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| Budgeting 101 |
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Budgeting 101
Budgeting is one of the easiest and best ways to help you have more money. It's something that is difficult for some, so
here are some tips to help:
Document - Keep track of all of your spendings and document it. I prefer an Excel spreadsheet, but you can use your check book, ms money, notepad, Or even
just a blank piece of paper. This will also help if you got charged for something you did not purchase and you wanted to fight it.
Use a Spreadsheet - Any spreadsheet program on the computer (excel, etc.) will help you make current and future calculations with just a click of the button.
Evaluate spendings - Look at what you spend during the month and try decrease your spending. If you spend $200 a month eating out, then try to drop it to $175. This could save you
hundreds for the year.
Pay online - Paying online will save you time writing checks and sealing envelopes, as well as save you money from costs of stamps.
Pay near the end - If you are paying online, then schedule your payments a 1 to 2 days before payment is due. This will free up some money during the month so you can use it to pay off bills, Or even pay off some of your mortgage.
Document for future - Document all future expenses in your spreadsheet. It will will help you see how much money you can possibly have in the future, and if you make
subtle changes then how that will effect your budget. It can be very motivating in helping you save and invest for the future.
Stay on it - Make sure you stay on your documentation and budget a couple times a week. It's hard to get back to budgeting once you have stopped.
Set Goals and limits - Set goals for how much money you what to have in the future as well as goals to limit you spending (ex. limit your credit card spening to $900/month instead of $1200/month). It will make saving fun as well as save you
thousands yearly.
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