Personal Budgeting Strategies
A personal budget has to be tailored to each person. What works for one person might not work for another person. For example, it might make sense for a family of 5 to set aside $400 for food each month, but if only support yourself, on person, $400 is pretty steep to spending on food.
First, start by writing down all your income. Include everything you make. For most people, this will just be a salary, but you should also include any tips, interest, investment income, and anything else you make each month.
If you need extra money or if you have extra time and would like to make extra money, don't pass up any opportunity to do so. As a certified teacher, you can make a lot tutoring after work. Many different jobs can be taken on their own and made a side business. If you just want to get away from your regular career for a little, get a part time job or be creative and think of a small business you can start.
Next, you should really examine all of your expenses. Write down every expense for 2 to 4 weeks. Don't miss anything, no matter how small the expense. Analyze where you are spending your money. Anything that you could easily live without cut out, and anything that has a cheaper alternative, swap.
Try to cut back as much as you can on expenses. If you are spending money on things you don't need and don't really want, you are passing up a lot of savings. You need to get in the mindset that life isn't about stuff.
Don't become a stingy saver, and don't be unreasonable. Sure, you could save hundreds of dollars of month if you lived on Ramen noodles alone, but that is both unhealthy and not plausible. Come up with a good balance.
On the other hand, if you have tens of thousands of dollars in debt or more, you may seriously need to consider a downgrade on everything. If your rent or mortgage is too expensive, downgrade. You need to do whatever you can to secure your financial future.
Keep at your budget. Make a budget that will benefit you the most. You need a good balance between saving and spending. If it's to hard to stop spending, you need to get some help and work on your spending addiction. If you can't stop spending, that is exactly what it is, an addiction.
First, start by writing down all your income. Include everything you make. For most people, this will just be a salary, but you should also include any tips, interest, investment income, and anything else you make each month.
If you need extra money or if you have extra time and would like to make extra money, don't pass up any opportunity to do so. As a certified teacher, you can make a lot tutoring after work. Many different jobs can be taken on their own and made a side business. If you just want to get away from your regular career for a little, get a part time job or be creative and think of a small business you can start.
Next, you should really examine all of your expenses. Write down every expense for 2 to 4 weeks. Don't miss anything, no matter how small the expense. Analyze where you are spending your money. Anything that you could easily live without cut out, and anything that has a cheaper alternative, swap.
Try to cut back as much as you can on expenses. If you are spending money on things you don't need and don't really want, you are passing up a lot of savings. You need to get in the mindset that life isn't about stuff.
Don't become a stingy saver, and don't be unreasonable. Sure, you could save hundreds of dollars of month if you lived on Ramen noodles alone, but that is both unhealthy and not plausible. Come up with a good balance.
On the other hand, if you have tens of thousands of dollars in debt or more, you may seriously need to consider a downgrade on everything. If your rent or mortgage is too expensive, downgrade. You need to do whatever you can to secure your financial future.
Keep at your budget. Make a budget that will benefit you the most. You need a good balance between saving and spending. If it's to hard to stop spending, you need to get some help and work on your spending addiction. If you can't stop spending, that is exactly what it is, an addiction.
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Do you want to find out more about budgeting money? Find the most useful personal budgeting strategies and find out how you can make a budget work most useful for you.
posted by Credit Counseling at
12:20 AM
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