By all means, prepare a budget. Many people have never prepared a budget before meeting with me and many
have never thoroughly discussed finances with their spouse.
All families need a financial plan. Everyone needs to know where their money goes. Think about what you need vs. what you
want. Save now, pay later and you will save lots of money on interest payments. Don't ignore expenses that don't come up
every month, like car taxes, clothing, car or house repairs, and medical or dental visits.
Many clients tell me that they used their credit cards for emergencies, but most things that they call emergencies are
things that we all should know will happen to us.
If you drive a car, it will need repairs, new tires and oil changes. If you are a human being, you will need to see a
dentist, get medical attention, and buy medicines. If you own a home, it will need maintenance, the plumbing fixed, new appliances,
and a new roof every twenty or so years. The things we usually call emergencies are things we can all expect to happen.
For a budget to balance, you must plan for these things by putting money away each month so it is there when you need it.
Do I Owe Enough To File Bankruptcy?