Blog #Gut Check Budget Recommended Spending
Gut Check Budget Recommended Spending
There are two key elements that drive a Spending Plan - income and expenses. Next, gather as many of your bills as you can, including credit card statements, receipts for groceries, gas, or anything else that you bought with cash. To review additional expenses, it would also be helpful to have your checkbook register available. If you’re creating a Spending Plan for the first time, it may be unlikely that accurate records have been maintained, and that’s fine. The goal of conducting an Initial Spending Assessment is to obtain a sense of your current spending habits. If you haven’t maintained proper records, don’t worry, you can make “best guess” estimates when necessary. Also, be sure your account for “budget busters.” Budget busters are irregular expenses that can catch us off guard. For instance, your annual insurance premiums or quarterly tax bills are items that can disrupt your plan. When you’re devising your Spending Plan, be sure to give some thought to these expenses so you can account for them in your budget.