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Let’s Talk About Budgets!

June 19, 2024 I know how hard it is to talk about expenses and income. But take it from me: It helps to know where your money is going. Making a budget clearly shows how much you have to save or spend. Once you know your spending patterns or set responsibilities, it is easy to adjust andhopefully make room for savings.5 smart budget moves:
  1. Know your spending patterns. Once you recognize where you can spend less than you earn, maybe things you no longer need, you can start saving for the future. A good budget could have an emergency fund and savings goals, like a vacation or retirement.
  2. Get rid of debt. Mapping out expenses in advance reduces the risk of overspending and can help you pay off debt.
  3. Relieve stress. Budgeting helps us manage financial decisions and prepare for challenges, which helps us to feel more secure and in control of our finances.
  4. Have a clear picture of your life plans. When planning a budget, we can understand our expenses and therefore our potential savings to pay for our dream trips or plans.
  5. Understand what is important to you. When you realize what is a priority, you can decide where to make changes and start saving.
How to start a budget:
  1. Identify your expenses and your income. Be specific about your financial responsibilities, how much money you are spending, and how much money you are bringing in.
  2. Write down your savings plan. Savings are essential, and every little bit helps your plans.
  3. Plan for your future goals. Decide what is important to you and adjust your budget to it.
  4. Identify any potential income. As much as you can, try to identify ways to make extra income to help save money or pay debt.
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