Tax time is a great time to rethink your budget. Read below for 6 steps to complete a budget check-up.
ON THURSDAY, APRIL 15TH AT 5 PM CST WE ARE HOSTING A LIVE, COMPLIMENTARY WEBINAR ON BUDGETING. THE EVENT IS OPEN TO ALL AGES.
Here's what we'll cover:
-What Is An Emergency Fund and How Much Should Be In Yours
-Details On How To Perform A Budget Check-Up
-3 Major Lifestyle Choices to Consider
Now is the perfect time for a budget check-up. The 6 steps you need to take are listed below.
Divide your expenses up into useful categories like food, clothes, pets, etc. This will help you begin to see your current financial picture.
2. Follow The Money
This one will take a while, but it will be worth it. Gather up all the receipts you have from purchases in the last year. This will help you get a clearer picture of what you spend in a year.
3. Project Expenses Forward
Having a clear picture of what you spend in a year, you can now use that information to make a more informed estimation of your expenses for the next year. Imagine what will come up in the next 12 months.
4. Determine Expected Income
Add together all expected income after taxes.
5. Do The Math
Subtract expected expenses from expected income. From there, you may identify whether or not there need to be changes made.
6. Stick To It
You've done the math to determine what you can spend in a year. Now all that's left is to stick to it. Self-control is key.
There's more where this came from. Join our upcoming event on Thursday, April 15th at 5 pm CST. You can register for our budgeting event here:
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*Neither Voya Financial Advisors nor its representatives offer tax or legal advice. Please consult with your tax and legal advisors regarding your individual situation.