A poor budget (or no budget at all) can put your finances way off course. Any tax preparation service will tell you that a well-prepared budget is critical for both saving and spending money responsibly. Blackwell’s Tax Service in Fort Mill, SC wants you to look out for the following signs that it’s time to give your budget a fresh new start:
- Withdrawing before budgeting – Taking money out before you budget for it is bad. That’s because you’ll most likely end up forgetting to budget the money later.
- Not participating in charitable giving – By donating to charities, you become aware of what you actually need. Giving to others is a great act of kindness and an excellent eye opener about your finances.
- Constantly dealing with unplanned purchases – If you’re surprised by the number of unexpected purchases you make each month, you need a new budget. Have an emergency fund set aside for things you absolutely must spend money on – planned or not.
- Buying impulsively – If you fall victim to impulse buys, you’re headed toward financial trouble. You’re cheating yourself in the long run by wasting the money you’ve set aside for other purchases.
- Failing to remember annual expenses – Forgetting about annual expenses (like dental checkups, vet visits, or birthdays) is quick way to blow your budget. This is where setting aside emergency money can really help.
- Devoting most of your money to one category – If the majority of your money is going to one category of your life, you aren’t budgeting efficiently. Try to devote 25-35% to housing, 10-15% to charitable giving, 10-15% for food, and 10-15% for savings.
- Following the same budget month-to-month – Keeping one budget for every month will never work in your favor. Your needs will change so it pays to be flexible. Try to adjust your budget in small ways every month.
As your local tax preparation service, Blackwell’s Tax Service can help you when it comes to budgeting, taxes, and accounting. Whether you’re a new or existing client, you can rely on us for expert individual and business tax services. Call us today in Fort Mill, Rock Hill, and surrounding areas of South Carolina.