A&I Wealth Management > Resource Center > Common Financial Questions > Creating A Budget? Here’s What to Consider

For Gen Z and Millennials, the lack of budgeting has left them feeling anxious about their financial goals. According to a 2020 NerdWallet study, 83% of Gen Zers and Millennials have experienced regret about their spending decisions.

Even though budgeting may seem daunting at first, with the help of a financial planner, Gen Zers and Millennials can create a budget that enables them to achieve their financial goals.

To help get Gen Zers and Millennials feeling confident about budgeting, here are four tips to consider while creating a budget:

  • Choose your words
  • Understand values
  • Practice makes perfect!
  • Find an outline

Choose Words Carefully

To some, the word budget can be intimidating. For many young adults, the thought of budgeting leaves them feeling like they are cutting out the things that make them excited for life. A better way to look at it is that they are navigating spending to accomplish their goals.

Understand Values

When creating a budget, prioritize items that are critical and non-negotiables. Having a “why” to their spending helps make decisions easier.

Practice Makes Perfect

Just because they have a budget does not mean they will achieve their goals right away. It takes time to optimize finances, so don’t give up when it does not go as planned at first.

Find an Outline

Budget Data GatheringThere are many budgeting tools out there. Find one that works best for the individual and be willing to adjust it as time goes on. Here is a link to the budget form we use at A&I Wealth Management.

Budget-Data-Gathering

In Conclusion

To learn more:

Ready to work with a professional to help you set up a budget?

 

About the author

Karl Frank, Certified Financial Planner ®, MSF, MBA, MA, is the President of A&I Financial Services LLC, a local business that specializes in wealth management, insurance planning, and retirement planning. Karl cares for business owners and the businesses that care for them. Learn More about Karl.