New research suggests that creating an annual budget instead of a monthly one might be the better way to go, because people tend to more accurately predict their yearly spending, while they underestimate their short-term expenditures. In the study, which involved college students, monthly estimates were off by 29 percent on average while yearly estimates were only 3 percent off their mark.
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Kimberly Palmer, senior editor for U.S. News & World Report, writes about how to save money, avoid scams, manage debt, and be a savvy shopper. Send your personal finance questions to her for expert money advice.
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