My aunt decided to trim her household budget, so instead of sending her favorite dress to the dry cleaners, she washed it by hand.
She proudly said to her husband, “Look… we’re seven dollars richer because I washed this dress by hand!”
Her husband replied, “Good. Wash it again!”
It would be fantastic if all it took was a little elbow grease to keep money in our pockets.
A great way to get your finances in shape for 2020 is with Action Step #2: Budgeting.
Whatever your spending habits may be, most people would like to save more money. Knowing how you spend money is an important step toward developing a budget to fit your needs.
Smartphone apps can help you develop and keep your budget straight. Some can help you track your spending habits and can even find hidden savings, like Empower.
Paribus is another great app that saves you money by tracking purchases and identifying price drops, allowing you to easily claim rebates.
Or, if you want an analog solution rather than digital, grab a notebook or spreadsheet and write down all your fixed monthly expenses. Next, record other “non-fixed” expenses such as dining out, entertainment, clothing, and other discretionary purchases.
Writing down this information gives you an “eagle’s eye” view of where your money goes on a monthly basis. You then can more clearly see where you can cut back.
Creating a budget will eventually give you the financial freedom to enjoy life during retirement however you wish—and it’s our goal here at Matson & Cuprill to help make that happen. Call us today at 513-563-PLAN (7526) or book online for a fresh 2020 financial plan.
Dan Cuprill, CFP®