FINANCIAL SERVICES >> BUDGETING

A cornerstone to sound financial planning is to create a budget. Find out where your money is going. Unless you're tracking your money, it's probably not going where you really want it to.

A budget does not need to be complex or formal.

Example:

Write down your total monthly take-home pay. Then list your monthly expenses. At the end of the month, subtract those expenses from your total pay.

• Look for places to save.
• Use this information to set a monthly budget that includes saving.
• Review how things are going each month.

There are many misconceptions about finances. The average American spends more time planning their family vacation than they do their family’s finances.