Budgeting and Saving

Strategic Budgeting

Do you ever find yourself worrying if you will have funds available to make it to your next paycheck?

Or, are you the type who tracks every expense and knows exactly how much you have and how much you will need to get through each month?

One step that can help ease financial stress is by tracking your income and expenses with strategic budgeting.

Strategic Budgeting involves taking a close look at the income you have coming in the door and tracking what’s going out the door. When tracking income, be sure to include all sources that bring money in the door, not just your regular income. When tracking expenses, being as specific as possible can help you account for purchases that might not seem so obvious. Don’t forget to include those pesky ‘once-in-a-while’ expenses that might not be part of your everyday living, but may occur once a year or every few years. This way, you remember to budget for them before they come due.

Once you have totaled these figures, you can determine if you have a monthly surplus (extra money left over to plan for) or deficit (overspending caused by living beyond your means). After you have a picture of what you earn and spend, you can prioritize your spending and get closer to a budget that helps you accomplish your financial goals!

Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this content, will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for you or your portfolio. Due to various factors, including changing market conditions, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this newsletter (article) serves as the receipt of, or as a substitute for, personalized investment advice from Allos Investment Advisors®, LLC.

The content of this letter does not constitute a tax or legal opinion. Always consult with a competent professional service provider for advice on tax or legal matters specific to your situation. To the extent that a reader has any questions regarding the applicability of any specific issue discussed in this content, he/she is encouraged to consult with the professional advisor of his/her choosing.

Published for the blog on January 24, 2024 by Allos Investment Advisors®, LLC.


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