Setting Up a Personal Budget

deVere USA Inc pic

deVere USA Inc

Benjamin Alderson received his BA in business economics from Durham University in Great Britain. Now leading as president and CEO of New York City-based financial consultancy deVere USA, Benjamin Alderson helps international clients to procure insurance and build investments, savings, and pensions.

The first step toward building financial security is creating a personal budget. A tool used to decide ahead of time how your money will be spent, a budget helps you to prioritize your values and reach your financial goals.

To set up a budget, first track your spending, or look back over your statements and receipts to see where your money is going. Then, list income and expenses, making sure that income is greater than or equal to your total expenses. Make adjustments to expenses as needed to live within your means, and revisit your budget often to make any necessary changes.

To save money, use credit cards sparingly or not at all, as interest is expensive. Automatic transfers make it easy to put aside money each month to grow your savings, and experts recommend building an emergency fund equal to three to six months’ worth of expenses. Further, paying with cash will help you to keep track of your flexible expenses and make sure you know where your money is going.


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