Many people are reconsidering their budget to prevent holiday overspending over the next few months. If you are one of these people, good for you – but why stop there? This is a great time to look further ahead and tackle your 2020 budget.
Lay out your calendar, spreadsheet, or whatever method you use and let’s get to work on next year’s budget. Here are some helpful hints to consider as you dive in.
- Anticipate Changes – If you have any large changes that you can reasonably anticipate, like a college tuition bill or a new mortgage, incorporate it into your plans as early as possible – even if you do not know what the value will be. Waiting until you know the exact value may not leave you enough time to adjust other expenses.
Don’t forget to incorporate positive changes as well – for example, any anticipated raises or the effects of the new tax laws.</l…