Managing money is a balancing act. Monthly budgeting can help you stay focused on your finances, and therefore less likely to give into impulse purchases.
The most crucial thing for proper budgeting is to keep every receipt so you can calculate how much you are spending versus how much you are saving. Alternatively, you can pay for everything with your debit and credit card, and rely on your bank statements for this information. Then, on a monthly basis, you can add up the amount of money you spent on the following items (where they apply):
By reviewing your budget on a monthly basis, you can stop unnecessary expenses incurred by things like unused subscriptions or club memberships, and you can invest leftover money to help with future costs (expected or unexpected).
Budgeting can also help you determine approximately how much money you will have in any number of weeks/months/years if your spending habits stay the same. Ultimately, the earlier you adopt a budget-conscious mindset, the better off you'll be in the long run.
We know how to budget effectively, and we have great resources to help you keep the above information organized. You can also use this monthly budgeting worksheet to stay on top of your spending.
To ensure you are on the right track with your finances, book your free consultation today.
Mutual funds, approved exempt market products and/or exchange traded funds are offered through Investia Financial Services Inc. The particulars contained herein were obtained from sources which we believe reliable but are not guaranteed by us and may be incomplete. The opinions expressed have not been approved by and are not those of Investia Financial Services Inc. This website is not deemed to be used as a solicitation in a jurisdiction where this Investia representative is not registered.
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