As bankruptcy attorneys, our lawyers at Craft Law Offices, want to help you prepare for a brighter financial future. One of the best ways to do that is to create a budget that accounts for all of your monthly expenses while still allowing you to set aside money for emergencies and savings. So, how is that possible?
Budgeting is a great way to help you manage your money, because it encourages you to keep track of where your money is going every month. Once you see exactly how your money is being spent, it’s easier to find ways to cut back and save.
Say for example, you like to stop at the coffee shop every morning before work. A few dollars here and there doesn’t seem like much, but after a while it starts to add up. By keeping track of your expenses, you could realize that you’re spending $100 each month on your coffee visits. Once you figure this out, you could decide to make coffee at home instead and save yourself money each month.
With that said, once you keep track of your expenses for a month or two, you can start to figure out where your money is going and steps you can take to cut back on your expenses.
It’s also important to give yourself some cushion when you create your budget. Think ahead for once-in-a-while expenses, such as Christmas shopping or property taxes. By planning ahead, you can go ahead and set money aside for these rare expenses so that you’re not blindsided when they come up. It’s also important to set aside money for those circumstances you can’t predict like a flat tire or a trip to the emergency room.
Ultimately, budget is all about keeping track of where your money is going each month and using that information to set goals to save money and create savings.
For bankruptcy attorneys who care about your past, present, and future, give us a call at Craft Law Offices in Greenville, NC.