A budget is an essential component of responsible money management. It is important to know where your money is going. I think back to high school, my consumer economics class. My teacher kept track of every penny he spent. Every penny, while that may be a bit extreme having a budget definitely is not. Budgeting doesn't mean that you are broke, budgeting means you are conscientious of your money and aware of where it is going!
How To Budget. Using an excel spreadsheet or some other financial database. Start with your income(s). List those at the top of the page, then list your expenses and total what your surplus (positive cash flow) or deficit (negative cash flow) is at the end of each week/month/pay period however you want to create your budget.
Also, this helps avoid bounce check and overdraft fees. No use in giving unnecessary money away to the banks.
Expenses, here is a list to get you started:
Savings (always pay yourself first, if you are only saving $1 or $.25 save something)
Mortgage/Rent
Utilities (Lights, Gas, Water - notice cable is not listed here its not a necessity!)
Grocery/Food
Car Note
Car Gas
Car Insurance
Life Insurance
Student Loans
Credit Card Payments
Entertainment
Cable
Miscellaneous
Gifts (budget for special occasions and holidays)
Clothing
Personal Grooming (barber, hair salon, nail shop, spa)
Feel free to add other categories as needed.
Please note and trust me on this. If, just IF you happen to have a deficit, don't fret or worry about it. You've been getting far just fine thus far. This is an opportunity to tweak your budget, cut back on spending, or simply utilize the law of attraction and know that extra income is coming your way to take care of your budget.
Always, always, save something for yourself, pay for your housing/utilities. Good idea to have nest egg and a place to stay!!!!!
Once this budget is created, stick to it. Some people use the envelope method. Write each category on a separate envelope and put a desired amount of money in it. A website we use to keep track of our finances is http://www.mint.com you can create savings goals and other goals on there and create your budget. The great thing about mint.com is they will email you if you over spend and when you reach goals etc. Its worth checking out for yourself.
There are 349 days left in this year, make them count!!!!!!
You may have experienced disappointment, lack, set backs, loss etc. Nevertheless, you are still here, life goes on, and you must Take Charge, OWN your Life, and be in CONTROL. ~ Epiphany Essentials Management #DreamsToRealityEmpowermentEvent Coming Soon Stay Tuned for Details!!!!!!!
by Jamesia Johnai Hawk
Namaste, Peace, Love, Joy, Abundance, Health and Vitality to ALL!
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