Rising inflation and interest rates have affected every one of us — some more than others.
The president of SolveYourDebts.com says it has never been more important to have a personal budget.
John Eisner said they are worried people are leaning on credit to offset their increased expenses.
“Everyone needs to go back and revisit this and say, if I don’t have a budget, I need one. If you do have one, make sure you watch it closely and revise.”
If you do not have a budget, Eisner said the first thing you need to do is review your current financial status.
That includes tracking your income and expenses to get an idea of where exactly your money is going.
“Are there areas can I make adjustments? What can I make adjustments to? What am I not prepared to make adjustments on? Because everybody is different,” said Eisner.
Once you have done that, Eisner said it is important to make a realistic plan to help you reach your goals — whether that is saving for a down payment, or simply trying to stay afloat.
But reviewing your current financial status and creating a budget is only part of the battle.
Eisner said you should be reviewing your budget once a month to see if any changes need to be made.
“Budgeting is the number one issue for all of us. No one likes it, but it’s vital. You need to have a plan.”
