So we all know budgeting is important but are you actually doing it? Maybe you think you hardly get by, so you don’t need to budget. But, often, budgeting will help you get a better understanding of where your money is going. I know, I know, you think it’s all going towards bills. But believe me, there is a good chance your spending some money on nonsense instead of your retirement or starting your emergency savings account. Well, at least, you should have 3, 6, or 12 months’ worth of expenses with your emergency savings fund.
What do your average monthly expenses come to? Managing your money will help you figure this out and truly see how you are spending your money and where there is room to switch up your priorities. After all, why wouldn’t you want to be in a position where you have a comfortable retirement fund waiting for you when it’s time to retire! Budgeting and managing your money is necessary for anyone who wants to be successful in life. So yeah, even if you get rich and famous with a team of financial advisors and whatnot, you should still have a basic understanding of how to manage your money.
In this video, I share 5 budgeting tips and tricks to help you manage your money. These budgeting strategies include the 50/30/20 Budget, Values-Based Budget, Envelope System, Zero-Sum Budget, and Pay Yourself First.
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