Building a budget
October 15, 2020
I’m Miriam Neff with STARTING OVER FINANCIALLY, and I’m Valerie Neff Hogan, and we’re here to talk about money.
M If you’ve never built a budget, or your present one isn’t working, let’s start with two simple lists: Things you cannot control and things you CAN control, discretionary and not discretionary spending.
V Likely you have set housing costs. You can’t control that, or change it immediately. Utilities, car payment or transportation to work, insurance like health, homeowners, and vehicle are required and not quickly changed.
Second list: what you CAN change: food, clothing, entertainment, eating out, coffee stops, vacations, gift giving. Think of more things to add, AND push the pause button. What are you seeing? Does this reflect your values, wishes for your future, your level of desired generosity?
M Build a plan on where you want to go.