4 Steps to Budgeting- I can help

Do you want to be better in the financial game of life?

Over the past several years as a financial advisor, I have learned that those that are happy and successful with money have one thing in common. They budget well. My experience has taught me that about 50% of the population does this well. 

“Budgeting is too difficult!”

That’s one of the most common reasons why many people don’t budget. They either don’t understand what a budget is, or they truly don’t know how to efficiently put one together.

We want to help you see that budgeting is much easier than you might have experienced. It’s not scary at all! Budgets don’t have to be about complicated formulas and tedious math. Just like many other aspects of your life, keeping it simple usually works wonders.

What is the process?

Step 1: Write Down Your Total Income

This is your total take-home (after tax) pay for both you and, if you’re married, your spouse. Don’t forget to include everything—full-time jobs, second jobs, freelance pay, Social Security checks, and any other ongoing source of income.

Step 2: List Your Expenses

Think about your regular bills (mortgage, electricity, etc.) and your irregular bills (quarterly payments like insurance or HOA) that are due for the upcoming month. After that, total your other costs, like groceries, gas, subscriptions, entertainment and clothing. Every dollar you spend should be accounted for.

Step 3: Subtract Expenses from Income to Equal Zero.

Your income minus your expenses should equal zero. When you do that, you know that every dollar you make has a place in your budget. If you’re over or under, check your math or simply return to the previous step and try again.

Step 4: Track Your Income and Spending!

Once you create your budget, TRACK YOUR SPENDING. It’s the only way you will know if your spending is aligning with your plan.

I OFFER an online tool for a fee that can help automate this process It’s called yodlee by Envestnet. Here’s a brief overview.

https://www.youtube.com/watch?v=zLy-iN58-lQ&t=67s

If you (or you know someone) can use this help. Please contact me.

Thomas Marino, Financial Advisor

Atrium Financial LLC

p 856-528-0090 x109

[email protected]

www.atriumfinancialLLC.com

Securities offered through Questar Capital Corporation (QCC), Member FINRA/SIPC. Advisory Services offered through Questar Asset Management (QAM), a registered Investment Advisor. Atrium Financial Associates, LLC is independent of QCC and QAM. Internal Doc Number: 4024-2018