Financial experts advise against simply copying and pasting last year's budget for 2024. They emphasize the need for an audit and a new plan to maximize finances in the face of rising prices. This involves reviewing past spending, canceling unnecessary subscriptions, negotiating bills, and setting clear financial goals for the year.
A simple copy and paste of your 2024 budget isn't enough to help you achieve your goals and maximize your finances for the new year, experts say.
Janine Rogan, a chartered professional accountant and CEO of the Wealth Building Academy, agrees."We somehow end up subscribing to probably more things than we actually need." To get a rough estimate, she suggested taking the final paystub of the year, which should include a breakdown of your yearly salary, and putting the amount into a tax calculator."I tell people to do this early in January so that come April 30, you're not scrambling to pay thousands of dollars you've had four months to save up," she said.
"You might have extra income one month, you might have extra expenses the next month and sometimes, those things are unexpected," she said.That still requires a routine check on the budget weekly, biweekly or monthly — whichever works for you.Kelley Keehn said she often schedules financial check-ins with her spouse on bigger goals.
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