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Understand your financial situation before tackling budgeting from "summary" of Broke Millennial by Erin Lowry
Before you dive headfirst into creating a budget, it’s essential to have a solid grasp on your current financial situation. In other words, you need to take stock of where you stand financially before you can successfully map out a plan for the future. Think of it as trying to navigate a maze without having a clear understanding of the layout – you’re likely to get lost or make wrong turns along the way. Understanding your financial situation involves more than just glancing at your bank account balance. It requires a comprehensive look at your income, expenses, debts, and savings. You need to know exactly how much money is coming in each month, where it’s going, how much you owe, and how much you’re putting away for the future. This information forms the foundation upon which you can build a budget that is rea...
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