A budget is the master plan for managing your money. It is important because it keeps you in control of your spending instead of letting your spending control how you live. Here are a few tips to help you get the most out of your money.
Set short-term and long-term goals. Limit your list to things you can realistically afford.
Take stock of your general financial health, i.e., how much do you own, how much do you owe? If you owe more than you own, stay in touch with those you owe and make a realistic plan for repaying them.
Figure your total income, salary/wages and other income. Determine your total expenses. Fixed expenses are rent/mortgage, insurance, car/loan payments, property taxes, etc. Variable expenses are food, clothing, transportation, utilities and others. Match your goals and expenses with your income to establish spending limits and savings goals. Setting a budget may take a little time to work out.
Involve all the family. Little things, like riding a bike or walking instead of taking the car, can mean savings. Use credit wisely… finance charges cost money. Shop carefully, compare prices, save energy, organize bills and pay on time!
A budget can be your most important financial tool! To help get what you need and want out of life, develop a realistic budget, keep good financial records, adjust your budget as necessary, follow your budget faithfully…and ease the stress.
Iroquois Center has self-help booklets and brochures to help with everyday stress. Stop by our office at 610 East Grant in Greensburg, or call us at 620-723-2272 or toll-free, 1-888-877-0376 for more information.
Resource: Classic Scriptography, Channing L. Bete Co., Inc, 200 State Rd, South Deerfield, MA 01373.