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Reigning in Your Money: Monthly Budgeting Tips from Your Denver Accountant

May 10, 2017

Do you feel as though you could be better with your money? Maybe even though you feel like you have a grasp on things, but seem to fall short of your goals? It is best to make sure you have a monthly budget that you stick to. From goal setting and money management tips to the importance of a savings, learn more about budgeting tips from your local Denver accountant.

Setting Goals

Many people have a budget, but there is nothing they are working towards. Create a list of things you would like to accomplish with a budget. For instance, if you are building up your savings, are planning for a trip, preparing for schooling for children or more. Label how much you need to set aside to accomplish those goals. When goal setting, make sure you think about short term and long term goals in mind. This will help you stick to the budget that you have put together. As you prepare to better manage your money, take the time to see how much money you have coming in each month and then what you have going out.

Money Management and Budgeting

Knowing exactly how much is coming in and going out is a top priority when reigning in your money. You can estimate, but you will never be sure until you know for sure. One way to do this is to balance a checkbook. You can do this manually or download an app to your smartphone, tablet or computer. From here, you can deduct your expenses. To make it easier, have a list of all your bills that you must pay each month and add them to a list. Also, make note of some of the other top expenses that you have monthly or weekly and subtract that from your income too. For instance, set aside how much you spend on groceries, gas, add to savings etc. This way, all your essential expenses are covered. From here, you can save or use the remainder of the money for spending. This will help you see what is coming in and what’s going out so you can see where you need to cut back. There are plenty of tools available to help you start planning your budget, such as this monthly budget planner.

Savings

How much do you have in your savings? Do you have a plan if an emergency happens or if someone in your household loses a job? This is what an emergency savings is for. Ideally, you should be able to have enough built up in savings that could hold you over if you did not have income coming in. This would include mortgage, rent, utilities, etc. At minimum, though, you should have a few hundred dollars available for quick pinches such as a car breaking down. Once you use that money, make it a top priority to build it back up.

One of the important things to save for each year is for taxes. If you have owed money back on state or federal taxes, now is a great time to talk to a premier go-to tax specialist. At Bloch, Rothman and Associates, we can help guide you and create a quality strategy for your taxes. Contact Bloch, Rothman and Associates today to get started.