The best way to get out of debt is to set a budget.
Are you struggling with debt and looking to save more money? Spending 30 minutes every week or every other week going over your monthly expenses and income is important.
When you are setting up your budget the common items to include are rent or mortgage payments, groceries, car payments, taxes, utilities and entertainment. Other items maybe tuition fees, baby expenses or hospital fees. Every budget is different and every income is different. When setting your budget make sure to include all forms of income. Income includes your pay check, monthly support payments, side business income, income from item sales and tax refunds.
10 Things You Probably Forgot To Put Into Your Budget:
- Emergency fund money
- Repairs and maintenance funds
- Your morning latte
- The late night glass of wine
- Date night
- Birthday presents
- Saving for vacation
- Saving for Christmas
- Retirement funds
- College funds
These are just 10 simple things that may have gotten forgotten off your budget. Like I said everyone’s budget is different. You may budget for your morning coffee and you may budget for the 10 birthday presents you need to buy through out the year. When I started budgeting I had to work in that occasional latte and I may have used my personal money envelope for birthday presents. A budget is a work in progress. Each month, hey each week can be different. Currently, I can say given my love of coffee I have “Mommy latte and reading time” written into my budget. You may write in hobby time or tuition for a class you are taking.
Making you budget
When making your budget be honest and truthful. Write down everything you spend money on. The more information you have the better. You don’t want to be playing catch up half way through the month because you didn’t allot enough money for groceries or diapers. Keep track of your receipts and spend 30 minutes this week going over your budget. Tell your money where to go and make it work for you.
Have an amazing day everyone.