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....
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