Do you know how much you are actually spending each month? If you’re unsure of the answer, or how to determine a rough estimate, your finances may be in trouble.
Have you been buying a coffee every morning even though you promised yourself you wouldn’t anymore? How about going out for lunch during the workweek instead of packing your own lunch? Although these costs seem small, they can add up over time, taking away from necessary payments, monthly bills and even your savings.
It is important to create a budget of your monthly expenses and savings to see where you can make adjustments in your current spending habits.
First, make a list of monthly costs: the necessary, such as utility bills, surplus (daily coffee) and everything in between, like lunch at work or a night out here and there. By tallying these costs throughout a month, you will be able to see where your money goes.
Then, plug in the numbers using our savings calculator to know what you need to deposit monthly to reach your savings goal. This will allow you and your family to evaluate where you can cut costs, reduce spending and change habits on the way toward a better financial place.
- Categories:
