If your spending - or take-home earnings - come from more than one source, it can be hard to keep track of your net savings. How does your monthly income balance out against your monthly expenses? While budgeting tools are definitely useful, what’s ultimately most important is that you have a sense of your overall saving and spending habits. But good savings habits, both in the short run with an emergency fund and long run with retirement savings, helps make your budget more resilient and adaptable. Remember, it’s okay to adjust your budget throughout the year or as changes happen. It’s often difficult to determine how much money you will use for discretionary spending. August or September mean back-to-school gear for the kids. Other than a few expenses that happen on a regular basis like your car payment, housing expenses or student loans, it can be hard to predict how much you’re likely to spend on variable expenses in a given month. Still, good budgets are famously hard to create and even harder to stick to. People can now categorize and track monthly expenses in a streamlined update to spreadsheets and the paper balance sheet. Online banking, budgeting software and personal finance apps have made money management easier than ever. Dining out, going to shows and taking vacations may not be happening with the same frequency - but the grocery bill sure has shot up. Others are transitioning to remote or hybrid work. The COVID-19 pandemic has had wide-ranging impacts on many financial aspects of life, making a household budget that much more important.
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