Budget Information

 Focus:

  • How to get a budget in place to start effectively and efficiently managing your money.
  • Remember - A penny saved is a penny saved!

 

 Budgeting for Beginners

 

1.  Gather All of Your Bills

  • Utility bill, phone bill, car/insurance bill(s), bank statements, credit card bills, etc.
  • Job (net pay), child support, social security.disability, retirement, etc.

2.  Record All Sources of Income 

  • Job, child-support, retirement, disabilitybudget2
  • Budget with the amount you are guaranteed – if you aren’t sure, estimate less than average.

3.  Make a List of All Monthly Expenses

  • Fixed Expenses - required to survive and remain the same - rent, car, utilites, etc.
  • Variable Expenses - less predictable - gasoline, food, entertainment, etc.

4.  Total Your Income and Expenses

  • The goal here is to have more money in the income column than in the expenses column.
  • If your expenses are more than your income, it is time to make some changes to get back on track!

 5.  Review Your Budget Monthly

  • A watchful eye can save you hundreds if not thousands of dollars in the course of a year.  Let's face it - the only thing we can count on for sure . . . is change.
     

* Fact - Most people in America spend 10% more than they make!

* Tip - When at the grocery store - Name Brands cost 25-40% more than Store Brands, and that is equal to $30-$40 per month or $360-$480 per year.