The Importance of Creating a Personal Budget

Published on Oct 11, 2013 06:00 am

To build a healthy and thriving financial future, one of the best choices to make is to create a budget. Learn some of the first steps you can take toward building a financial future you can be proud of.

Step 1
From the gourmet cup of coffee to filling up your gas tank, account for each and every purchase you make. Add your expenses up to see if your spending exceeds your income. You should also determine if you’re saving enough for emergencies.

Step 2
After calculating how much you regularly spend on your everyday purchases, determine the areas you need to allocate funds toward, like housing costs or transportation expenses. Then look at the items you may be able to cut back on, such as entertainment or even cable and the gym.

Step 3
Get in a regular routine of staying on track with your budget. As with building any healthy habit, getting into the routine of checking your personal finances to make sure you’re on track toward reaching your goals will go a long way.

This article is provided for general guidance and information. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.

Published by permission from ConsumerInfo.com, Inc.  © 2013 ConsumerInfo.com, Inc.  All rights reserved.

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