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Showing posts from October, 2019

The Art of Budgeting

Forming a budget is the first step when building a solid financial foundation. The goals of a personal budget are as follows: Quickly show your “before expenses” and “after expenses” estimated balance Track paid vs pending expenses Track upcoming expenses (forecasting) Track the amount of money going to each expense Identify and develop trends to optimize your budget Keeping the budget simple and building upon it is a great way to get started. As you’ll see in the image below, one way we can keep the budget simple is by tracking only the “core” expenses. This means we’re excluding everyday items such as gas, coffee, food, etc... If you’re into that level of tracking, even better, but for this post the focus is on your core expenses. Forming a Budget As defined earlier, core expenses are items that have a recurring frequency or significant impact to the budget. Some examples are below: Electricity Cell Phone Insurance Car Payment Credit cards In