Tips for Building a BudgetJanuary 19, 2022
Unfortunately, there’s no such thing as “getting rich quick.” Building financial security takes time and effort. Luckily, it is possible to gradually fill up a piggy bank through smart spending and steady saving.
While the term “budgeting” can seem intimidating, following a few simple saving steps can make a huge difference in preparing you for a bright financial future.
- Use a weekly paycheck calculator to figure out how much money you’re taking home each month.
- Choose a budget plan that works for you, using the 50/30/20 guide as a rough framework to set aside…
- 50% of your net income for needs like groceries, housing, and transportation.
- 30% for wants like travel, entertainment, and takeout.
- 20% for savings and investments, whether in a savings account, a retirement fund, or low-risk investment like government bonds.
- Be prepared to revise your plan as your circumstances change. While your income and expenses might fluctuate, you’re always in control of how you respond and adapt.
Let us know any budgeting strategies that you use to build up your savings.