Advising free-spending clients

January 26, 2022

We all know someone who is quick to spend money on nonessentials while adding more expenses to their credit card balance. If you have a spendthrift client, you can help them curb the habit through budgeting.

Convincing free-spending clients to create a budget can be challenging, but you can help by identifying areas where they can reduce expenses and save more money.

To create a budget for your clients, start by determining how much they are spending. You likely have the information needed from preparing their tax returns.

The next step is to match a client’s income to expenditures because he or she may be digging deeper into debt. As their CPA, you can help clients come up with a plan to dig themselves out. Consider these tips.

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