As a financial expert, you can imagine that Vince Iannello receives inquiries about financial advice on a regular basis. This article will touch base on the budgeting steps that can be used by almost anyone who wants to improve their financial situation.
Create a Budget
Creating a budget is essential whether a person makes $40,000 a year, over $100,000, or has an income that far exceeds both of those figures.
Rather than breaking down each expense a person has monthly, he or she should put them into general categories, such as mortgage/rent. Be sure to include any Maintenance fees or Property Management fees that go along with this figure. Another could be energy expenses, which include both gas and electric bills. Add an estimate of how much groceries will be each month. It helps to adhere close to this amount so as to not overspend on food. Be sure only to include recurring bills when totaling up expenses, Vince Iannello notes.
An individual should incorporate any monthly subscriptions he or she has into this figure, such as movie streaming services. If these services aren’t used regularly or at all, it might be time to cancel and save that money.
Next, a person should determine how much he or she has remained out of each paycheck. One way to budget this money is to place most of it in a savings account or stocks and use part of that as spending money.
Evaluate and Reevaluate Wants and Needs
Once a person creates a list of all his or her financial obligations each month, Vince Iannello advises these people to go through them with a fine-toothed comb and determine which ones are needs and wants.
By doing so, a person may be able to reduce some of their spendings and have extra money to spend on the non-essentials or place in a savings account or other investment.
Keep in mind that an individual needs to do this on a regular basis, not just once.
The price a person pays for utilities and other expenses may be overkill. As a financial expert, Vince Iannello advises clients to look over each utility and determine if there are other options that can offer a similar service with less expense. This truly involves no downsizing. Therefore, a person doesn’t have to contend with snail-slow internet service to better budget.
Vince Iannello recommends calling cable, internet, and other service providers as a professional accountant. Other companies may be able to match competitors’ fees in the area to maintain the individual as a customer.
For individuals with a substantial amount of debt, it might be in their best interest to consolidate the debt into one lump sum to avoid the hefty interest fees. This also complicates paying the debt because there’s one bill to pay rather than multiple ones.
Overall, Vince Iannello wants people to know that finances aren’t as scary as people may think. With a bit of knowledge, it’s possible to budget like a pro. It does, however, require a person to reevaluate expenses to keep the budget up to date continuously.
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