Keep Your Financial Resolution With This Easy Guide To Budgeting
If youve already delayed setting your budget and getting your finances in order for 2011
, dont worry, youre not alone. Creating a budget is harder than it may seem and can easily scare away many of the well-intentioned.
Setting up and sticking to a budget is never easy, but there are easier ways of doing it than you may think. The truth is that by following a few easy steps, you can create a budget thats simple to follow and can guide your spending towards your financial goals for 2011.
The first is to actually set your financial goals. What do you want your budget to help you achieve? Do you want to get of debt, save more or free up more cash for investments? Its always much easier to come up with a budget and financial plan if youve got goals in mind.
Next up, take a look at how much you earn every month this should include any cash at all you have coming in from various work, the government, insurance or other payments. If you do freelance work or other jobs for extra cash, its important to take this into consideration, as well. Often times, people who earn from freelance work look at it as extra money and dont include it as part of their monthly income. Basically, they dont use it their budget and just spend it as they get it.
So youve looked at what you earn; now it comes time to see what you spend. This is often surprising, but can be enlightening, too. It will give you a chance to see where your money goes every month, and how much of it is actually required. Are you paying for a gym membership you dont use? Blowing hundred on restaurants? Paying for a cell phone or cable plan that is way more than you use?
After taking a look at all your monthly expenses, you can get a solid idea of what you need to do in order to reach your goals. You can find ways to cut back, and allocate funding for your required expenses. Take whatevers left over and contribute towards your goals! Remember to put some money into a miscellaneous account that you can use to help you cover unforeseen expenses like home or car repairs.
Coming up with a budget to right your finances in 2011 isnt as scary as it has to be. Simplify your situation by trying these suggestions and uphold your resolution in 2011!
by: Michael Newman
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