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I often get asked when I meet with clients - do people really use budgets anymore? Are they even relevant in today's society? The answer is absolutely - YES! A budget is still important, it works and can save a family or individual some stress on many levels. For the next few weeks, I will highlight budget structures that will help people identify ways to save and get a "grip" on family finances. I hope my readers, current clients and potential clients find it helpful and refreshing.
TRUTH: The average household spends approximately $500 over their income every month!
Why: Most families have obligations that never quite get in the budget like utilities, cell phone bills, trips to Starbucks, and birthday or special events. These kinds of expenses always push the money coming in over the top!
TIP: Catagorize spending even down to the dime - TRY this! Build a list under Obligations, such as the example below.
1) Obligations – list each item under headings like: home: mortgage or rent; association fees
and professional dues; insurance: health, auto, home, renters’ and life; tuition, day care;
loans: car loan, student loan, bank fees and interest; taxes, property taxes, etc.
By doing this - you get a very QUICK glimpse on where the BIG money is alotted.
Next: I will cover the next catagory to use in building your family budget.
Happy Friday! Have a blessed weekend!
Building a Family Budget in 2012
10:40 AM
Alexis P. Jones, The Credit DIVA
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3 comments:
I just tried listed out my monthly expenditures, after I’ve just received my third paycheck recently. I noticed that the figures in my bank account are gradually dropping through the months.
Whoo. The obligatory expenditures sure take up a hefty sum of my salary, but it is much more clearer to me now as to how much I should spending on my wants. It’s heartbreaking though, but I have to reject certain outing events with my friends.
Normally, I’d set aside maybe a thousand dollars as savings each month, but I always end up tapping into these funds at the end no matter how much I try to avoid doing so. I guess my allocation of my expenses is little unrealistic. But fortunately I don’t finish up everything and have a couple of hundreds to spare. I think I should start laying off junk food lol.
It’s quite depressing to see practically 80% of my salary clutched by my bills and other obligations after I analyzed my expediture. I do not squander much, but I have hardly anything to spend either. With that meagre bit of savings, I’m planning to make some investments instead of lavishing on things like high-class dining and travelling.
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