Creating a good working budget is a
great way to keep your income from being used for cash advance fees or credit
card interest. It is easier said than done unless you have a good concept of
money. Some people with this knowledge still fail because they do not have a
handle on spending. People with a handle on spending and can budget well may
still fall into trouble with finances due to emergency costs. Do you see where
I am going with this? There is no perfect scenario, even the most prepared will
still run into difficulties. Knowing and applying basic budgeting concepts is a
great way to plan, help prevent and recover quickly.
There are many free credit
counseling services available to help. There are self-help books you can find
at libraries book stores and on the Internet. If you are looking for a few
quick tips to get you started, then all you have to do is stay where you are
keep reading.
*The first step to any good budget
is to calculate how much money you earn after taxes. Use your paycheck stub and
include any side jobs investments and tips you may receive throughout the
month. Calculate the average if you do not have set wages. I might add in here
to that taking the low average to budget with will make more months successful
and at times give you the extra to put towards emergencies.
*Create categories for expenses.
Suggestions for typical monthly costs are; housing, food, auto, savings,
clothing, groceries, gas and entertainment/extras.
*Save receipts for a month so you
can calculate a budgeted price for each category. Save every receipt, yes even
the stop for a coffee receipt. Each one has a place and in order to get control
of your money, you need to know where your money is going.
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