Community News

Wednesday, March 28, 2012

Putting a budget in place

The first step to almost any successful venture is a good plan. The same holds true with your finances — it’s important to know where you want to go and what you’ll need to help you get there.

That’s precisely why budgeting is such a good idea. Drawing up a household budget doesn’t have to be complicated. Start by recording any and all sources of income you receive each month, which will give you an idea of how much money you have to go around. Then list all your monthly expenses, big and small. This list should include mortgage or rent payments, car payments, loan or credit card payments, bills and a monthly amount for things like food, clothing, gasoline, entertainment and other expenses. It’s also a good idea to set aside some money each month for those inevitable extra expenses, like unforeseen car repairs, dental bills or home repairs.

By sticking to your budget you can take control of your finances and give yourself some peace of mind

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