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Have recent events inspired you to take a second look at your family's budget? Or maybe you haven't had a budget in the past and realize you need one? Here are some budgeting best practices to guide you as you figure out your "new normal."
List out how much money you have coming in and how much you're spending. Sometimes just seeing the amounts on paper can change your perspective and your spending habits.Money coming in could include:
Money going out could include:
Tag each expense as a luxury or a necessity. For example, a gym membership might be a luxury to some people, but to you it's a necessity. This will help you prioritize how you spend your money.
Look for opportunities to cut costs, if needed.
If your budget is tighter these days – due to a pay cut, a layoff or simply a desire to save more – here are a few ways to reduce your spending.
Need more budgeting help? Contact your financial advisor.