![\"How](\"https:\/\/www.sands-trustee.com\/wp-content\/uploads\/2015\/07\/SA_BudgetBuilding_Infographic.jpg\")
<\/p>\nIf you\u2019re a regular reader of our Sands & Associates blog you may have noticed a frequently recurring suggestion: budgeting. Whether you\u2019re already debt free or are trying to get there, having a budget that works is one of the keys to financial health. Not sure where to start? Read on for some tips to get you started.<\/p>\n
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Add it up. <\/b>First things first \u2013 tally up your take-home income. If your earnings vary month to month, budget conservatively using numbers from the months you take home less. When you earn more, you\u2019ll have the extra funds to boost your savings. When it comes to budgeting, don\u2019t count your extra chickens (like tax refunds) before they hatch. When you\u2019re done with income, sort out your fixed costs like rent and car payments.<\/p>\n
Track your spending. <\/b>If you\u2019re not sure how much you\u2019re spending on variable costs like groceries or entertainment, you\u2019ll need to keep track. An easy way to do this is to hang on to all (and we mean ALL) your receipts for a month and categorize them. Be sure to factor in any irregular expenses (such as an annual insurance premium) by calculating a monthly average so you can set aside those funds too.<\/p>\n
Put it in writing. <\/b>Once you\u2019ve got your figures together, set down your income, fixed and variable costs. There are many great programs and budget worksheets you can use and personalize such as Mint.com or even Excel.<\/p>\n
Crunch the numbers. <\/b>If your budget doesn\u2019t balance it\u2019s time to do some shuffling. Many people find that after some honest tracking, their costs outweigh what they bring in each month. Take a look through your expenses (even the ones you feel are fixed) and see where you can scale back. Or if you are committed to the costs, try to come up with some ways to increase your income.<\/p>\n
Set some goals. <\/b>Having some attainable financial goals can add incentive to sticking to a new or revised budget. Not only will you feel in control and on top of your finances but you\u2019ll be able to see the results of your hard work. The goals don\u2019t have to be grand, just something you can measure and, when reached, take pride in!<\/p>\n
Check in. <\/b>Once you\u2019re on a roll with your budget you\u2019ll want to check on how well it\u2019s working for you. Like you did the first time, track your spending and compare it with your earnings. If the numbers aren\u2019t what they should be try to pinpoint where they\u2019re going off. Adjust and reallocate within your expense categories as needed and be honest with yourself.<\/p>\n
It really doesn\u2019t matter if a budget is big or small, just that you have one that fits your needs and can help you meet your money goals. If you haven\u2019t worked with one before or are starting all over again, now is a great time to start!<\/p>\n
No room for debt in your budget? Contact us<\/a> to set up a free, confidential consultation<\/a> to discuss your debt resolution options.<\/i><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" If you\u2019re a regular reader of our Sands & Associates blog you may have noticed a frequently recurring suggestion: budgeting. Whether you\u2019re already debt free or are trying to get there, having a budget that works is one of the keys to financial health. Not sure where to start? Read on for some tips to […]<\/p>\n","protected":false},"author":8,"featured_media":6424,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[261],"tags":[38,39,44,37,36,35],"class_list":["post-3455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-free-living","tag-bankruptcy-bc","tag-bankruptcy-trustees","tag-budgeting","tag-consumer-proposals","tag-paperwork","tag-sands-associates"],"acf":[],"yoast_head":"\n