1 minute 8 seconds
In this video Jay Patterson answers the question “How often do you recommend updating your budget?”
Jay Patterson: We recommend our clients to take a look at their budget at least annually or on an as needed basis. What I mean when I say as needed, say for example, you get a raise at work, you want to take a look at your budget right after you get that raise to make sure that the new income you’re receiving is allocated to something productive in your budget. Another example is say you’re paying off a car loan, once that loan is paid off, you want to make sure the monthly amount that you are contributing towards the car is allocated towards something else in your budget. Those are just a couple of examples of how your income or your budget needs change and require you to take another look.