As a financial expert, you can imagine that Vince Yanello regularly receives requests for financial advice. This article will cover budgeting steps that can be used by almost anyone who wants to improve their financial situation.
Create a budget
Creating a budget is essential whether someone makes $40,000 a year, over $100,000, or has an income that far exceeds those two figures.
Rather than breaking down each expense a person has monthly, they should categorize them into general categories, such as mortgage/rent. Be sure to include any maintenance or property management costs that go along with this figure. Another could be energy expenses, which include both gas and electricity bills. Add an estimate of how much groceries will be each month. It is useful to respect this amount so as not to overspend on food. Be sure to only include recurring bills when totaling expenses, Notes by Vince Iannello.
An individual should include all monthly subscriptions they have in this figure, such as movie streaming services. If these services aren’t used regularly or at all, it might be time to cancel and save that money.
Next, a person needs to figure out how much they have left on each paycheck. One way to budget this money is to put most of it in a savings account or stocks and use some of it as pocket money.
Assess and reassess wants and needs
Once a person creates a list of all their financial obligations each month, Vince Iannello advises these people to comb through them and determine what the needs and wants are.
By doing so, a person may be able to reduce some of their expenses and have extra money to spend on non-essentials or put into a savings account or other investment.
Keep in mind that an individual must do this regularly, not just once.
Compare the prices
The price a person pays for utilities and other expenses may be exaggerated. As a financial expert, Vince Iannello advises customers to look at each utility and determine if there are other options that can provide a similar service at a lower cost. It really doesn’t involve any downsizing. Therefore, a person does not have to deal with slow internet service for better budget.
Vince Iannello recommends calling cable, internet, and other service providers as a professional accountant. Other businesses may be able to match competitors’ fees in the area to retain the individual as a customer.
For people with large debt, it might be in their best interest to consolidate the debt into one lump sum to avoid high interest charges. It also complicates the payment of the debt because there is only one bill to pay rather than several.
Globally, Vince Iannello wants people knowing that finances aren’t as scary as you might think. With a little knowledge, it’s possible to budget like a pro. However, it forces a person to re-evaluate the expenses to keep the budget updated all the time.
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