![]() ![]() In that case, the alternative is to increase your income. If you’re already living minimally, it can feel like making additional cuts to your budget simply isn’t an option. Oftentimes it may be a spending issue or an income issue. Be aware of any fees associated with a balance transfer, and understand what led to the debt so you can make changes. This may offer you 0% interest to help you focus on paying off debt, not just tackling interest. If you’re dealing with credit card debt, you can consider debt consolidation through a balance transfer. Finding a budget that works best for you can strengthen your overall financial well-being and build momentum in achieving some of these goals,” says Sabino Vargas, certified financial planner and Vanguard financial advisor. “An important first step is to think about your short- and long-term financial goals and create a budget that allows you to continually pay bills, tackle debt, save money, and invest. If you aren’t clear on what those things are, it’ll be tough to budget and feel motivated to stick with the plan. Your budget is your financial system to get you where you want to go and live the life you want. ![]() Below are the steps you can take to create a budget. Creating a budget is pretty standard regardless of what budgeting style you use (more on that later). ![]() You’ll be learning the best way-through practice. Understand that budgets are meant to be changed and adjusted as you go. If it’s your first time learning how to create a budget, give yourself some grace and patience. ![]()
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