Do you have any guidelines you'd suggest for successful household budgeting?

ANSWER

Expert Charles Randall's Answer:

The best guideline there is to successful household budgeting is "do not spend more than you make."  So when preparing your budget look back at what you spent over the last 3 months, 6 months and 12 months and use that as a basis for what you will spend in the future.  Then compare that to the amount of income you made during that same period and what you expect to earn in the future.  Tthis exercise usually results in a short fall of income.  Now review where you can cut what you spend and find ways to increase your income in order to come to a balanced budget.

Charles Randall, CPA

New York

39 yrs experience

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