Setting Priorities for your Money

Setting your own personal priorities and goals for your life in regards to money is really the very first step. However, many people skip it. They set up savings, investments and even their budget, without really taking the time to figure out their priorities. Very few people can achieve all their goals and desires. Still, if you can narrow down your dreams to a few key ones, the possibility of achieving them magnifies. Start first by making a list of all your financial dreams. Then review them, selecting the top five that are most important to you. If you have … Continue reading →

Basic Budget Strategies for Achieving your Goals

What sort of budget strategy do you have? Is it working? Budgeting can be a chore that we often put off, but if you have dreams and goals… it can help you achieve them. The first step in budgeting is coming up with an accurate measure of your expenses and income. Start by tracking these for at least two months; and then attempt to look at averages for certain fluctuating expenses and income like heat or sales commissions. Then create a spreadsheet – either on a piece of paper, excel document or budgeting software. The first part of the spreadsheet … Continue reading →

Budgeting for a First Home

Do you want to buy your first home, but have too much debt? An overload of debt can hurt your ability to buy a home in many different ways: cash flow, credit score and loan approval. If you desire the opportunity to buy a home, try this plan to help you get there. Start by first determining the amount of money you will need to borrow in order to buy a home in your area. Basically preview the prices of homes you think you could be satisfied with, and deduct any amount you have saved for a down payment. Then … Continue reading →

Tracking Small Purchases

One of the most frustrating aspects of money management is keeping up with the little purchases. This can be difficult if you are dealing with debit transactions or cash. It is so easy to say that the five or ten dollar purchases don’t matter, but they can add up and overdraw your account if you are not careful. Here are five ways to limit those purchases and to track them better. 1) Try to limit the small transactions by planning ahead and doing bigger shopping trips. You usually spend more money then you plan to on little stops or you … Continue reading →

Why Isn’t My Budget Working?

There are so many people that sit down at the beginning of each month and write out a budget. Then they go on about their lives and wonder why they run out of money mid-month. This can be very frustrating for many people. They think that because they have written everything down that it should work. The problem is that they haven’t committed to living the budget. Here are the five things you can do to commit to living the budget. 1) When you finish the budget you should sign it. This may seem silly, but it symbolizes your commit … Continue reading →

10 Ways to Spend Fun Money

One of the most important keys to having a budget work is to have money set aside for frivolous spending. The amount varies depending on your budget and how tight you are, but that money is a key in helping you stay on budget. It can save you from going crazy and spending even though you do not have money to. You can spend hours thinking about ways to spend the money and decide the best way each month or you can save it for a few months and get a large ticket item. This is money you don’t have … Continue reading →

Holiday Spending

Christmas is fast approaching and the holiday season is a time when many people overextend themselves. They may purchase things on credit cards or just spend too much money in general. It is important to plan now so that you do not end up overspending this holiday season. Here are five tips to help you stay in budget over the holidays. 1) Begin with a list and stick to it. You may want to add two or three miscellaneous presents for those unexpected occasions or gifts. You should set a limit on how much you can spend on each person. … Continue reading →

Your Financial Plan

When it comes to your money, most people hate the idea of a budget. Often people wonder where the money is going and why they never seem to have enough to cover everything. If you hate the word budget, then you need to change your thinking a bit. You wouldn’t go on vacation without some sort of plan in place. Similarly you shouldn’t just let your financial decisions just happen. If the word budget bothers you change it to a plan. Here are three general areas that you should consider when it comes to making plans with your money. 1) … Continue reading →

One Category a Month

When it comes to your budget, there is almost always room for improvement. If you are just starting out then you may have several areas to work on. If you have been budgeting for a few years you may find that you are starting to become slack in a few areas. One way to easily reevaluate your budget on a regular basis is to take a look at one category a month to see if you need to make any adjustments. This approach is great because it helps you stay focused on the bigger picture of your money goals, while … Continue reading →

How to Budget with a Fluctuating Income

Many families have to deal with an income that changes each month. Whether mom works a seasonal job for extra money, dad is paid on commission, or they both run a business where employee payroll is doled out first, there are many situations where a family’s income is different each month. How should you budget in this type of uncertainty? The key is determining a base amount to rely on and start with as your foundation. This dollar figure will depend on the type of income situation you are in. However, the important piece is finding a base monthly income … Continue reading →