Welcome to The Word on Wealth's Tip of the Week! Every week we email the Tip of the Week and more directly to our subscribers with our Weekly Economic Update. You can sign up directly to receive a copy here: https://grandcanyonplanning.com/resource-center/signup
This week's tip:
If you are presently retiring, moving, or divorcing, try tracking all your expenses for the next few weeks or months. Big life changes like these may mean big revisions to your budget.
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Hep Cats by Kevin MacLeod
Link: https://incompetech.filmmusic.io/song/3867-hep-cats
License: http://creativecommons.org/licenses/by/4.0/
Hi, I'm John Dombroski, and this is The Word on Wealth's Tip of the Week.
This week's tip is regarding your budget: "If you've got a big change coming, such as retiring or moving, tracking all of your expenses for the next few weeks or months can be important. Why? Big changes like this may mean big revisions to your budget."
Start the budgeting process by doing an in-depth analysis of your current financial behavior. Often times, when people come to see me, I'll ask probing questions. One of them is, "On average, what would you estimate your monthly expenses are?"
Many people do not know, and that's interesting, right? Because it's hard, we're all living our life, doing what we do, and we hope that we have more money at the end of the month than a month at the end of the money. Sometimes that is the case, but mostly it's about figuring out exactly how to spend or how you spend the money you do have and earn.
Once you understand all this, you'll be in a better position to evaluate how you can be more efficient with your finances. Also, understanding whether or not that special thing you want to buy or that vacation you're planning for will fit within your budget.
Hopefully, that helps. As always, if you've got questions visit our website at grandcanyonplanning.com to learn more about our services and listen to full episodes of the Word on Wealth. You can also call us to schedule your complimentary retirement assessment at 480-991-1055.
I'm John Dombroski reminding you, don't run out of money before you run out of time.