Creating a personal budget can be one of the most helpful ways to understand your current financial situation, and it can provide you with a clear roadmap for taking your next steps towards achieving your savings goals and financial health.
Do you currently make more than you spend, or spend more than you make?
Budgets include your income vs. your expenses for savings, housing, utilities, health, transportation, credit cards, education, food, children, and more. Unlike focusing on money you don’t have, budgeting allows you to maximize returns on the money you do have.
Most people dream of saving money for a home, education, small business, debts, and rainy day vacations. Yet every day we actually spend our money on fast food and smart phones, cable tv and restaurants.
These expenses add up! Just $15 a day on knick knacks and snacks project out to $27,375 over 5 years. Identifying your savings objectives and giving yourself a time line is a simple way to focus your wallet. Budgeting for a Savings plan helps you link your actual spending behavior with your stated financial goals.
Already saving about $250 a month? Great! By setting your budget at that level you can expect to save $15,000 in 5 years. Challenging your budget with an additional monthly savings of $150 increases this figure to $24,000 in 5 years. With this information, you can start to better understand how your income relates to your total expenses and financial goals, and how even the littlest savings habits today can lead to enormous savings tomorrow.
Are you ready to get started? Click below to create your personal budget and link them with your savings goals today.
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