More Tips and Reasons To Create a Personal Budget
Suddenly it dawns on you that a large expense item is looming in the very near future. Perhaps a new car to replace that costly old one, or maybe a bigger home because of an expanding family, or college for a member of the family. What are your options? Is borrowing the answer? Not always, and maybe not the best option. If you create a personal budget now, it’s much easier to plan.
If you already have a budget in place, you know exactly what your current income is, as well as how much will be going out. You now have the option to review your budget and see if there are any discretionary funds that may be available. However, if you’re like many individuals and don’t have a budget plan, you probably don’t have a good handle on your finances.
Your first thought will be to borrow and create more debt, rather than trying to squeeze all that you possibly can from your current income. There’s no question, you would be a lot better off if you had a budget in place to track your spending with a plan to get rid of debt.
It may appear a bit daunting to create a personal budget, and living within a budget can be even more difficult. View full post…