Photo: Andrei Tchernov/iStockphoto
By Sarah Chang/Credit.com
About 40 percent of households don't bother budgeting, according to Bankrate. However, we're aligning with the 58 percent that said they do!
Your budget is one of the most personal things you create; it's completely dependent on your financial circumstances, expenses, liabilities, and goals. A good budget can help you fulfill your dreams, whether you're planning on leaving a job, saving up for a goal, or purchasing a home.
Of course, life can be unpredictable, and expenses do change. Mary Beth Storjohann, founder of Workable Wealth, suggests reviewing your budget regularly to keep spending under control.
"Checking in on your budget and expenses monthly by setting and scheduling recurring money dates into your calendar at a minimum is key. This gives you a chance to review inflows and outflows and make adjustments as necessary going forward to keep you on track to meeting your goals"
It's also important to keep an eye out for signs that you may need to make changes in your budget. Here are 8 major indications that you need to revise your budget.