With the holidays over and the new year fully settled in, perhaps you are looking at your finances and seeing a need to create a personalized budget. You know what hasn’t worked in the past but you still need something to help you reach your financial goals.
Let’s talk about Creating a Personalized Budget that works for you.
It wouldn’t work for us, but here’s what DOES’S work:
Food related spending for example:
Because we track our spending, it’s easy to see where the money is going. Perhaps we are consistently ending the month in the red, I will go into my Quicken account and see which categories we are spending money in.
Maybe we’ve been spending $75 or more eating out those past few months, so we can see that eating at home more will help. The same goes for clothes, household stuff, and anything else we spend money on.
This is automated in my system and never shows up as money to spend but rather money already spent (just like our bills). This helps keep our savings growing because sometimes we need it for big uh-oh’s or repairs.