9 Life Events that Require You to Revise Your Budget

Your life is always changing. Is your budget keeping up with the times?

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Most of the time, when I tell a client to draw up a budget for their personal finances, they look at me as if I just insulted their grandmother. But, writing a budget and sticking to it is one of the most effective ways of taking control of your personal finances. A well-designed budget shows you exactly where your money is going and enables you to easily redirect each dollar.

However, your budget isn’t a “one and done” document. There will be times in life where it’s necessary to review and revise your budget to ensure that it is still taking you in the right direction. You see, any change to your income or expenses can directly affect your tax brackets and liabilities. When your tax liabilities change, you need to re-evaluate your existing tax-planning strategies.


Certified Financial Planner Board of Standards Inc. (CFP Board) owns the CFP® certification mark, the CERTIFIED FINANCIAL PLANNER™ certification mark, and the CFP® certification mark (with plaque design) logo in the United States, which it authorizes use of by individuals who successfully complete CFP Board’s initial and ongoing certification requirements.


This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Justin Goodbread, CFP®, CEPA, CVGA
President, WealthSource Partners

Justin A. Goodbread is a CERTIFIED FINANCIAL PLANNER™ practitioner and an adviser with WealthSource® Knoxville. After years of working in a large firm, he ventured out on his own in 2009, starting Heritage Investors, and eventually joining WealthSource® Partners LLC in 2022. As a serial small-business owner, Goodbread has bought and sold multiple businesses. He uses this experience, along with his continuing education, to help business owners grow and sell what is often their largest asset.