5 Steps to Setting Up Your First Budget

5 steps to setting up your first budget

Sumary of 5 Steps to Setting Up Your First Budget:

  • A budget is often the ticket to taking control of your personal finances and making sure you can accomplish your financial goals.
  • The good news is, these five simple steps will guide you through the process so you can end up with a budget that you can live on — one that will help you accomplish big things.
  • One email a day to could help you save thousands Tips and tricks from the experts delivered straight to your inbox that could help you save thousands of dollars.
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  • 1. Track your spendingThe very first step in making a budget is to track your spending for 30 days.
  • It may seem odd to take such a close look at your current spending since you’re probably making a budget in order to use your money more wisely.
  • If you’re currently spending $800 a month on groceries or $500 per month on entertainment, it might be really hard to stick to your budget if you limit yourself to $200 for food shopping and $50 for fun activities.
  • By tracking your spending, you can get a realistic idea of where your money is going and what types of reasonable changes you can make and sustain over the long-term.

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