Why You Need a Budget

Since many new widows lose nearly seventy-five percent of their income, it is critical to look at your income sources and living expenses to make financial decisions for the present and future.  A budget is the only effective way to accomplish this.

• A budget helps you figure out your long-term goals and work towards them.  It also enables you to map out your goals, save your money, and keep track of your finances. 
  
• Staying within your budget keeps you from spending money that you don’t have on things you might not need. 
  
• A budget helps you save for the future.  If you cut back a little now, it will make your future or retirement years much more manageable if you save the money you would have otherwise spent. 
  
• Budgeting for an emergency fund helps meet unexpected financial needs without going into debt to pay for them. 
  
• A budget can reduce financial stress because it reveals your spending habits, refocuses your financial goals and takes the worry out of how you’re going to make enough. 
  

• Many people think a budget is restrictive.  However, it frees us up to spend time on those things we have budgeted for, without any guilt. 

Get started with a blank sheet of paper or use one of the following links to download a free budget form.  It’s a brand-new year, so why not a brand new budget?  

• Consumer.gov for a free form for creating a simple budget.  

• Baird Financial for a free form for creating a detailed budget.