31 Oct 09 Creating A Personal Budget
Creating a personal budget is necessary for every family. Only through a budget can you determine how much money you are taking in, opposed to how much you are spending. Through a personal budget you can avoid going into severe debt, pay off your current debt, or set up a plan to save more money for a rainy day. It’s always a good idea to keep a close look at your finances, and a personal budget will set you up to do just that. Here is a plan that’s focused on clearing up any debt that you may have:
The first step is to keep a good record of every purchase you make, so that you have an accurate number of how much you spend. This way you can avoid overspending, putting more money than you’d like on a credit card, or overdrawing in your bank account. Try to keep a finances journal which tracks all of the purchases you make, utility bills included, but not credit card or other debt bills. Any money that you pay out for a whole month should be recorded.
Now you take that number and add up 11 more months of spending the same amount. This gives you a rough idea of how much you spend on average. Then take that final number and subtract if from your net income. Your net income is the amount you make after all taxes are paid and taken out.
From there you want to list any debts that you have, from credit cards, home loans, etc. This way you have a good idea of how much you are actually in debt. And from the money left over from your expenses vs. net income you can calcuate how long it will take you to pay off that debt, within your current budget.
From here you can figure out if you’re comfortable with the rate in which you’re paying off your debts. You can also formulate a new plan, by changing a few of your monthly spending habits, to free up more money to spend on your debts. Either way, now you’ll be in control of your budget, and you can get a better idea of where you’re going from here.
Tags: Accurate Number, Control, Creating A Personal Budget, Credit Card, Credit Cards, Debts, Family Budget, Finances, Home Loans, How Much Money, Net Income, Rainy Day, Rough Idea, Spending Habits, Utility Bills
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