Budgeting for Your Best Life: A Step-by-Step Guide
Are you tired of living paycheck to paycheck? Do you dream of financial freedom, but don't know where to start? Budgeting is the cornerstone to taking strides towards these goals. At Gasaway Investment Advisors, we believe that everyone can benefit from creating a budget.
Why Budgeting Matters
Budgeting isn't just about tracking your spending; it's about taking control of your finances and making informed decisions about your money. A well-crafted budget can help you:
- Achieve your financial goals: Whether you're saving for a down payment on a house, planning for retirement, or simply building an emergency fund, a budget can help you stay on track.
- Reduce stress: Knowing where your money is going can alleviate financial anxiety and give you peace of mind.
- Improve your financial habits: By tracking your spending, you can identify areas where you can cut back and save more.
- Identifying Needs and Wants: By tracking your spending, you will start to see what things are considered wants, compared to needs.
A Simple Budgeting Framework
A great way to start budgeting is to follow the 50/30/20 rule:
- 50% Needs: This includes essential expenses like housing, utilities, groceries, and healthcare.
- 30% Wants: This covers discretionary spending, such as dining out, entertainment, and shopping.
- 20% Savings: This is dedicated to saving for future goals, like retirement, a down payment, or a vacation.
Gasaway Investment Advisors' Budgeting Tips
Our financial advisor, Chase Imberger, CFP®, ChFC®, has years of experience helping clients create and maintain budgets. Here are a few of his top tips:
- Track Your Spending: Use a budgeting app, spreadsheet, or hand-written notes to track your income and expenses.
- Set Realistic Goals: Break down your long-term goals into smaller, achievable steps.
- Be Flexible: Life happens. Don't be afraid to adjust your budget as needed.
- Review Your Budget Regularly: Schedule regular check-ins to assess your progress and make adjustments.
- Seek Professional Advice: A financial advisor can provide personalized guidance and help you create a comprehensive financial plan.
Ready to Take Control of Your Finances?
If you're looking for more personalized information and support, consider attending our Budgeting & Debt Workshop virtually on January 7th at 5:30 pm. During this workshop, we'll provide you with a budgeting worksheet and walk you through the steps of creating a budget that works for you. We also host a variety of workshops throughout the year. To check out our other workshops for the year: Events.
Contact us today to learn more about our budgeting and planning services and how we can help you achieve your financial goals.
The Gasaway Team
7110 Stadium Drive
Kalamazoo, MI 49009
(269) 324-0080
FAX (269) 324-3834
The views expressed are those of the author as of the date noted, are subject to change based on market and other various conditions. This presentation is not an offer or a solicitation to buy or sell securities. The material discussed is meant to provide general education information only and it is not to be construed as specific investment, tax or legal advice and does not give investment recommendations.
Certain risks exist with any type of investment and should be considered carefully before making any investment decisions. Keep in mind that current and historical facts may not be indicative of future results.
Additional information, including management fees and expenses, is provided on our Form ADV Part 2 available upon request or at the SEC’s Investment Adviser Public Disclosure website, https://adviserinfo.sec.gov/firm/summary/123807.


