Money Management 101: Core Elements of a Budget

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Money Management 101 Core Elements of a Budget
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• About Us

• We at Credit 720 work for you in a similar way
  just as your Tax Consultant or Accountant. You
  hire our expert advice in debt negotiations as we
  help protecting your assets and safeguarding your
  rights as our esteemed client.
• At Credit720, our goal is to protect your best
  self-interest and not the creditors. Debt
  Consolidation, Consumer Proposal - Calgary
  Edmonton Region.

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• Money Management 101 Core Elements of a Budget

• Earning money may seem difficult however, how you
  manage that earned money according to a set
  budget makes all the difference! It is crucial so
  that you can easily fulfill all the short-term
  and long-term goals without any hassle.
• So, do you have a planned budget to cater all
  your needs? If no, dont worry! Today, we shall
  uncover all the basic elements of a budget so
  that you can formulate your monthly budget as per
  these elements in a jiffy.

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• Money Management 101 Core Elements of a Budget

• Note You can also seek advice from any money
  management service provider who offers reliable
  budgeting service for any additional help!
• So, lets get started!
• 4 Basic Elements of a Budget
• Whether you live in any part of Canada, be it,
  Calgary, Edmonton, Lloydminster, and Alberta,
  these elements are quite essential to keep in
  mind to keep a track of your expenses!

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• Money Management 101 Core Elements of a Budget

• Monthly income
• The monthly income should be net payment
  you earn for
• that month. It is your monthly salary that
  you earn from
• your employer and if self-employed, it is
  the income you
• earn after deducting all the
  business-oriented costs.
• Expenses
• These include the money you are spending
  on different
• aspects of your life. They are further
  classified into
• three types

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• Money Management 101 Core Elements of a Budget

• Fixed These expenses are the same every month
  and you need to pay them no matter what. Some of
  its common examples include phone bill, rent,
  mortgage or insurance. They cannot be modified
  thus, they are your first priority to be
  separated after you receive your income for that
  month.
• Variable These expenses are alterable and
  largely depend on the monthly use. Since they are
  not fixed, you must over-estimate them and always
  over-plan about them beforehand.

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• Money Management 101 Core Elements of a Budget

• Always include an estimated amount for each
  variable expense in the budget to stay ahead.
  Some of its common examples include groceries,
  transportation, electricity bills etc.
• Discretionary All your desires can be fulfilled
  using the money for discretionary expenses. As
  the name suggests, these expenses focus on
  spending on all that you desire and not your
  needs.

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• Money Management 101 Core Elements of a Budget

• Budgeting proves out to be the best to manage
  your money well, so that you dont have to only
  emphasize on savings or tracking your needs
  rather you can easily fulfill your monthly fun
  goals as well. Some of its common examples
  include getting spa treatments, visiting a fancy
  restaurant, planning gifts etc. The best part is
  that these expenses can be lowered in case there
  is more outflow of cash than in-flow.

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• Money Management 101 Core Elements of a Budget

• Emergency Funds
• Rainy days are always bound to come, it depends
  on your preparation to stay financially strong on
  those days that helps you get through them. Some
  of its common examples include some healthcare
  emergency, damage repairs or travel. It is better
  to start small for such unplanned needs from the
  start.

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• Money Management 101 Core Elements of a Budget

• Savings
• Last and the most important part that will keep
  you one step ahead of your financial goals is
  savings. They are the ones to save the
  day if you get some debt to manage.
• They Also keep your future secured and you
  stress-free since everything is under control.
  You must start with short-term savings however,
  add long-term savings in the budget too for a
  good financial future.

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666-9721 Email info_at_credit720.ca
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