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.
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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.