Come up with a Personal Budgeting Strategies
When you are coming up with a budget, you are going to have to specify it to yourself. Don't think that there is a budget that someone out there came up with that you must follow. Your needs are different than the needs of everyone else. A single person might only spend $200 on food every month. This doesn't mean you have to feed your family of 6 on $200 a month.
If you are trying to design a good budget you need to follow some basic personal budgeting strategies. First, make sure you are recording all the money you make and that you are making the most that you can. Don't just include your salary and think that tips, side jobs, overtime, or interest don't matter. It is all money that you are earning.
Also, don't give up on opportunities to make money, especially if you need it. Are you a teacher? Don't pass up tutor opportunities. As a certified teacher, you can make a nice wad of cash in 30 to 60 minutes. As a business professional, do you get asked for advice a lot? If you are spending hours a week advising people, you should charge for it. You spent a lot of time, money, and effort to learn what you know, why should others get it for free?
Now add up all your expenses. Write down every expense for a month. Even the smallest expenses should be added up. If you spend 50 cents on a donut, it might not seem worth it to write down, but if you buy one everyday, that would add up to $15 a month, which should be written down. This will help you find what expenses you can do without.
Some people are very lenient where they cut back on expenses. Even if you aren't in debt, you could save a lot of money to put away for retirement. You'd be surprised how much you can save.
Don't become a stingy saver, and don't be unreasonable. Sure, you could save hundreds of dollars of month if you lived on Ramen noodles alone, but that is both unhealthy and not plausible. Come up with a good balance.
On the other hand, if you have tens of thousands of dollars in debt or more, you may seriously need to consider a downgrade on everything. If your rent or mortgage is too expensive, downgrade. You need to do whatever you can to secure your financial future.
Keep at your budget. Make a budget that will benefit you the most. You need a good balance between saving and spending. If it's to hard to stop spending, you need to get some help and work on your spending addiction. If you can't stop spending, that is exactly what it is, an addiction.
If you are trying to design a good budget you need to follow some basic personal budgeting strategies. First, make sure you are recording all the money you make and that you are making the most that you can. Don't just include your salary and think that tips, side jobs, overtime, or interest don't matter. It is all money that you are earning.
Also, don't give up on opportunities to make money, especially if you need it. Are you a teacher? Don't pass up tutor opportunities. As a certified teacher, you can make a nice wad of cash in 30 to 60 minutes. As a business professional, do you get asked for advice a lot? If you are spending hours a week advising people, you should charge for it. You spent a lot of time, money, and effort to learn what you know, why should others get it for free?
Now add up all your expenses. Write down every expense for a month. Even the smallest expenses should be added up. If you spend 50 cents on a donut, it might not seem worth it to write down, but if you buy one everyday, that would add up to $15 a month, which should be written down. This will help you find what expenses you can do without.
Some people are very lenient where they cut back on expenses. Even if you aren't in debt, you could save a lot of money to put away for retirement. You'd be surprised how much you can save.
Don't become a stingy saver, and don't be unreasonable. Sure, you could save hundreds of dollars of month if you lived on Ramen noodles alone, but that is both unhealthy and not plausible. Come up with a good balance.
On the other hand, if you have tens of thousands of dollars in debt or more, you may seriously need to consider a downgrade on everything. If your rent or mortgage is too expensive, downgrade. You need to do whatever you can to secure your financial future.
Keep at your budget. Make a budget that will benefit you the most. You need a good balance between saving and spending. If it's to hard to stop spending, you need to get some help and work on your spending addiction. If you can't stop spending, that is exactly what it is, an addiction.
About the Author:
Want to learn more on budgeting money? Find the most useful personal budgeting strategies and find out how you can make a budget work most useful for you.
posted by Credit Counseling at
3:55 AM
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