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Mid-Year Planning: Tax Changes to Factor In
Investing to Save Time Boosts Happiness Returns
Marriage and Money: Taking a Team Approach to Retirement
What are some tips for creating a budget and sticking to it?
What is gross domestic product, and why is it important to investors?


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What are some tips for creating a budget and sticking to it?

It's a common problem for many individuals — wondering exactly where your paycheck goes each month. After paying expenses, such as your mortgage, utilities, and credit card bills, you may find little left to put toward anything else.

Creating a budget is the first key to successfully manage your finances. Knowing exactly how you are spending your money each month can set you on a more clear path to pursue your financial goals. If you become sidetracked when it comes to your finances, consider these tips for creating a budget and staying on the right path.

Examine your financial goals. Start out by making a list of your short-term goals (e.g., new car, vacation) and long-term goals (e.g, your child's college education, retirement) and prioritize them. Consider how much you will need to save and how long it will take to reach each goal.

Identify your current monthly income and expenses. Add up all of your income. In addition to your regular salary and wages, be sure to include other types of income, such as dividends, interest, and child support. Next, add up all of your expenses. Sometimes it helps to divide expenses into two categories: fixed (e.g., housing, food, transportation) and discretionary (e.g., entertainment, vacations). Don't forget to factor in any financial goals you would like to pursue.

Evaluate your budget. Once you've added your income and expenses, compare the two totals. Ideally, you should be spending less than you earn. If this is the case, you're on the right track, and you'll need to look at how well you use your extra income toward achieving your financial goals. On the other hand, if you are spending more than you earn, you should make some adjustments to your budget. Look for ways to increase your income or reduce your expenses, or both.

Monitor your budget. Finally, you should monitor your budget periodically and make changes when necessary. Keep in mind that any budget that is too rigid is likely to fail. Keep your budget flexible as your changing circumstances demand.

 
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1318 23rd St South, Fargo, ND 58103
Phone: (701) 237-3453   Fax: (701) 893-3453    Email: jsanders@fscadvisor.com

Securities offered through FSC Securities Corporation, member FINRA and SIPC . James Sanders and Dan Gardner offer investment advisory services through FSC Securities a registered investment advisor. Century Financial Advisors, Inc.is not affiliated with FSC Securities Corporation or registered as a broker-dealer. 

James Sanders offers additional advisory services through Century Financial Advisors, Inc a registered investment advisor and is not affiliated with FSC Securities Corporation. 

This communication is strictly intended for individuals residing in the states where the registered representative is registered to conduct securities business. No offers may be made or accepted from any resident outside the specific state(s) referenced AK, AL, AR, AZ, CA, CO, DC, FL, GA, IA, IL, IN, KS, KY, LA, MA, MD, MI,  MN, MT, ND, NE, NH, NM,  NV, NY, OH, OR, SC, SD, TN, TX, VA, VT, WA, WI, WY.

 

IMPORTANT CONSUMER INFORMATION

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