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Establish a Budget
Cash flow is has a direct impact on your lifestyle. Ideally, you need a plan that will allow you to live comfortably without the worry that your money will run out.
An effective budget should:
- clearly list sources of income
- detail mandatory expenses like mortgage, utility bills, groceries and car expenses
- estimate discretionary expenses such as clothing, subscriptions, cellular phones and vacations
For the first year or so, it will be a good idea to revisit your budget every three months just to make sure you are on track. If your income is lower than expected or the expenses are higher, it may be important to cut back and adjust your budget.
For your convenience, we've included a simple form you can download, view and print as a guideline for compiling your monthly budget.
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