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Budget made easy
By Henri Cormier
I'm sure you heard this before, "it's not what you have, it's what you do with what you have." Often, you hear friends talk about other people that seem to accomplish more with their lives than others do. If you dig deep enough, you'll find that there is a common denominator that allows this to happen. Here is a test. Open your wallet, your purse or whatever item you use to store your cash. Reach in and grab all your bills and take them out. Look at your cash money carefully. Are your bills organized, sorted out or just stuffed in there in no apparent order? If your money is not organized, chances are your budget, or lack of budgeting is a true reflection of what happens in your life. If your money is in some kind of sorting order, I could assume that you have some kind of budget in place. You may not necessarily have a written plan, but my guess is you at least have an urge to control your expenses. When you want to make a trip to a distant place, you may consult a map, or GPS in today's technology. The same applies for your finances. If you want to achieve a goal, you need to make a plan, and you need to follow it. Take charge of your money, write your plan. Budgeting is easier when you put it on paper or computer spreadsheet. 1. Make a column of all your net incomes, divide by 12 for monthly breakdown or divide by 52 if you want to calculate weekly. 2. Make a list of all your expenses for one year and divide this by the method you want to calculate above. 3. Don't spend more than you make. In fact, most experts say you should pay yourself first. Example: Calculate your yearly expenses for your mortgage including property tax, or rent. Add your yearly cost of running your home: home insurance, electric, heat, gas, phone, internet, transportation, car and insurance, gasoline, car upkeep. Personal costs: cost of life insurance, medical/dental insurance, savings, vacation and other expenses you may incur on a yearly basis. You may choose to set up different accounts, piggy banks, jars, or one simple account to draw from to pay each item on due date. Some people set up a budget on a 4 week plan. Every 3 months, they end up with a free week of money they use as a bonus. Whatever you choose, write it and follow it. This will lead you to a better lifestyle only you can control. Happy planning!
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May, 2012
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