How To Best Plan Your Savings: Budgeting like you haven’t heard!
Budgeting is the process of making a plan to spend and save money. This spending and savings plan is called a budget. Budgeting is just balancing your expenses together with your income. If they do not balance and you spend more than you plan, you’ll have an unbalanced budget or a deficit. Many people do not realize that they spend more than they earn and slowly sink deeper into debt per annum.
Once you create your first budget, begin to use it, and obtain an honest pity and figure out how to keep your finances on target. We have no time to feel sorry for ourselves if we go over our budget. We need to focus on recreating this map also known as a budget, but we think of it as visual learning like a map to get to where we want to go.
The Boracchia Wiviott Wealth Partners experience, through our financial planning masterclass & our Custom Financial Plans are a complete package to manage your personal finance. Call us today to find a partner near you for the classes we have written, or have us help you create your own custom financial plan. Our # is (424) 625 – 8943 and if you cite Success Strivers, you will get a complimentary planning consultation!
How to create and stick to your budget:
- Create a 6 month emergency fund. Your spending plan should allow you to still have 6 months to a year of money down the road, just in case you lost your job or have a huge emergency. (There’s a long list of emergencies that can happen. Click here to learn how a Finance Tutor can help you Optimize your Plans for Retirement).
- Note: In considering your 6 month savings plan (some do 3 months if they are not homeowners or parents), but in your plan you can easily forecast which months your finances could also be tight and which of them you will have extra cash. You can then look for ways to make things more management and pleasant.
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- Turn your annual and non monthly expenses into monthly expenses. This way you will have a crystal clear idea of your financial comings and goings.
- Review your budget every week. Even everyday is okay as long as you limit it to five minutes per day. You need to focus on ways to achieve happiness and prosperity, and so sulking over your budget isn’t going to help! Rather get to a position within a month or so that you have a routine for checking your spending and savings against your income each month at least. I like to check it on the first because when I first started working it was payday, and now it’s also the day I pay our team. Find what works for you in the big context of your life planning. Whatever you do, just do it on a consistent basis. To learn about ways to Budget & Capitalize on Free Money During the Pandemic follow this link.
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- If you are still having trouble sticking to a budget don’t worry there’s lot’s of hope! It’s time to go back to the drawing board. Outline your short and long-term goals, both personally and professionally. Sometimes financial goals just aren’t enough and as humans the former are equally important. They are all inter-related.
- Note: After planning for your long and short-term goals if you find you are still not meeting your budget, you’re not a carrot so to speak type of person. Your motivations are more of a stick so to speak. So we can dive into the consequences of not financially planning. This way you can get accustomed to sticking to your budget unfortunately out of fear of the worst, like losing your home.
As renowned financial planners, please contact us no matter your position or motivations; or even past experiences, we can help! So that things can be more manageable and pleasant it’s a great idea to contact the pros.
We assure you that our partnership as financial planners will be the best decision so far for your finances. As a team, we help our clients to make stress-free financial planning and personalized retirement decisions that work best for our clients and their families.
The Boracchia Wiviott Wealth Partners award winning team can also help you with Investments, whole life insurance, money management, investing in real estate, Insurance Services, tax professionals, or implementing any strategy that helps you achieve your best lifestyle while creating wealth.
We have lot’s more resources. Call us to schedule your complimentary private wealth management session; or ask us about our DIY Investing partnership programs. (424) 625 – 8943