This article provides guidance on how to create and stick to a budget, emphasizing the importance of controlling expenses, managing debt, and saving money. It offers practical advice on adjusting spending habits, identifying fixed and variable expenses, and negotiating costs.
The new year is a great time to update your budget. Financial experts share actions you can take to help cut costs, pay down debt and save more money.Many financial experts advise people to create — and stick — to a budget. But cutting down debt and saving are just as important.Now is also a good time to check in on your investment accounts like 401(k)s, Roth IRAs and brokerage accounts to make sure they're on track.This story was originally published on Jan. 2, 2024, and has been updated.
\\'You\\'re going to sit down, look at your bank and credit card statements and decide whether that\\'s how you want to continue spending your money.\\' Fifty percent of your take-home income should go toward basic living expenses like housing and groceries. Thirty percent should go toward discretionary expenses like entertainment and clothes. Twenty percent should go toward savings and paying down debt.If your proportions are out of whack — say, you\\'re spending way too much of your income on basic living expenses — you may need to slash some of your fixed expenses. That\\'s anything that\\'s the same amount every month, like your rent or mortgage, car insurance, phone bills and utility bills,\\' says Fernández Paulino. They\\'re also often the biggest expenses in your budget, so cutting back on these items is \\'going to save you so much more money,\\' said Kristin Wong, author of To save on housing, consider living with a roommate or moving to a cheaper place (although, if you relocate to a place farther away from the city, factor in transportation costs). Or maybe you\\'re paying for something you could negotiate down or shop around for, like car insurance or cellphone service.Next, identify your variable expenses, says Fernández Paulino. \\'Those are things you need for your life but vary in cost every month\\' — like food, gas and electricity. Set a target on how much you want to spend on these must-have items — and take action to stay on track. To save on food, eat out les
BUDGETING DEBT MANAGEMENT SAVING EXPENSES FINANCIAL PLANNING
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Financial Reflection: Experts Share Tips for End-of-Year Money ManagementAs the year draws to a close, financial experts emphasize the importance of reflecting on your finances. They offer advice on managing money effectively, avoiding feelings of shame, and setting yourself up for success in the new year.
Read more »
Financial Experts Share Tips for Prioritizing Spending in 2025Financial advisors recommend focusing on mindful spending and reviewing financial habits as key priorities for the new year. They suggest understanding your spending patterns, aligning expenses with your values, and canceling unused subscriptions to optimize your finances.
Read more »
Financial Resolutions for 2025: Experts Share Tips for SuccessThis article provides financial advice for setting effective resolutions for the new year. Experts emphasize the importance of understanding your current financial situation, setting realistic goals, and aligning them with larger life aspirations. Strategies for changing your money mindset and staying motivated are also discussed.
Read more »
Financial Advisors Share Top Spending Tips for 2025Financial experts offer advice on prioritizing mindful spending and making the most of your money in the new year.
Read more »
Experts share tips on how to have a bugfree ChristmasSome people worry that if you cut down a real tree this holiday season, you could bring bugs into the house. Here are some tips to help you enjoy a bugfree Christmas.
Read more »
Holiday Blues: Experts Share Tips for Managing StressThis article discusses the common experience of holiday stress and provides advice on coping mechanisms, including setting boundaries with family and prioritizing self-care.
Read more »