Planning a Budget Keeps Finances in Check
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| Retha Colclasure |
| 7/30/2010 |
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| Setting a budget and sticking to it, tracking finances and planning out long term goals are all important. At the same time, they can sometimes seem impossible. Credit counselors see a lot of people who have gotten in over their head, but with just a few financial tweaks, managing money doesn`t have to be so hard. Molly Sullivan knows her money. "Since I know that I don`t want to work until I`m 70, it`s very important to me that I invest into my retirement fund and into different avenues to generate income later in life," she said. That`s a long term goal for a recent college graduate, who also has savings accounts set up to take vacations, save up for a down payment and pay off student loans. "Along with figuring out your goals is figuring out how you`re going to get there and strategically planning that," said Sullivan. She sets up a budget every month, taking into account added expenses like birthday or Christmas presents, and reviews her financial situation several times a year. Financial counselors say that`s the right thing to do. "At least a couple times a year you want to review your progress toward your goals, your mid, short term, long range goals. You want to see that you`re making progress toward them," said Jesse Tran, consumer credit counselor. To do that, he counsels his clients to figure out where their money is going in the first place. "By taking a look at your finances and taking an in depth look at your spending habits, tracking your expenses, it can be done," explained Tran. Sullivan picked up some of her financial insights from her parents and has been focused on saving for quite some time. But, it`s possible to start saving at any age. Financial goals do change. For example, a car accident or unexpected medical expense might disrupt another savings plan. Tran says if you`re having trouble with your finances seek help earlier, rather than later. The longer you wait, he says, the fewer options there may be. |
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