How To Manage Your Spending
The first step is easy - figure out your current financial situation by creating a spending plan
. That's right you can spend money, just not recklessly. This plan will enable you to figure out what to buy, when to buy it and how much to save as you prepare for the uncertainties of life.All you need is:
A pencil
A piece of paper
A calculator
Or just your computer
Once you have your tools in order, calculate what you spend on a monthly basis, such as:
Groceries
Gas
Utilities
Transportation (car payments, gas, bus tickets),
Credit card payments,
School expenses for yourself and/or the kids,
Entertainment
Once you figure out how much you typically spend on these items, the next step is to figure out your take home pay. You then subtract how much you earn versus how much you spend. If you are unemployed, this is a good way to figure out how much money you will need to earn to stay afloat. If you are currently employed, take a good look at your spending. Make sure you are living within your means. If you are barely scraping buy, find something to cut, such as entertainment expenses like going out to eat every week, renting movies, cable, designer clothes and expensive brand name groceries.
After all your bills are covered, you can then set up a savings account with the extra cash. The best way to save is to have a portion of each paycheck automatically deducted and sent to your savings account. This way, you will not notice that the money is gone and be less likely to spend it. A savings account is a great way to prepare for major purchases, such as roof repair, major auto work or a family vacation.
Of course, a balanced budget is just the first step. For deeper financial issues, credit counseling or a business coach may be your next best option. So whether you are looking for Atlanta financial assistance, a solid financial planner in Boston or credit counseling in Seattle, a savvy financial plan can help you on the path towards fiscal responsibility and a balanced budget.
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