Personal Budgeting
Personal Budgeting
How well you manage your money, whether you are saving it, spending it, or just trying to keep track of where it went, will influence your quality of life than just about anything this side of good personal hygiene. Without a budget, many of us just muddle through, trying to stay one step ahead of our bills. If the word “budget” makes you cringe, think of the process as (1) summarizing how you spend your income and (2) creating guidelines for spending. No blame, no shame, no deprivation, and no guilt. Thinking of a budget as a financial diet is a sure way to set you up for failure. A budget is simply (1) a tool to increase your consciousness of how and where you spend your money and (2) a guideline to help you spend your money on the things that are most important to you. The following are tips on how to create your own financial budget:
Understand and estimate your current spending patterns. Track your monthly spending and try to account for every dollar spent. For the next month or two, think
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