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 Your Budget & You

The best way to get total control of your finances is to set budget. The truth is, the majority of people don’t even have a budget in mind when they make major purchases, which in turn, can be a catalyst for long term debt and expensive finance charges that prevent you from being financially stable.

Creating a budget for yourself isn’t hard to set up, but it might be a little time consuming. Before you proceed, you should be prepared for the end result because it could be a little surprising – especially if you’ve never planned a budget before. Whatever you do, don’t panic. Understanding where the problem starts will be your first leap toward financial freedom.

To begin, open a new spreadsheet on your computer or on paper. Make two lists:

List A: Estimated Income
List B: Estimated Expenses

List A – Your Estimated Income
In this list write down the sources of income that contribute to your household. Examples: your job, your spouse’s job, interest earned on savings, social security disbursements, any deferred settlements, etc. After you have compiled a list of these, add them up; the end result is your total estimated income in your household.

List B – Your Estimated Expenses
Now write down what you frequently spend money on in a month. Start with the basics living essentials; rent/mortgage payment, power, water, and so on. Now for the less obvious expenses for this month: average grocery bills, average cost of gasoline, car maintenance, etc. Also don’t forget to put in all the minimum payments for outstanding loans or credit cards. You’re left with estimated total expenses after adding all this up.

Now subtract List B from List A; if you have a positive number left over that is called a surplus (disposable income,) but if you get a negative number don’t panic – you’re most certainly not the only one.

Getting Back In The Black
If your expenses exceed your income then you’re spending more than you make. This will cause poor credit ratings and accumulate into a long-term debt, and should be avoided at all costs. Don’t panic, this current situation is not as bad as it seems. All you have to do is make some adjustments to get back in the black.

Some changes to consider may include:

Commuting or using public transportation; reduces travel expenses.

Cooking at home rather than exhausting expenses dinning out.

Buying non-name brand merchandise, or show for sales.

Contact your local power provider for tips on how to reduce energy costs.

Find another source of income (a side job) which you can work to get out of debt.

See if you can reduce any of the bigger expenses, even if it is just a little bit. Remember - every penny counts!

Consider how to avoid getting stuck in the red for future years. Strategies like saving 10% of your paycheck for rainy days are a great way to prepare for the unexpected. Alternative sources for an emergency finance would include short-term cash advances such as payday loans. Payday loans are an excellent way to avoid costly vendor fees and bank fees, while only paying a small premium for the service.

Watch your budget at least once a month if not more, and be sure to be flexible to make adjustments since your financial situation can change. By mastering budget planning, you will make smarter financial decisions every time you make a purchase, which ultimately will lead to a much happier financial future for you and your family.