The key to reaching your family’s financial goals is a well-crafted budget. To illustrate, let’s follow Andrew and Polly, a married couple with two children, as they visit their financial advisor.
Their advisor begins by asking whether they’d ever tried to create a budget before. “Several times,” Polly admitted. “But it was either a list of expenses on the back of an envelope or a five-megabyte spreadsheet.” The advisor could see the problem. Like many families, this one had created budgets that were either too simple or too complicated.