My friends also admitted that checking their accounts was nerve-wracking.īut like anything challenging, if you do it enough times, it eventually becomes less difficult. I never wanted to see how much I had spent and was deeply wary of seeing a negative balance. You gotta see it to believe it (even if it's frightening)īefore I started maintaining a budget, logging into my online bank account was always a dreaded event. Once you know what you'd like to achieve, attach a specific dollar amount to it so you can design your budget. Money is meaningless without goals." Some examples of concrete goals may include getting out of debt, affording a vacation or building up to a big purchase. In other words, what do you want to accomplish in the short and long term? That's the first step.ĬNET Money Editor-at-Large Farnoosh Torabi advises: "Know your 'why' for spending and saving. It's more important to understand what you want your money to represent. Mastering your money isn't about being a math genius. Get clear on your money goals and why you need a budget Here are the five steps I took to build my first budget - plus, access to my own spreadsheet for you to customize.
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