Vince Cardullo doesn’t care how much money your household pulls in each year: He wants you to make a family budget. If you don’t, you’ll run the risk of spending more than you earn each month. Or you’ll never manage to set aside any savings.

Vince Cardullo doesn’t care how much money your household pulls in each year: He wants you to make a family budget. If you don’t, you’ll run the risk of spending more than you earn each month. Or you’ll never manage to set aside any savings.


“Whether you make $25,000 a year or $25 million a year, you need to have a budget,” said Cardullo, a certified financial planner and president of The Tax & Financial Center in Lindenhurst, N.Y. “If you don’t budget, you won’t be able to answer the important questions. You won’t know whether you can afford that next purchase. You won’t know what you can and can’t afford.”


The good news is that budgets don’t have to be complicated. Families only need to write out all their estimated expenses for the month, including money set aside for eating out, going to the movies and other forms of entertainment. They then need to chart their sources of income, whether this comes from their full-time job, Social Security benefits or as dividends from investments. The goal is to have some money left over every month for savings.


“Your budget doesn’t have to be complex,” Cardullo said. “But it’s so important to create a budget. I can’t stress enough the importance of creating a budget.”