Budget Tips to Help You Control Your Money
Ever run out of money before the next check comes in? Ever try to write up a budget and end up frustrated? Does trying to live within a spending plan make you feel deprived? Try some of our tips and hints, and then look at some real-life examples.
Start by writing down your spending history, a record of what you actually spent, as well as you can figure, during the past 6 to 12 months. Then, once you know where you have been spending your money, create a specific spending plan Like a roadmap, your spending plan charts the way you plan to spend your money for the next week, or month.
Once you have a plan, the next step is to follow it. Make sure you are always on track by keeping a spending record. Just like a dieter writes down everything he eats to make sure he stays within his daily calorie limit, you need to write down what you spend in a spending record.
Just four easy steps will put you on the road to successful budgeting:
1. Know what you spent in the past.
2. Plan what you are going to spend this next week or month.
3. Write down what you actually spent and compare it to your plan.
4. Review your budget, adjust your plan, write down any changes and start again.
There is another import part of your budget basics, and that is getting out of debt. Debt is so widespread in our society that many think it is just a way of life. But there is no other feeling of freedom quite like that of being debt free. If you do not have any debt, then the money you earn is yours to keep and spend the way you want it to. So be sure to include a plan to eliminate debt as part of your over-all plan.
Once you know how to control your money and make it your servant, not your master, you are on your way to true independence. Get the big picture of where you are by looking back at the past to see just where your money has been disappearing to. Figure out what is the most important and best use of your money today, write down your plan and then follow it. At the end of the month or pay-period, go back and see how you have done, make adjustments, write them down and start again. Then add spice and excitement to your life by setting a goal to become debt free and include debt elimination in your spending plan.
Do these things consistently, and you will find yourself on the road to prosperity, no matter how much money you bring home each month.
The next step in your financial journey is investing your money so that it grows and becomes a source of security for you, your children and grandchildren. When you manage your money instead of just spending it, getting rich becomes a possibility, not just a pipe dream.