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Budgets Are A Girl’s Best Friend Regardless of your status in the working world, as a woman, you need to have a good understanding of the finances surrounding your life. The key to responsible personal financial management begins with a budget. To establish a budget you must know what money is coming in and going out of your household. Knowledge is power and there is no time like the present, to get in the know! Getting in the know, means not only knowing how much is paid but also to whom, when and where it is paid. Regard your budget as your new best friend, the voice of reason for responsible decision making, and a helpful hand in easing the burden of spending and paying bills. To establish your budget, write down all of your monthly bills. If you are unsure of all your expenses, sit down with your partner or significant other, and have an open and honest discussion regarding what bills are being paid each month. In order for your home to function, and your budget to positively impact your lives, you must be honest with yourselves and each other. Make sure your budget is a very specific accounting of every expense each month,

everything from coffee to beauty supplies. Next, keep a small notebook with you over the next 30 days to account for what spending you are doing on a daily basis. You may be surprised by the amount of money you are actually spending versus what you thought you were spending in just a month’s time. By keeping track of our spending habits over the course of a month, you will become more aware of where your money is going on a daily basis, and identify any areas of unnecessary spending you might be able to either curb or cut out completely. Be aware of things you want versus things you need. Everyone deserves a little luxury every once in a while, but

it is important that this is done in moderation and within your budget. When it comes to luxury desires, opt to save up for things you want and avoid impulsive purchases! After you have created a budget, make sure you revisit it every few months and during any major life changes. Monitoring and adjusting your budget will help to ensure you stay within your means and avoid excessive spending that can lead to debt. Take advantage of online budgeting and money management tools, similar to our “Budget Jewel” that offer user-friendly platforms for developing and maintaining a budget. n Leslie H. Tayne, Esq.

Make sure your budget is a very specific accounting of every expense each month, everything from coffee to beauty supplies. 44

GEM Magazine Long Island Women's Magazine Fall Anniversary Issue 2013  

Feature: Millionaire Matchmaker Patti Stanger Strong Island Woman: Adrienne Esposito GEM Magazine Long Island Women's Magazine: Empowering,...

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