People tend to dislike the word “budget.” For some reason, it has a negative connotation and often brings to mind the thought of stress over money and lifestyle deprivation. In reality, budget is a great word, and budgeting is a great concept.
According to the Merriam-Webster dictionary:
Budget (n.) an estimate, often itemized, of expected income and expense for a given period in the future.
What’s so terrible about that? In fact, we highly suggest each family, household, and individual operate on a budget. Setting a budget is an organized way of providing a forecast of revenues and expenditures. Setting a budget can also help decrease stress and worry over funds.
Here are a few of our favorite budgeting tips:
Be Aware of Spending
As we mentioned in our column for the Huntington Patch, we always tell our clients to take just 30 days and write down everything you spend money on from stamps to regular household bills. Clients are often surprised by the amount of money they actually spend versus what they think they spend in a month’s time. After this process is complete, analyze your spending and look for ways to cut expenses. Often just by writing down your spending habits for 30 days, you become more aware of what you’re spending and this can curb your urge to spend unnecessarily.
Track Your Income
Tracking your income can be a simple task, but in a household with multiple incomes, opposite pay days and several bank accounts, this simple task can become simply difficult. Make sure you know when to expect funds, and where they will be allotted to.
Assess your Lifestyle
Be aware of things you want and things you need. Of course, everyone deserves a little luxury every once in a while, but work it into your budget. Save up and avoid impulsive purchases!
Check out this article from Kiplinger on “10 Tips to Build- and Stick to- a Better Budget” for more budgeting advice!
How do you budget? We want to know your budgeting tips and secrets! Comment below or find us on Facebook to let us know! Check out our budgeting tool ‘Budget Jewel’ for an easy, detailed way to keep track of your finances!
Leslie H. Tayne, Esq. founder of Tayne Law Group, P.C. (Formerly The Law Offices of Leslie H. Tayne, P.C.), assists consumers and individuals with the resolution of their unsecured debts. The firm’s flexible and well established policies and procedures have helped thousands of individuals lead a debt-free life. Law Offices of Leslie H. Tayne, P.C. has offices in Long Island, White Plains, Mount Kisco and New York City. For more information, call 1-631-470-8204 or visit www.attorney-newyork.com