- Get a decent refund? Here are some tips on putting that money to work for you. - July 22, 2020
- Claiming Medical Expenses for Tuition - May 19, 2020
- Making Capital Gains Taxes Disappear on a Profitable Home Sale - May 4, 2020
In a prior post, I noted why it was so important to track your expenses and how to do it. Here is what you do once you start tracking your spending:
Create a budget using either Taxbot, budgeting software or the Money Mastery software. This budget would show on the left side what you are currently spending in each category and show on the right the amount you have set aside for your budget. The total MUST balance out in the end! Thus, if you lose a job or take a job at lower pay or your business results in less income, you can re-balance your budget to see where you need to cut back in order to maintain a balance between your budget and actual spending. The key is that they must balance out in the end.