The Basics of Budgeting

While most adults know what budgeting is and think they are doing it correctly, many are not well-versed enough in their finances to be implementing budgeting strategies that could greatly impact their long-term savings and overall financial standing. In an article written by Danielle Hendrix of orangeobserver.com, Hendrix states that the first step of creating a strategic budgeting plan is to first track where your money goes: those morning Starbucks add up over the months, and many do not keep track and realize where a lot of their money is going. The next step is to list out your monthly income and expenses, and configure a budgeting plan that will not leave you in a deficit; and the most important part of creating a budget is to stick with it long-term to see results. Financial coach Cyndia Rivera says “The whole point of a budget is to forecast where your money is going to go before it comes in: It is a plan.” To read more on the basics of budgeting, please visit: The Basics of Budgeting