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Budgeting for financial stability

June 15th, 2011 -

Being aware of what you earn and what you spend is the first step to achieving financial stability.

If you set a budget and keep up to date with your spending you will know what you are able to spend at any given time and will ensure that you don’t run short.

The first step to setting a budget is to make a record of what comes in and what goes out. Once you have a good idea of your finances you can make adjustments as your circumstances change.

  • If your income drops you will need to look at reducing your spending
  • If your income rises, you can decide whether to increase your spending or perhaps increase your savings
  • If you have loans or outstanding debts it’s always a good idea to take care of these first

For advice on budgeting and how it can help you avoid overspending click on this link http://www.familybudgeting.org.nz/

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