CFPB blog post discusses making and sticking to a budget

This story appeared in Bank Digest.                                   

A Consumer Financial Protection Bureau blog post provides advice on how consumers can make a budget and stick to it, which the author said "is a key step towards getting a handle on your debt and working towards a savings goal, of any kind." To create a budget, the post advises consumers to: (1) get a complete picture of where their money comes from; (2) log their spending to get a realistic picture of where their money is going; (3) determine what bills they have to pay and when they are due; and (4) create a working budget using the CFPB's Budget Worksheet.

To stick to a budget, the author says consumers should: (1) create a way that's easy for them to track income and spending in real time; (2) analyze their spending habits and look for areas to cut back and ways to control impulse spending; (3) set a goal to have something they are working towards; and (4) develop a support system.

The post also includes a link for consumers to sign up for the Bureau's Get a Handle on Debt Boot Camp email course.