Let’s face it, no one enjoys budgeting. It usually arises out of necessity. Here are a few keys to remember to help build a successful budget:
- Take a snapshot of the last three months of spending. This will give you a realistic gauge of your spending habits on average.
- Set realistic goals, i.e. if you are currently spending $1,200 per month on dining out, it’s unrealistic for you to cut that spending to $400. The likely result will be you tossing your budget out the window on your way to a restaurant.
- Do not marry yourself to material objects that maybe destroying your budget. Be prepared to make hard sacrifices. First set priorities before building you budget; this will make those sacrifices more palatable.
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Always remember that while this is an investor education piece, this does not trigger or relate to trading activity on your account with Financial Future Services. This article is for informational purposes only and not intended as a recommendation. Each investors circumstances are different and a full review of you situation is necessary for a recommendation. Any and all third-party posts or responses to this blog do not reflect the views of the firm and have not been reviewed by the firm for completeness or accuracy.