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Mullooly Asset Management, Inc

Mullooly Asset Management

Fiduciary Fee-Only Financial Planner | Investment Advisor in Wall, NJ

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Three Reasons Why You Need to Have a Monthly Budget Video

July 15, 2013 by Thomas Mullooly

 

You’ve probably heard plenty of investment advisors, financial planners, and other financial experts harp on the importance of having a monthly budget before. Tom explains three reasons why you need to have a monthly budget in this video from Mullooly Asset Management.

The first of three reasons why you need to have a monthly budget is that knowing what you spend will help you create an emergency fund. Before you even think about investing your money, it would be prudent to save three months of expenses. Without knowing how much you spend in a month, how will you save three times that to start your financial safety net? Figure out what it costs you to live your current lifestyle, multiply that by (at least) three, and save that total to be used in case of an emergency.

The second reason you need a monthly budget builds off the concept of having a financial safety net. If you’ve created an emergency fund for yourself, it’s time to start paying down your debt. You need to decrease your debts or get rid of them altogether before investing your money with confidence. Knowing your monthly budget is important to paying down debt. When you know how much you spend each month, that also means you know how much money will be left over to increase your payments and get out of debt.

The final of the three reasons why you need to have a monthly budget is that knowing what you spend each month is critical to investing. If you don’t have an emergency fund and have tons of debt, how can you invest with confidence? All three reasons to have a monthly budget build off each other, with the end result being you enjoying financial security and well being. Start the process today, and figure out what you spend on a monthly basis. The sooner you know that the better.

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Filed Under: Financial Planning, Videos

About Thomas Mullooly

Thomas Mullooly is owner and founder of Mullooly Asset Management, Inc. In 2002 Tom opened Mullooly Asset Management, a fee-only investment advisory firm. As an investment advisor, and not a broker, Tom works strictly for his clients. With the help of point and figure charting, Tom builds a realistic game plan for clients.

1971 State Route 34, Suite 102
Wall Township, NJ 07719

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The information on this website and blog do not involve the rendering of personalized investment advice. A professional advisor should be consulted before implementing any of the options presented. None of the content contained in this website should be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.

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