Steps for Creating a Personal Budget

Personal Budget pic

Personal Budget
Image: bankrate.com

An associate manager and financial advisor for Ameriprise Financial Services, based in Palm Beach, Florida, Joseph Grund works directly with clients to help them achieve their financial goals. With a focus on developing financial confidence, Joseph Grund helps clients understand their current financial situations and develops bespoke, holistic financial plans to serve their needs.

Creating a budget is often the first step to take when trying to improve your financial situation. Here is how you make one.

1. Work out your net income, taking into account deductibles like 401(k) contributions and social security.
2. Create a list of necessary expenditures, which will include things like mortgage payments, car payments, and food. Some of these will be fixed and easy to manage, whereas others, like food and gas, may be variable and offer opportunities to make cuts.
3. Subtract your necessary expenses from your net income to give yourself a figure to work with. Set the goals you hope to achieve based on this figure.
4. Develop a plan based on these goals that sets the actions you will take in stone. For many, this revolves around saving a certain amount per month.
5. Don’t ease off once you have your plan in place. Keep checking your finances and review the budget whenever any aspect of your financial situation changes.

Ameriprise Financial cannot guarantee future financial results.Investment advisory services and products are made available through Ameriprise Financial Services, Inc., a registered investment adviser.
Ameriprise Financial Services, Inc., Member FINRA and SIPC.
© 2018 Ameriprise Financial, Inc., All rights reserved.
1995144ACMR0118

Joseph Grund & Associates
A financial advisory practice of Ameriprise Financial Services, Inc.
11300 US Highway 1, Ste. 600 & 501, Palm Beach Gardens, FL 33408-3293

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s

%d bloggers like this: