Hi Parents!
Did you make any New Year's resolutions regarding money? Like save more, pay down your debt, or start investing on a regular basis?
If so, you're not alone. New Year's resolutions regarding money is right up there with losing weight!
In order for you to achieve your financial goals, you need to have a "road map" to get there - and that means a budget. Now don't panic! Budgeting is not impossible and can actually be simple.
Here's 3 Steps to Get Started:
1) Keep a daily journal of every penny you spend for one month - with cash, check, debit card, and credit card. This will give you a good idea "where your money goes".
2) Based on your journal, set up income and spending categories. For example, groceries, eating out, gas, rent/mortgage, cell phone, internet, clothing, coffee, etc.
3) Add up your expenses for the month - do they add up to your monthly income? If not, readjust your spending limits to equal your income.
Now you have the beginnings of a simple budget. Tomorrow we'll take it 3 steps further...
Isn't this easy?!
Sonja