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Make a budget
Here are some tips to make a budget really useful. First it is better to use software, I use Quicken, but it's a free choice. Why software, because you will see later in my explanations how use compiled informations from your budget. First I strongly advice you to make a budget for a full day to day. This means that you must enter all incomes and expenses each day for a year. Impossible? You will see that this is not so terrible.
Most software lets you take once and then repeated so automaticaly, weekly, monthly, etc.. Start by your income is usually your weekly salary. Then the most common expenses, such as electricity, groceries, gasoline, etc.. Secondly and most difficult, you must enter the occasional spending like gift holidays, oil changes, etc.. Go up there, then you quickly you realize that you've missed a lot, and it will also make you think. (Wow I did not really all that I could spend in a year). Also do not forget to add once a week a expense we could call "other expenses", this is called the buffer of expense which includes small surprise. So here's the most important ... In most software you can create categories of expense. Create 3.
1 - essential expense
2 - non-essential expense
3 - unforeseen expense So each of their expense please attach a category. Note that essential expense means that when you lose your job or you are in financial difficulty, what you really can not cut, like groceries, electricity, etc.. As a result the rest are either essential or unexpected expenses. These are often those that reflect your lifestyle, as a connection to the Internet.
In case of financial survival is an expense you can cut, it may be unfortunate, but it does not kill you. Then see how your expenses are distributed.
You will be surprised to see that your non-essential expenses are high. It is then up to you to judge, how I spend my money is really me. |
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This intel was contributed by patpot
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May, 2012
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