5 Easy Steps to Getting Your Budget in Shape

The start of the New Year represents a clean slate for many of us. It’s a second chance to learn from our mistakes, and regain control. When you are in control of your money you gain peace of mind, security, and ultimate freedom.


Let’s start your journey with getting your budget in shape. Here are five easy steps:

1. Schedule time: Schedule time to meet with your significant other, family, or an accountability partner. Their support will help you get through the initial frustrations of starting your budget.


2. Determine your income: How much do you make a month? If you’re married include both incomes.

3. Determine your expenses: Collect all your receipts and bank statements. It’s time to categorize and start adding. Categories can include phone, vacation, utilities, rent, car payment, etc. Do not forget the small unexpected line items. These include kids’ sports, kids’ school supplies or birthday gifts.


4. Write the numbers down: As you begin calculating your expenses, write them down on paper or spreadsheet. Through this process, you will begin to realize where your money is going.

5. Repeat: Doing a budget is about consistency. No two months will look alike. So set a date for next month and do it all over!


Free Budget Spreadsheet: https://www.consumer.gov/sites/default/files/pdf-1020-make-budget-worksheet_form.pdf


Advisory services are offered through Allgen Financial Advisors, Inc., a registered investment advisor.

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