Did you know that nearly 40 percent of households don’t practice budgeting? You don’t want to be making this mistake!
Here are a few signs you need to reassess and revise your budget.
Your Expenses & Financial Goals Have Changed
Think of all that has happened since you last set your budget. Have you made any major financial decisions since then? Maybe you’ve gotten married or had a child? Or perhaps you’ve experienced a change in income?
Don’t shrug off these changes, no matter how major or minor they may appear to you. Use them to reflect upon your current financial goals and expenses and how they differ from the ones you had earlier. This will allow you to determine what you’ll be spending on and prioritize your expenses. You’ll also be able to set a budget that complements these new goals.
You Aren’t Tracking Purchases
Another reason you should reevaluate your budget is to keep track of your purchases. We mean really tracking your purchases, not just estimating things each month.
Budgeting allows you to plan your purchases accordingly. If you’ve missed noting down recent purchases over the last couple of months, you may not have as good a grasp on your budget as you think. It’s time to start updating your monthly logs with each new purchase and reassess your budget while you’re at it to ensure everything’s good to go.
You’re Not Considering Annual Expenses
Do you tend to forget annual expenses when budgeting? Now’s the time to change that. If you haven’t accounted for the annual timeshare maintenance fee or car insurance payment, you’re in for an unpleasant surprise. You’ll end up with an annual bill when you least expect it, causing your budget to go out the window.
It’s imperative that you budget ahead for annual expenses. You don’t want to fall back on your emergency fund for something that could’ve been planned! Start by listing down all your annual and semiannual expenses, including memberships and subscriptions. Now assess which of these you wish to continue with and which ones you no longer wish to pay for. Once you’ve determined this, you can create a new budget considering the annual expenses and cancelations.
If you no longer wish to pay the annual maintenance fee for your timeshare and want to end your contract, our team at The Law Offices of Mitchell Reed Sussman & Associates can help you. Our timeshare cancelation attorneys offer legal advice on the timeshare cancelation process, helping timeshare owners exit their contracts.
Contact our timeshare exit attorneys today!