Don’t get too worked up
The spring season might stimulate you to make a few changes but make sure you don’t make “capital repairs” that will leave you with an unsuitable and unreasonable budget.
“People go to the far extreme of trying to cut out as much as they can, and that is never going to work because life is all about balance,” says Crystal Rau, certified financial planner and founder of Beyond Balanced Financial Planning in Midland, Texas. “You have to be able to enjoy your money, but also be very smart with it as far as being intentional with your goals,” Rau says.
If you want to succeed in creating a sustainable budget, try the 50/30/20 budget method. This approach will allow you to assign 50% of your monthly income to your needs, 30% to your wants and 20% to savings and debts. Check out Cut These 11 Unnecessary Expenses and Save Money During the Coronavirus Crisis.
