Tag Archives: budget
What if I told you there is one very simple, yet powerful tool you can begin using today to make a significant impact in your family’s financial future? Would you be interested in learning more?
The reality is that a majority of Americans are in financial trouble. Everything from student loans to credit card debt is keeping Americans from reaching their financial goals. And, for some, it is keeping them from even saving money on a regular basis. A recent survey found that 33% of Americans have no savings at all, making them prey for financial shock.
More money will be spent during this time of year than any other. Between Black Friday, Small Business Saturday, Cyber Monday, and every day between Thanksgiving and Christmas, there is a lot of money flying around. And, as people eagerly cross items off their Christmas shopping list, it causes many people to think about their financial position.
It might surprise you to know just how many people don’t have a budget. Or, maybe that won’t be surprising at all. As a financial professional, I regularly ask people about their budget only to have them look at me sheepishly and say they don’t have one. It’s a problem that spans generations. From people in their 20’s to people preparing to retire, there is a lot of people that don’t have a budget.
So you’ve decided you need to get your financial house in order. You see the need to save for emergencies, future purchases, and retirement. Now that you’re ready to take those important steps, you’re wondering where to start and what to do first. With such an important task before you it’s necessary to make sure you do it right.
I suggest starting with a budget. The foundation of any successful financial strategy is a budget. You can’t know how much to save or where to save if you don’t know how much money is coming in and how much is going out each month. A budget is nothing more than a detailed list of your income and your expenses. You can start by simply making a list on a piece of paper showing how much you bring home each month, and how you pay out for things like cable, cell phone, food, gas, and car insurance. It’s a simplified version of a budget, but it’s a great place to start on your journey to financial freedom.