenses including savings goals.
You should
create estimates and try to stick to them to follow your budget. Setting
income, expense, and savings goals is vitally important to get a handle on your
finances, and now is as good a time as any for you to get the ball rolling.
Don't be afraid to alter your budget monthly depending on your financial needs.
Budgets
should be flexible to be successful, but they make excellent guidelines for
your income and expense goals.
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