Wednesday, July 05, 2006
Developing a Budget
The first step toward taking control of your financial situation is to do a realistic assessment of how much money you take in and how much money you spend. Start by listing your income from all sources. Then, list your “fixed” expenses — those that are the same each month — like mortgage payments or rent, car payments, and insurance premiums. Next, list the expenses that vary — like entertainment, recreation, and clothing. Writing down all your expenses, even those that seem insignificant, is a helpful way to track your spending patterns, identify necessary expenses, and prioritize the rest. The goal is to make sure you can make ends meet on the basics: housing, food, health care, insurance, and education.
Your public library and bookstores have information about budgeting and money management techniques. In addition, computer software programs can be useful tools for developing and maintaining a budget, balancing your checkbook, and creating plans to save money and pay down your debt.
Your public library and bookstores have information about budgeting and money management techniques. In addition, computer software programs can be useful tools for developing and maintaining a budget, balancing your checkbook, and creating plans to save money and pay down your debt.
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You are right Alton, Budgeting is the key to controlling your financial situation. And for an effective budget you need to find some good budgeting tools. I have found out some good budgeting tools that are available on the internet. You can check them all out at:
http://www.myworktools.com/tp_cache/t3/tool_395.html
http://www.mortgagefit.com/spreadsheet/personal-budgeting.html
I hope these tools will be of some help.
Happy Budgeting!!
Jerry.
http://www.myworktools.com/tp_cache/t3/tool_395.html
http://www.mortgagefit.com/spreadsheet/personal-budgeting.html
I hope these tools will be of some help.
Happy Budgeting!!
Jerry.
Hey Alton, i too think that budgeting is a critical function that one needs to perform with diligence. Your article gives a nice background of doing a budget and managing it.
However, i found a free Personal Finance Guide on bills.com which helped me a lot in planning my budget. Hope you find it useful too.
Regards,
Steven.
However, i found a free Personal Finance Guide on bills.com which helped me a lot in planning my budget. Hope you find it useful too.
Regards,
Steven.
As for me, to list every my income and outcome is a bit boring. I have put a cost deadline - I do not buy articles that go off the price limit.
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