The thought of creating a budget or “spending plan” as we like to call it, is usually a very daunting task to think about. Most people don’t want to think or discuss their finances, let alone write it down! It takes time to look at what you’re spending, how much you spend and how much income you’re bringing in to cover those expenses.
If you have dreams of someday buying a home, car, paying down debt, starting a family or paying for your children’s education, having a spending plan is vital to securing your goal(s).
A balanced money formula says that you should have 50% of your money for bills/needs, 30% for wants, and 20% for savings. That may not be possible if you’re just starting out, but it’s good to have that in your sights.
Five reasons you need to create a spending plan are:
1. To set and reach financial goals
2. To spend according to your priorities
3. To build wealth
4. To plan for retirement
5. For peace of mind!
The thought of creating a budget or “spending plan” as we like to call it, is usually a very daunting task to think about
Having good credit can be more important than you think. In today’s world, credit is used for more than just getting a credit card or a loan
Know your loans. Know your options. Know your resources
As a young child my mother told me I could be anyone I wanted to be. Turns out this is identity theft
|IRS TAX BENEFITS|
When filing your yearly income tax return, it’s important to know that there are certain tax credits and deductions that can help students and parents
Whether you’re looking at health insurance, life insurance, car insurance or renters insurance, the information can be confusing at best
See how investing even just $100 per month makes a difference.
|Additional Financial Literacy Resources in Pullman: