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Budgeting

Creating and Maintaining a Budget: A Step-by-Step Guide for February 2025

Recap of January 2025: Setting Clear Financial Goals  In January, we focused on setting clear financial goals using the SMART framework, assessing financial health, and leveraging tools like budgeting apps and educational resources. Now that you have a roadmap in place, it’s time to take the next step: creating and maintaining a budget to ensure you stay on track with your financial aspirations.  Why Budgeting is Essential  A budget is a financial blueprint that helps you control spending, save more, and avoid debt. It allows you to allocate resources effectively and make informed financial decisions. Without a budget, it’s easy to overspend and lose track of financial goals.  1. Understand Your Income and Expenses  Start by listing all sources of income, including:  Next, categorize your expenses into fixed and variable:  Use tools like Mint (mint.com) or YNAB (You Need a Budget) (ynab.com) to track income and expenses.  2. Choose a Budgeting

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Setting Clear Financial Goals: A Step-by-Step Guide for January 2025

As January begins, it’s essential to reassess and set achievable financial goals using the SMART framework. Understanding your motivations, tracking progress, and leveraging resources will empower you for financial success throughout the year.