Wealth Wednesday: Making and Sticking to a Budget

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

Budgeting 101

Creating and sticking to a household budget is no easy task. Most people go into the process with good intentions to get a handle on their income and expenses, improve their savings habits, and/or save for retirement. Within a few months (or weeks, in some cases) those good intentions derail and you're back to the “paycheck-to-paycheck” mentality. If you’ve had enough of this rollercoaster ride, use these seven quick tips for creating and sticking to a budget. — Bridget McCrea

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