| | | Create a planDoes the word budget make you cringe? You’re not alone. Forget about the "B" word and start calling it a savings plan instead. - Step 1: Determine how much you have to spend (e.g., groceries, bills, etc.), plus whatever money to set aside for discretionary spending (can’t live without that morning cup of coffee?) before you can determine how much you can realistically set aside for savings. This might require you to track your spending for several weeks or months. Try using this worksheet or creating your own. You can also check out Spending Diary’s online version.
- Step 2: Once you’ve determined the amount used for expenses, you’ll be able to determine how much you can reasonably set aside toward your saving goals.
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