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Investing Specialists

How to Assess Your Cash Flows and Create a Budget

Take these steps to ensure that spending doesn't interfere with your ability to save no matter your life stage.

A version of this article originally published in June 2019.

Think budgets are only for people just starting out? If so, you're probably not familiar with what financial planning guru Michael Kitces calls "lifestyle creep"--the tendency for our spending to increase right along with our earnings. Our houses get bigger, our date nights get more elaborate, we acquire preferences for better food, cars, and clothes. We may be busier so we need to hire more helpers--dog walkers, house cleaners, and landscapers, for example.

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