HONOLULU (KHON2) – The holidays can be a very expensive time for many families so setting a budget before going overboard on holiday deals might be a good thing.
Setting a budget not only helps you improve your finances for today but it can also set you up in the long run.
According to MoneyGeek, whether you are planning for early retirement, expanding your family or saving to purchase a home or car, sticking to a budget is best for anyone’s overall financial health.
After the pandemic many Hawaii residents are sitting with more debt than they had before 2020. Student loans, mortgages, car loans and credit card debt have all increased nationwide.
MoneyGeek suggests coming up with a budget and sticking with it, especially before the holiday deals start.
5 Tips when setting a budget:
- List your income and expenses
- Determine the right budgeting platform for you
- Decide what your financial goals and priorities are
- Look for opportunities for savings
- Adjust your spending
For more money saving and budget setting tips head over to MoneyGeek’s website.
It has been reported that many Hawaii families live paycheck to paycheck. For those wanting to break that cycle they need to look at how they are spending their money.
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They recommend allocating money to this fund by creating your budget and seeing how much money you can have left over to save monthly or even yearly.