From the course: Managing Your Finances in a Financial Downturn
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Getting your budget started
From the course: Managing Your Finances in a Financial Downturn
Getting your budget started
- When I first start working with my clients, they often get very excited about building wealth. They want to talk about that one hot tech stock they've been eyeing for some years, or they want to consolidate their IRAs into one place. But actually, one of the best places to start is with your budget. Here are my four steps to get the budget party started. Collect all your financial statements. Here's where we'll see where all your money goes, where it's being spent. You want to collect all your financial documents. Open up your checking account to see each expense, every check you've written, or every purchase made with your debit card. If you're like me, and you like to use your credit cards to record your expenses, you'll also want to print out all of your credit card statements. What we are trying to capture is a full picture of you and your household spending. Put all your monthly expenses into a spreadsheet. You…
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