Ian Oliver Mausner spent over three decades working in financial advisement and money management. Though his entrepreneurial focuses are not limited to finance-related fields, his interest in investing and financial security have not changed.
If you dream of the financial security of a seasoned pro like Ian Mausner, making a budget is among the first steps to getting there. Basics like those below will help:
- Assess Mandatory Bills.
Assess your monthly mandatories. Start with all non-negotiable bills – your mortgage and car payment, for example – and then add things that you could reduce, like gas and groceries. Calculate how much you spend each month without indulgences like stopping for coffee or eating out.
- Compare Your Income.
After you’ve assessed what you can’t avoid spending, compare your monthly income to the number you previously calculated. If you’re spending less that you’re earning, great! If not, it’s time to cut back where you can.
Groceries, gas and clothing purchases can typically go lower, and payments like insurance can be negotiated. Consider eliminating extra bills, like your television service, if you need to.
Though it might feel impossible, if you cannot raise your income above your unavoidable expenses, find ways to increase your monthly earnings.
- Set Your Limits.
Set limits on how much you can afford to spend on what each month. Use as much of your income as possible to pay down debt and save for emergencies. Once you have your limits, follow them.
Finally, don’t try to manage your money alone. Even professionals like Ian Mausner seek advisement, if for no other reason than for a second set of eyes.
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