Creating a budget.?

Question

Any ides on how to create a personal budget and manage your money more efficient.

Answer 1

If you speak with a credit counselor, they will help you do this. Finding one locally that does not charge for the consulation is the best way to go.

Answer 2

Okay, you don't have to purchase a software program to budget your money, although it can help for more efficient tracking. It's like the joke that the best way to make millions is to write a book telling others how they can do it too.

The best place to start with making a budget is to begin tracking your spending. Do it for a week or two weeks, until you get a clear idea of where your money goes. A notebook and pen works just as well as a spreadsheet. Once you get a feel for how you spend your money, then you can break your total income down into categories and budget appropriately for each one. My strongest caution, don't lie to yourself about what you will spend. For example, I know I'm a clotheshorse, and I budget appropriately to indulge myself, instead of saying that I will only spend so much on clothing each month.

Here are some categories to help you out on filling out a budget. Remember to set aside for money for most necessary expenses first, then leave the rest for fun.

Taxes
Charitable giving
401K/retirement
Savings
Rent
Payments for credit cards and other debts
Gas/Transportation/Car payment
Grocery
Electric/gas
Phone/Internet/cell phone
Clothing/Dry Cleaning
Medical Insurance
Auto Insurance
Water
Entertainment
Renters or Homeowners Insurance

Answer 3

Purchase Quicken. For under $40, it will categorize your expenses, help you plan, helps you set up online banking, and see your expenses in pie charts and graphs.

If you prefer to do without, you need to record each expenditure in a notebook or register, (or spreadsheet), no matter how small, for a couple of months.

Place them in general categories, such as Mortgage/Rent, Phone, Cable, Internet, Electricity, Water, Entertainment, Food, Toiletries, Gas, Car Maintenance, Car Insurance, Home Maintenance, Miscellaneous, for example.

You need to know WHERE the money is going before you can manage it. Then, prioritize. Spread out those things which you judge less important than others. Sometimes you'll be able to switch to less expensive alternatives (example of good alternative is to switch to 100% compact fluorescent lightbulbs: you are guaranteed to see the result in your electric bill immediately)

Travel less frequently, save gas. Buy more groceries each time. Work from home, carpool, use your more fuel-efficient car for family trips.

When the flow is positive, SAVE a little bit, and make it a non-negotiable priority.

Do not dismiss asking for a raise. Go over all your qualities and present them to your boss. Communicate your value to your employer and politely but definitely claim your worth.

Good luck in your endeavor.

Answer 4

No need to purchase anything. You can get free stuff. For budget software go to cnet.com, for books on budgeting go to the library.

Everyone manages their money differently. You have to find a routine that works for you. Most suggest writing down your expenses for a month and figuring out where your money is going and where you can stop spending.

Answer 5

yes, list of your spending habbit

need: food, mortgage,utilities, gas,phone bill
want: cable bill, satelite,latte, fansy stuff, fansy car( those items need to be cut)
cut down of your credit card as a normal way of living that keep you broke
save about 1000-2000 for emergency in case of your car broke down or your house to be fixed.that you do not to use your credit card cycle aggain
Set aside 10-15% of your pay to 401k or Roth IRA.
If I can do it, you can too. As a proof, at the age of 32, my 401k is amassed 73000, 30000 in taxable account.and the car is paid off. some tips that fire up your desire to avoid living paycheck to paycheck situation

Answer 6

because of the fact he leaves out what is going to take place to SS and Medicare and different progams in 5 years. it is going to examine: - would not exchange Social risk-free practices or Medicare reward (till 2016 whilst anybody who's paid into the gadget their finished lives would be completely screwed)

Answer 7

Yes you can do this yourself with some very simple and effective tools.

Check out the resources here