Support4america.com - 7 Tips For Budgeting

1
Tips For Budgeting
A monthly budget can give you peace of mind and
allow you to effectively manage your money,
prepare for emergencies and save for large pricey
items.
2
Set A Realistic Budget
List the money you have coming in each month and
the expenses that you expect each month. This
will give you an idea of how much extra money you
have to spend each month. If your income is less
than your expenses you will need to cut back on
spending.
3
Estimate Higher Expenses
Round up on the amounts that you estimate for
your expenses.
Its easier to figure out what to do with extra
money at the end of the month than it is to try
and find cash last minute because you did not
plan properly.
4
Needs And Wants
Your expenses should put in two categories, needs
and wants. This will help you recognize items
that you can cut out of your monthly spending if
necessary.
The items in the needs category come first, and
whatever money is left over after can be spent on
wants.
5
Include Savings Into Your Budget
It is recommended to add an additional expense in
your budget for emergency savings.
About 10 of your income should be set aside and
only used for emergencies such as car repairs or
medical expenses.
6
Allow For Flexibility
Just in case there are unexpected expenses from
month to month you should add a little padding to
help to ensure that you dont go over budget.
7
Keep Track Of Your Spending
It is very important to track your spending and
ensure that you are staying within your planned
budget.  Every month, look to see if you over or
under spent in any areas.
8
Edit Your Budget Every 3 Months
Look back at your spending habits every three
months and make adjustments on items that you are
consistently over or under spending on.
Once you have your budget set up you should
become more aware of your spending habits and
have a plan of action towards financial success.
Good luck!
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