Tax-time Budget and Savings
Taxes are due in 12 days!!! Have heartburn yet? I know taxes are a pain in the butt. I am not a tax accountant and cannot get any advice or hints to help you magically have your taxes complete and filed. What I can offer you is some hints from an expert. I met with Dan Hannon from Burrrus Financial Services to discuss taxes and savings.
1. Put yourself on a budget.
I know budget is a nasty word, but being one will change your life. If you need help look at the Basic Budget I provided a few months back. This spreadsheet will help you get started.
2. Spend less.
The secret formula to having more money is to spend less than you make. Putting yourself on a budget will help. During the Holidays, I talked about Staying on a Holiday Budget. One thing I do all year round is shop with cash. This helps me stay within my budget.
3. Save, save, save!
Dan’s advice is to save your income tax return, don’t spend it. If you rely on income tax money for your living expenses, it is going to create chaos for you down the road. When you get the check from the government go deposit it into a savings account and let it build you interest. For more resources on saving check of Saving that Pot of Gold.
Financial stress can contribute to so many negative things in life; divorce, unhappiness, depression, heart attacks…. over indulging in ice cream. The financial decisions you make impact your way of life. Following this helpful hints will get you started in the right direction.