A budget is the foundation of your financial health. Want to know if you can afford a vacation? How much you can save for retirement? How you can pay off your mortgage faster? These questions can all be answered if you have a budget.
In my case, my primary financial goal is to make sure I enjoy my retirement. For many of you, your goals will include down payments on houses, refinancing student loans, college for your children and funding retirement.
If you budget for a month, it is critical to remember to add expenses that you don’t pay every month as you’ll need to set aside money in short-term savings to have the money when those expenses become due.