Having a budget and a shopping list each week is important.
Food prices have risen steadily over the past few months. Buying a new suit may be a necessity if you have a job interview coming up.ĭon't forget to feed yourself on a regular basis. Shoes, belts and other accessories may be needed to keep yourself looking good. Your jeans could get a hole in them or wear out. You may need to buy some new shirts from time to time. Your clothes aren't going to last forever. Knowing how much you have to spend on concert tickets can help you plan your summer vacation. Designate a portion of your income for going out to movies, buying CD's and watching your favorite sports teams. Make sure you save money to go out with your friends after work. Don't risk losing everything due to failure to pay. Make sure you have a plan to pay back your student loans or home equity loans. Doing so will allow you to reduce the amount of interest you pay on that debt. Plan to pay down your credit card debt in regular intervals each month. Failing to budget for these festive times can come back to haunt you.ĭon't let your credit card debt linger for any length of time. Christmas is a time where you will certainly spend money on gifts. Birthdays are a common time to buy gifts for others. There is a good chance that you will give someone a gift throughout the year. Having a general savings account you can access will allow you to splurge every so often without jeopardizing your financial security. This money would be used to make a large purchase, plan a vacation or to start your retirement fund. You should also have money set aside for a general savings account. Building an emergency fund can help you weather the storm a little easier. The medical bills associated with your illness or disability will pile up rather quickly. A job loss or disability can cause you to lose your ability to work. You never know when an emergency may strike. While all of these costs can be lumped into one category, make it a point to itemize these costs individually on your computer. You also have to budget for utilities, cable and Internet. The rent or mortgage payment is not the only thing you need to consider when figuring out your housing costs. Item #2- Costs Associated With Your Residence Your rent or mortgage payment should not exceed 30 percent of your income. This is because having a roof over your head is essential. You should make sure that your housing payment is included in any budget. What should you include in your budget spreadsheet? However, you have to remember to include all your expenditures. The ability to organize your finances enables you to live within your financial means at all times. It allows you to see exactly where your money is going each month. Creating a spreadsheet is an easy and effective way to make a budget.
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