(AP) NEW YORK — Budgeting is the first step toward achieving your financial objectives, whether you want to pay off debt, establish a rainy day fund, or save for a family vacation.
According to Elena Pelayo, an instructor with the financial literacy group How Money Works, keeping track of all of your expenses is essential.
Making a plan may only need writing down your after-tax income and adding your costs in a notepad or a blank spreadsheet.
Begin setting aside little sums of money each month or establish modest objectives, such as picking a restaurant where you'll spend no more than $40, according to McCreary.
You must alter your thinking in order to attain your financial goals with a budget, according to Pelayo. You can begin creating goals as soon as you are prepared mentally.
Having people around you who will support your choices and promote healthy behaviors is essential when changing your lifestyle, McCreary said.
Being around by individuals who will support your choices and promote healthy behaviors is essential when making any type of lifestyle change, according to McCreary.
Everyone participating in those decisions must make a joint commitment to support it.