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?