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Budgeting 101: The Best Way to Save Money

It’s time to stop spending and start saving. And the best way to do that is through budgeting. Okay, I can hear you groaning already but budgeting does not have to be the chore you think it is. In fact, if you spend a bit of time with your budget each month you may find the process enlightening and helpful.

The goal here is straightforward: To create a budget that fits your lifestyle and more importantly is simple enough that you can stick to it. While budgeting isn’t the most exciting of blog topics, it can be the key to your financial success.

So, let’s get ready to take control of your money and achieve your financial goals:

· Step 1: Grab some paper and a pen and make a list so you can track your monthly income and expenses. You’ll also need your pile of bills and a few monthly bank statements so you can determine what your actual expenses and income are.

· Step 2: Try to set realistic financial savings goals and set aside an amount each month in savings. How much do you need in case your car engine fails? The AC unit compressor dies? One of you experiences a job loss? That’s what the emergency fund is for.

· Step 3: Review that rough budget you created and try to come up with some strategies for cutting costs and reducing expenses (perhaps cancelling one of your streaming subscriptions? Changing grocery stores so you can see palpable savings each month in your grocery bills?)

· Step 4: Each month do a further review and adjust your budget accordingly as you feel it’s needed. Tweaking your budget over time will make it far more accurate.

· Step 5: Move any left-over income you do not need each month into that emergency fund we’ve been talking about to build up your savings.

Browse for more tips on budgeting creation and maintenance.

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