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budget
workable budget
credit card payments
debt counselor
single most important thing
great shape
disposable income
spending time
free time
paycheck
I Dont Want To Budget!
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I Dont Want To Budget!

Well neither do I. Keeping track of where my money goes each month is no fun. Heck, making it is hard enough, and now you're telling me I have to spend more of my free time managing it? Yes, you do. Fortunately, once you have spent the time to implement a workable budget, there are resources available that will allow you to get back that free time. So, what is a workable budget? A budget is simply a list of planned expenses and revenues. Bills and income. Simply enough, right? . Here is how to create an effective budget:

1. Track All Sources of Income-If you are a salaried employee and collect a regular paycheck simply record that amount as it has already had taxes taken out and reflects your net income. If you are self-employed or have any other sources of income, those should be tracked as well.

2. Record All Expenses-Collect all of your monthly bills and financial statements that require you to pay on each month. Housing, either rent or mortgage, should be your starting point. From there car payments, utility bills, credit card payments, insurance, and groceries should all be listed in your budget. Also be sure to include any and all money you spend on entertainment.

3.Total Income and Expenses-Ideally you would like the amount of income to exceed the amount of expenses. If this is the case you are in great shape! You have disposable income each month to use for savings or investments. If your expenses exceed income there is some work to be done. Look at this as an opportunity you have to eliminate paying for items you most likely can do without! Contact a credit or debt counselor to eliminate or lower credit card and unsecured loan payments. Cut back on the amount you spend on entertainment.

4.Review Budget Every Month-This is the single most important thing you can do to keep track of your money. By spending time every month on your budget you are able to determine the areas of both income and expenses that can be adjusted. Mistakes in allocating your income can be corrected if you consistently review your budget. Expenses can be lowered.

Creating and maintaining a budget does not have to be painful. In accomplishing any goal the reward is a strong feeling of satisfaction! Besides that nagging feeling will be gone! As I mentioned earlier, you are not alone in this. Help in the form of computer software and debt counselors are just two of the available resources you can use.


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