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Money Talks | Crunch the Numbers on Your Budget

With inflation, recession, gas prices and a lower stock market, it's more important than ever to set a budget!

TEXAS, USA — A budget helps create financial stability.

By tracking expenses and following a plan, a budget makes it easier to pay bills on time, build an emergency fund and save for major expenses such as a car or home.

Pre-pandemic, 70 percent of American households were on a budget, that number has now risen to 80 percent. Probably by necessity. When it comes to a budget, the first thing that goes on your list is necessities. 

Rolandus Johnson explains the first steps he takes when meeting with and dealing with clients. He told 6 News, “The first and foremost is we've got to take note of where everything is, right? You get your needs, your wants, we write down what we know is coming in every single month and we take care of those needs first. You know utility bills, your car payments, your insurance and all of those different things. And then from there, we make sure that we have en regardless of what happens, to take care of those things first.”

When it comes to your family's budget, how many incomes are there, how many side hustles and how much can you cut off of committed spending? Everyone's situation is different and your budget should be attacked on all fronts. Rojo says, “Next, we find out what are some ways that you can shave off for different things as far as your wants. Your entertainment, your eating out... I call it the ‘fun fund,’ can we shave a little bit off if we are lacking in certain places but just constantly stay on top of it, I  know that it gets tedious at times but trying to stay on top of it, that's part of that accountability partner that I try to stay on top of for my clients."

Rojo wants everyone to remember that your budget is fluid and will be something that when done right, you'll always be working on and yes in the beginning it might be difficult. 

Rolandus says, “You know it's just one of those things you know where if you're living budget to budget or paycheck to paycheck that's always in the stars now I will say this, you get what you pay for sometimes, but at the same time you know if you are in that situation definitely finding a cheaper price is always an option!"

Remember it's a battle, 70 percent of Americans admit that they have stumbled while in pursuit of their budget, but that's okay. Just don't be like the one in ten Americans that don't keep any sort of budget at all!

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