![]() ![]() You can take on another job that brings in extra cash to increase your means, or you could cut down on your spending so that your cost of living more closely matches your means. Think about how much you bring in each month or pay period and compare them to your budget amount. If you're "living above your means," you have two options. After you have set your budget, match your spending habits to the amount of money that you want to spend on each category. Decide whether you will use a weekly, biweekly, or monthly budget based on your personal cash flow. Then subtract those expenses from your income. Create a budget.įigure out how much money you want to set aside for each category of expenses. You should only pay for them after you take care of your fixed expenses. eating out, buying new clothes, getting coffee). On the other hand, flexible expenses are those which are not always necessary (e.g. rent, utilities, transportation, and food). They may be the same amount each time you pay them (e.g. Fixed expenses are those that are necessary and need to be paid every month. Group your expenses.įigure out which expenses are fixed and which ones are flexible. This will give you an idea of how much money you need to set aside and recognize the things you spend the most on. For one or two weeks, keep receipts from all your daily purchases and add up all your expenses. You need to know where your money is going. Are you planning to buy a car or make a down payment on a home? Are you going back to school soon? Make sure that you have a goal in mind so that keeping a budget will be a means to an end. Setting goals can help you stay motivated to keep a budget. ![]() Just follow these simple steps, and you'll be set! Set goals. The word "budget" is enough to get people's blood pressure rising, but it shouldn't! Making and following a budget isn't all that hard. Put you on the path toward financial wellness.Want to make your money last longer? Tired of living paycheck to paycheck? Do you want to get in control of your finances? Once you choose a career that meets your financial needs creating a budget will allow you to: ![]()
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