Setting Up a New Budget – How to Get the Household Expenses in OrderArticle Posted by Expert Author: Sam Stieler on 07/09/2013
Setting up a budget may seem challenging, but it doesn't have to. One of the reasons that people often feel overwhelmed and reluctant at the idea of setting up a budget is because they feel fairly positive that they're not going to follow it. When you go into something with an expectation like that, who wouldn't be discouraged? The key is to be realistic. Too often families try to budget every penny or make a decision that they won't have any 'fun money' at all. Which is simply not sustainable. A better option is to give yourself a slush fund, even if it's small, so you don't feel that you're being punished when you follow your budget.
Another tip is to get a very specific idea of what your finances actually look like now and what they're likely to look like in the future. For example, using a home mortgage calculator with taxes will give you an idea of what future mortgage payments will look like. You can then plan your budget for not just today but to prepare you for the future. The best budget is one that realistically plans for your present, looks ahead to prepare for your needs in the future, and is simple enough to follow on a day to day basis.
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