Wealth Wednesday: Making and Sticking to a Budget

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  • Assess Your Income
  • Get It in Writing
  • Where Else Does Your Money Go?
  • Compare Inflow to Outflow
  • Review Your Budget Frequently
  • Budgeting 101
  • Gather the Necessary Information
  • Review the Data and Come Up With a Monthly Number

Compare Inflow to Outflow

If you are spending less than you make, then start saving. Contribute to your retirement account (or allocate more for retirement), pay down your debt and make other smart financial moves. If you’re coming up short every month, then now is the time to assess your income and expenses and find ways to either boost the former, reduce the latter or do a little of both. Look at where you’re overspending and cut back on expenses like restaurant meals, visits to the salon and entertainment. 

(Photo: Bruce Laurance/Getty Images)

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