Managing your budget is one of the most essential elements in keeping your finances in order. These tips will help you prepare, and stick with, a working budget:
1. First, collect all financial statements for you and your family, including check stubs, bills and investments in order to get an idea of average monthly income and expenses. Be sure to differentiate between variable (groceries, clothing) and fixed expenses (mortgage, car payments).
2. Make adjustments as necessary, especially if your monthly expenses exceed your monthly income. It will be easiest to adjust variable expenses by dining out less and only purchasing essential items. Your budget may suggest the need for additional sources of income.
3. Continue to check your budget each month. Account for any new sources of income or added expenses. Your budget will change as your life changes.
For more information on creating a working budget, as well as a budget template, visit Tropical Financial Credit Union.
Monday, October 12, 2009
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