177 The Essence Of Developing A Financial Plan In 2022

Budgeting isn't fun for most people, in fact when I first
developed a personal financial plan, it wasn't one of my favorite
things to do at the time. I learned how to budget while in the
military as a member of the comptroller's organization.


What I want you to know is this, after I developed my first
financial plan, I never looked back because I discovered that
after I assessed my after-tax income, it gave me a better idea of
what I was working with.


To assist you in developing your financial plan, I am providing
you with a few tips for you to develop your own:


First of all, what is a budget? A budget is simply a means to
track spending and earning. It can be as simple as aiming to keep
your credit card charges under $1,000 monthly or as complex as
tracking each expense by name, type (entertainment, food,
household goods, etc.) and cost in an itemized spreadsheet with
corresponding category targets, pie charts and year-to-date
analysis. 
Take these steps.  Learn to track your after-tax income
and the amount of money you are spending each month. Take inventory
of your finances by setting up a budget, initially, it takes some
legwork, but once you get into the rhythm, you should be able to
maintain your spending plan with less effort.Stick to your budget.
The kind of budget you choose can be dictated by many factors,
including your long-term goals, your age, expenses and current
living situation. The key is to find a system and breakdown that
works for you.Try some new tools. For a low-maintenance budget, try
one of these tools that sync your checking, savings and brokerage
accounts all in one place. Selecting the right budgeting tool can
make or break your ability to follow a spending plan. Consider the
following, Pen and paper, envelopes, spreadsheets, worksheets, and
the Mint app.Lastly, there's no one-size-fits-all budget, but
templates can be customized to track your complete financial
picture. A few recommendations include Google Sheets, and
Microsoft Excel to name a few.

Establish your financial plan today and by the end of the first
quarter of 2022, you will be on the road to reaching your
financial goals and then hit your goals for the rest of 2022. If
you have questions surrounding setting up your financial plan,
contact Paul Lawrence Vann at (800) 341-6719 or
info@paulvannspeaks.com


Tune in to listen to this episode with Paul and over 177 episodes
at this link  https://bit.ly/3n84XSF