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David P. McCabe,
WMCP®, ChFC®, CLU®
Financial Planner
Nathaniel D. High, RICP®
Financial Planner
Nicholas J. Over, CFP®
Financial Planner
Sara E. Martin
Operations Manager
Jennifer A. McCabe
Client Service Specialist
jennifer.mccabe@prudential.com
Centuria Financial Group
2333 Baltimore Blvd Suite B
Finksburg, MD 21048
Phone: 443-952-7232
January/February 2023
Budgeting During Uncertain Times
The economy has been on an uncertain path lately. More and more people earn income that varies each month due to fluctuating work hours or multiple part-time jobs, making budgeting a difficult task. Still, you can start the new year off right by improving your money management skills, even when your monthly income is uncertain.
Add up your fixed expenses.
Include food, mortgage, or rent, utilities, transportation, and health insurance. The total is the minimum amount you need to earn each month to live on.Save extra cash.
Set aside any money that is over the basic amount you need to live on in a savings account. If you won’t need the money for several months, consider putting it in a money market account, which typically earns a higher rate of interest than a savings account.Look ahead.
If you discover you won’t have enough income in the near future, look for ways to get ahead of the shortfall. Picking up extra hours at a part-time job or volunteering for overtime may put you in a better place financially.Avoid overspending.
It might be tempting to spend more in the months when you have extra cash but doing so could put you right back in deficit territory. It’s okay to treat yourself within limits but put the bulk of your money into your savings account.Start a side hustle.
Turning a hobby into a business can bring in extra income. Apply to sell your items at flea markets and craft fairs held at local schools or churches. Or get together with friends and hold a sale in your home.1052399-00002-00
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David P. McCabe, Nathaniel D. High, and Nicholas J. Over are Financial Planners with, and offer securities and investment advisory service through LPL Enterprise (LPLE), a Registered Investment Advisor, Member FINRA/SIPC, and an affiliate of LPL Financial.
LPLE and LPL Financial are not affiliated with Centuria Financial Group.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only.
Centuria Financial Group and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
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