Just a few basics of budgeting….
· Record your expenses: It helps to write down everything you’re spending money on so that you’ll know how to create your budget. Create basic categories for various expenditures.
· Make the budget: Once you know what you’re spending on, trim the fat and tell your money what to do instead of it bossing you. And track it every month.
· Save for an emergency fund first: Everyone needs 3-6 months put away just in case…
· Create other short and long-term saving goals: Then what do you need? An upgrade in car? College for the kids? A family vacation? Start saving and paying cash for these ticket items.
· Establish ratios and stick to them: Last year I lived on 35% of my bring home pay, paid 35% toward debt, saved 17% and gave away 13%. This year I’m looking to live on 35%, save/invest 50% and give away 15%. Doing it is a different animal, but the goal will help keep me honest.
· Use the right tools for the goals you’re trying to accomplish: Everydollar.com is a free online tool to help you create and stick to a budget. Dave Ramsey.com offers great advice and opportunities to get in contact with local investment advisers who can help you. And reach out to my friend Tyrone at http://www.eastpointinvest.com/ as well....