Ask yourself why you are creating a budget: Do you want to pay off debts, save for college, put away for retirement? Make a list of your financial goals for the next six months, five years, decade - all the way to retirement. Physically write down and tally your monthly income, jotting down your expenses by including recreational monies in the expenses. Then track your expenses monthly, which will lead to you rooting out money leaks.We all waste money and cannot track every expense, no matter how hard we try. Think about your weekly purchases. For the first few months, until you get your own system in place, track and record every penny leaving your hand. Pay attention to variable expenses like groceries, entertainment, utilities and clothing - unlike a mortgage, which is a monthly fixed expense.So How's Business in regards to creating a realistic budget? Budgeting is not painful once you follow a series of steps. You will be better off financially, with more money to spend and save, after realizing where your money goes. Strive to reach a place financially where your spending decisions are deliberate. A budget is like a diet. If you willfully commit to sticking to a budget, you will be happier financially.Reach Joe Palumbo at 516-248-0256 or info@camel
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