Our Nov. 15 mini-challenge will be a budget review. Financial preparedness is an important part of Provident Living, especially in these perilous financial times.
One essential step to being financially prepared is having a budget. It doesn't have to be complicated and involve the use of advanced mathematics, it just has to work for you. Budgets often start out simply, as you learn about your finances, and can evolve to be more complicated as life changes and you get a better hold on your financial health.
So the challenge this term is to review your budget. Make sure it is still working for you and your family. Are there new expense streams that you aren't including? Are there old expense streams that you can eliminate? Have you considered adding a "rainy day" fund to your budgetary expenses? Take time with your spouse to review your budget and make any changes that might be necessary.
If you don't have a budget yet, this is a good time to get an idea of what you might need. There are several great resources for starting a budget.
The Church of Jesus Christ of Latter-day Saints offers a basic budget worksheet.
Brigham Young University also offers a series of on-line courses in personal financial management at their new personal finance website.
Other resources are available from MSN Money, ranging from topics such as budgeting to college expenses.
Even the government offers resources for personal financial management through the Federal Reserve.
Talk to your friends, your neighbors, your spouse. Use the resources above, share your ideas, your successes and your failures. Take this time to get a look at your financial health.
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