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Why You Need to Keep a Household Budget Now!
The deadline for filing income taxes is fast approaching. Tax Day reminds us that we work hard to earn a living. I don’t know about you, but since I work so hard, I want to make sure I’m spending every penny wisely. That’s where a household budget comes in. Budgets are a fantastic at a glance tool to visualize what we have coming in, what’s going out (and what that money is paying for), and if there’s anything left at the end of the month to put into savings.
Expense Tracking — Why is it Important?
The first part of budgeting is expense tracking. It may sound boring or tedious, but let’s consider for a minute what will happen if you’re not tracking your income and expenses. You don’t know how much you have to spend in a given month, and you could easily spend what you’re making for the month or even several months.
What if you spend the money you need for bills? Where will the money come from? Over time that can put you into some pretty hot water financially. You may also be spending a lot more than you think on clothes, eating out, the movies, or your favorite bar. It’s important to have fun and enjoy life, but are you sacrificing your savings?
