What is a Budget?
A budget is simply a written plan of your income and expenses that help you stay on track, day to day and month to month, to meet your financial goals.
whether your goal is trying to keep your grocery bill from getting out of hand, getting out of debt, or saving for retirement. Budgeting gives you a clear picture and helps you achieve the goals you’re working toward. Here are simple ways budgeting can be used to tell your money where to go every month.
Have goals. Your focus should be on the why. The reason you intend to make a change. Make a schedule and be consistent with it.
Pay off debts. Without beating yourself up about it. Paying off debts is the responsible thing to do. Also, it gives you peace of mind. Applying the snowball method or simply paying off the highest interest account to the lowest will help you save a lot.
Choose specific dates to make bills payments. Set Up automatic payments to reduce stress and potential miss payments.
Set a set amount aside as an Emergency fund monthly. If possible, have two savings accounts. Make one hard to reach in case of unexpected expenses.
Keep track of expenses that frequently come out of the miscellaneous category. Based on the frequencies, you might want to create a permanent category on the budget.
Make it intentional and use credit wisely. Because credit card usage alone holds up to 165 points which are about 30% of your credit score. Applying credit to setting purchases and paying on time will help you acquire a better credit score.
Use cash for certain categories on your budget. Applying the cash/envelope system to make purchases for items you are overspending on, like grocery or shopping, will help you become accountable.
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