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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