Create a Budget with a CPA
Do you already have a budget? Research shows that only 32% of Americans keep a formal budget and only 30% of Americans have a long-term financial plan. A budget is a key part of financial stability and it can help address long-term goals like paying off debt and saving for big purchases like a home.
Did you know that CPAs can help you create a budget for your home or business? There are lots of things to think about when it comes to budgeting like:
- Long- and short-term financial goals
- Rent or mortgage payments
- Changes in income
- Non-negotiable expenses like insurance and vehicle leases or payments
For some people, managing and creating a budget can feel really overwhelming and it can be hard to look at your own finances with a critical eye. A CPA can help be an objective voice to help you work out a budget that works best for you and your financial goals and situation.
Why Make a Budget?
If you’ve been operating fine without a budget, what’s the incentive for making one now? Stability and stress relief. The majority of people find talking about money incredibly stressful but working through creating a budget can actually be a huge stress reliever. When you know exactly how much you have to spend where, you are more in control and this can relieve a ton of stress.
Creating a budget with the help of a CPA can:
- Ensure your household or business is financially stable
- Prepare you for retirement or building a profitable business
- Help you get out of debt
- Have a rainy day/emergency fund
- Start saving money for your financial goals
Start Your Budget Now
The sooner the better. Even if you have never budgeted a day in your life, getting a budget together now can be a huge step forward in reclaiming your financial future. With the help of a CPA, you can look at all your assets and financial commitments and get a handle on how to rein in spending, where to invest and figure out where you can afford to spend a little more money.
A CPA can also be a great impartial voice if you and your significant other disagree on budgets. Because they just look at the data, they can help be an asset for families and businesses. They can also help you identify common goals and help you create a budget that helps you get there.
Want to get on track financially? A budget is a great way to start and the CPAs at MCK can help! Contact us today!