Budgeting

How many people have a budget?

For those with a budget, do you follow it?

Do you know how much money you spent last month?

Do you even know how much you made on your last paycheck?

Here are some tips on how to budget your money and save!

1.   Create a budget.   You can use an Excel spreadsheet, a fancy budgeting software OR pen and paper!

2.   Pay attention to your paystub (even if you get direct deposit) and list your income so you know what is coming in

3.   List monetary gifts or refunds received.

4.   Make a note of ALL monies spent.

5.   Pay yourself (pocket money) every paycheck and lower it if you need to.

6.   Balance your checkbook.

7.   Keep track on a monthly basis of what is coming in and going out and make adjustments as you need to.

If you make these simple changes you might be surprised on how much you spend on eating out, library overdue charges or even gas!   Forward your budgeting stories to us here

We wish you happy money management!

Saving

Not $100 per paycheck or 10% of your gross salary............just basic savings!

How many times have you bought something and later found out you could have paid a lot less?

When was the last time you paid a late fee that you really didn't have to pay?

What is your weakness and what causes you to make impulse purchases?

Where could you be financially if your spending habits were different?

If you thought I am here to write different scenarios and answers for the above questions, you are wrong.   Only you know the answers and only you can know how it affects you.   I am just here to pass on to you some savings tips that I practice and that really work for me.   I am sure if you implement at least one of these tips you will spend less and save more.

1.     Pay ALL your bills on time.   Eliminate late fees - they add up!

2.     Subscribe to the Sunday paper....sounds like spending, doesn't it?   Well, let me finish.   Clip coupons!   If you pay $1.25 per week to get the paper on Sundays and you clip $25 in coupons and end up using even $10 of those coupons, you will save!

3.     Use Supermarket discount cards.   The savings are great!

4.     Cancel all memberships that are not being used.   If you pay a monthly fee for a membership that you use once   per week and it is cheaper to pay per use, do so!

5.     Cancel all features that are not being used or are not necessary.   If you got the full works on your home phone because it was part of an introductory package, cancel it after that time has passed.

6.     Clean regularly.   You might say, "excuse me?!".   What I mean is go through your car, your jacket pockets, your office or computer table, you might find a check or even cash!

7.     NEVER impulse buy!   Either buy what you need OR treat yourself.   Whichever one you do, always go to the store with an amount you are going to spend and do not go over that amount!

8.     Get the insurance!   Don't get the insurance!   If this is your second cell phone in 6 months and you are shelling out over $150 each time, you should purchase the insurance plan.   If you are buying a basic television that comes with a one year warranty, I would say that is sufficient.

9.     Borrow books and tapes at the library instead of buying or renting at the store.

10.Never be routine with your spending.   If your groceries are not finished you do not need to go shopping every Saturday.   If you normally withdraw $60 from the ATM as spending money but you do not use that much, withdraw less.   Don't buy everything you have a coupon for.   Never use your credit card without thinking about when you will pay it off.   Always have a plan for the money you earn.

Thank you for your time and I wish you all happy spending and even more savings!

Also coming soon, your money questions answered