Nothing will jerk you awake from a turkey induced coma like the task of holiday shopping. While this should be a joyful act, many people stress over making those purchases. Get ahead of your New Year’s resolution to manage your finances better by creating a 2020 budget now. We believe you simply cannot get to financial freedom without one.
There are many resources online about creating a budget that works for you and your lifestyle. However, the first thing we’d recommend is to determine your financial goals. Where do you want to be by the start of 2021?
Now, take a step back to assess where you are NOW financially. Do the math and set a budget that reaches those goals. Whether your goal is to finish 2020 with more savings, to invest more, to gain discipline, etc., the budget/plan you set should illustrate a path connecting your current financial situation to your 2020 goals.
Really, the best tool to plan a budget and actually stick with it is a personal budget spreadsheet. Here’s a quick read from Bank of America on creating a budget spreadsheet that works for YOU. Spreadsheets make tracking the numbers easy and, most importantly, can be used year after year as your financial status shifts.
Here’s to making holiday shopping fun again!
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