Issue link: https://viewer.e-digitaledition.com/i/1267142
18 | SUMMER 2020 Experts suggest you start by scouring the past three months of expenses to get a sense of what you're spending money on. Check your bank statements and credit card statements and make a list of the biggest expenses as well as the minor outlays — especially ones that reoccur, like a subscription or a daily trip to a coffee shop. Break those expenses down into two categories, essentials and nonessentials. Then start weeding out the nonessentials. That will help you save. But the main target should be to identify your biggest expenses — housing, transportation, food, including any loans you may have. Can you refinance your mortgage or student loans and change payment terms to credit card issuers? Will your auto insurer switch your plan to one that's less pricey? Do you have high food bills related to ordering in or eating out a lot? That may sort itself out, of course, as businesses reopen. If so, make whatever adjustments you can to save big chunks of money. That includes ordering out from home, even when supporting your favorite local restaurants. The bottom line: Understand what you are spending each month and what you have to spend. Then decide what you want to spend. That's your budget. Rule No. 2: Continually reassess the plan. It's recommended clients check mid-month on their spending habits to see if they're on target or if they've forgotten to account for some