5 Budgeting Tips for Families in Jackson
The truth of the matter is that saving money is always beneficial! Regardless of economic climate, personal needs, or market fluctuations, having a budget and planning out your finances can prove incredibly helpful. Whether you are saving for your future, planning for retirement, accounting for college tuition costs, saving to buy a new house, or any other financial incentive, budgeting in Mississippi can provide the funds you need.
Watkins & Co is here to help you with some budget friendly tips for families living in Jackson, Mississippi. With an extensive background in personal finance, we know the importance of managing your personal financial plans and we are here to provide experienced advice, guidance, and education for your financial needs.
How to Budget in Jackson, MS
Watkins & Co helps local families create budgets that work for your needs while keeping your long-term financial goals in mind. Our personal finance experts are here to share the ins and outs of budgeting, providing invaluable techniques and tips for budgeting successfully.
Track your Spending
The first step of creating a budget is knowing where your money goes. Before you begin to make a plan, keep a daily log of expenses. Include everything from major expenses, like mortgage, rent, car payments, credit card payments, and other expenses down to the simple coffee shop or fast food run. Make sure to include housing, utilities, transportation, hobbies and activities, healthcare and other such aspects of life. Every penny adds up and it’s important to be realistic when planning your budget.
Prioritize Essentials
Major, essential expenses are priority. Housing, utilities, groceries, gas, insurance and so forth should always be the first expenses listed in your budget. Only once you have allowed for all your daily living costs can you move on to hobbies, activities, and events.
Plan for Seasonal Expenses
Many people work out an extremely effective budget for day-to-day expenses, yet when it comes to holidays or birthdays, their budget goes out the window because they have not accounted for these extra expenses. When creating your budget, look ahead at the year. Build in methods of saving during the months when there are no extra expenses necessary. Account for seasonal spending needs in the quiet months and set that money aside to account for your holiday shopping, summer plans, and birthday activities.
Take Advantage of Deals
There are plenty of deals to be had out in Jackson, Mississippi today. You can easily save on groceries by shopping local deals. Take a look at flyers and farmer markets or check in your local community market for prices. Doing a little price comparison in shopping is always a good idea when you are trying to remain on budget for groceries. It may require going to a few different grocery stores to get the best deals for the week but those dollars will quickly add up as you price hunt over time. Similarly, there are many low cost family activities available. Plan your social calendar around what free activities are occurring that are interesting to you and your family. Reducing costs on hobbies and events can make a huge difference in your daily budget. This provides you more funds for the essentials and for your long-term saving goals.
Plan for Emergency Funds
It’s important to remember that life’s twists and turns are often costly. Whether it’s an unexpected illness or injury, a sudden maintenance repair on your home or vehicle, or even an unplanned cost for your child’s sports or school, having an emergency fund for the unexpected can make all the difference. Even if you only start at a few hundred dollars, setting aside a little each month toward your emergency fund can help you through the unplanned expenses that always seem to pop up.
Personal Accounting Company Jackson, MS
Watkins and Co. is here to help you create a realistic and manageable budget. Taking into account every expense and asset, along with your income, we can help you build a budget that will work in the long run. Adjusting your budget as necessary is an important part of a successful financial plan, as well as adhering to it even when times get tough. Watkins & Co. is your trusted partner in helping you achieve both your short term and long-term financial goals.
Give us a call today for budgeting advice, personal tax preparation, personal finance guidance, and any other financial needs you may have. Our experienced team is standing by ready to help!