How to Make Home Budget

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Making a home budget involves listing the total household assets and income compared to the liabilities and bills. Find out the net worth of a household when coming up with a budget with information from a registered financial consultant in this free video on personal finance.

Part of the Video Series: Personal Financial Advice
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Video Transcript

This is financial adviser Patrick Munro talking about how to make a home budget. A budget is an essential item that every home owner should make every individual should have. And what it is is taking a piece of paper really or computer software if you're lucky enough to have a computer, and you can basically list your assets, number one and the cash coming in to your household from your job. These are your wealth driving vehicles. On the other side is your bills and the liability that goes in to your assets results in a plus or minus situation. And at the bottom hopefully it's plus and that plus is really the name of that is your net worth. So strive to reduce your liabilities and your bills and to increase your assets. And therefore, you'll have a higher net worth. This is Patrick Munro financial adviser talking about how to develop a budget.

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