You’ve gone and done it…set a budget! Good for you…a major first step is out of the way. But remember, you can’t just make a budget and consider it written in stone. Many people create a budget but then never revisit it. Experts say maintaining a budget is a fluid process that should be monitored and adjusted regularly. Perhaps you decided to purchase a new car during the year and now your car payment is $100 more than it used to be. Or maybe you paid off your car and now you don’t have a car payment at all. Without adjusting expenses that have changed, you fall into the trap of spending extra money unnecessarily—or worse, coming up short. The solution? Simply look over your budget at least once a month to ensure that nothing has changed or to alter anything that has.
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