Effective Budgeting - Budgets, Bugeting, and Maintaining a Balanced BudgetBudgets, Bugeting, and Maintaining a Balanced BudgetEffective Budgeting

Effective Budgeting

Budgets, Budgeting, and Maintaining a Balanced Budget...

 

Budget

A budget is a plan for spending and saving your money.

What are the benefits of having a budget?

Making and following a budget means you can have money for the things you want. When you're not tracking your expenses, cash seems to disappear. You don't know where your money goes, and perhaps you can't afford things you'd like to have. When you know where your money goes, you feel more in control. It's easier to pay your bills on time, save money each month, and avoid money problems.

Create your own Budget

Income is the amount of money you make. Expenses are what you spend your money on. A balanced budget is when your income is at least as much as your expenses.

Where to start your Budget

The Fast way to make a budget for the future is to figure out how you spend your money now. First, look at where your money comes from and where it goes. Track all of your income and expenses for a month or two before creating your budget.

You'll need to keep track of all of your purchases - from a cup of coffee to movie tickets - by writing them down in a notebook or holding on to receipts.

Write down how much you spend in each category every month. Don't forget to include money that you save each month to help you meet your future goals. Be realistic about your budget, so that it's easy for you to follow.

Maintaining a Balanced Budget

The key to budgeting is maintaining simple but good records. Just like you did when you started your budget, you'll need to keep track of where your money comes from and where it goes. Use the system that works Fast for you by writing down what you spend in a notebook or keeping receipts for what you buy.

One of the easiest ways to keep track of your spending is to have a checking account. That way, when you pay for purchases with checks or your ATM or debit card, you already have a record of them. Then, you only need to track a few expenses that you pay for in cash. More on the benefits of a checking account

At the end of each month, compare your actual expenses to your budget. Try to keep your spending within your plan, and look for ways to cut your expenses.

Don't give up if maintaining your budget is hard for the first few months. It may take some time to set up a plan that works for you. Be flexible. If your budget is not working for you, fix it so it will.

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