Although over 40% of Americans’ financial resolution is to find ways to save more money, less than half of Americans use budgeting as a way to save. Making a personal budget not only helps people save but can also help them achieve financial stability. Knowing how much money is needed to cover expenses can help prevent overspending. It can also identify places to reduce spending, allowing for more savings to take place.
Budgeting in Uncertain Times Makes a Difference
When life is uncertain, budgeting becomes crucial to prepare for life’s unpredictability. Putting money aside each week means having funds to cover the unexpected such as reduced work hours or a job loss. Savings can help with unexpected car repairs or emergency medical expenses. Having a financial cushion reduces stress and makes living through and budgeting in uncertain times a touch easier.
Beyond making a budget, people should aim to find ways to accomplish the following:
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