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Create and Maintain a Budget


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									                                                 Presented by Daniel Toriola

    Before you can build wealth, you must create and maintain a budget to begin the process of saving money and
     getting out of debt. The secret to success is discipline. You must live within your means and learn to spend
                                              less money than you make
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                                                     Create and Maintain a Budget
                                                             By Talbert Williams

The first step to avoiding the troubles of financial debt is to create and maintain a budget. It’s not as
intimidating as it sounds, don’t worry.

First off, create a list of all your monthly income and also a list of your monthly expenses. When
determining income, list all sources including alimony, child support, side jobs, etc. In calculating
expenses, be sure to include housing, food, transportation, utilities, entertainment, etc. To gain an
accurate reflection of actual expenses, sit down each night and write down expenses, just make sure
to save receipts. Determine if your income covers all of your expenses. If the answer is no, then some
expenses need to be reduced.

Adjust expenses. If it is a small discrepancy, it may mean reducing some minor expenses like
entertainment or cell phone plan. If the deficit is larger, you may need to downsize your vehicle or
living arrangements. If your income covers all of your expenses, you still may want to trim some of the
excess fat off your spending habits. This can free up extra money for things such as vacations or
college funds for your children.

Additionally, consider if you need to add new categories. Some areas that are often overlooked are
debt reduction, emergency savings funds, and retirement savings. An emergency fund ensures there
is an adequate amount available to cover unforeseen events (car emergency, etc), should it arise.
This will eliminate the need for using credit which can quickly damage your budget.

There are several advantages to sticking to your budget. Firstly, most people have set financial goals
that they would like to reach in the future. Sometimes it may be a trip, a brand new car, or a college
education. A budget can help people save money to make these goals a reality. Additionally, many
people are crushed under heavy consumer debt. Without a disciplined pattern of spending, it is
virtually impossible to make much headway in reducing debt. A personal budget will provide the
necessary framework to begin eliminating these inflated account balances.

If executed properly, a budget will allow a person to simultaneously meet their expenses, place money
into savings, and pay back outstanding debts. Therefore, it is anyone’s best interest to create and
implement a budget.

Personal Budget Power
7 Easy Steps to Create the Perfect Cash-Generating Personal Budget that works for ANYONE, no matter your financial situation.
                                                                                                                                Page 1
                                            Presented by Daniel Toriola

Copyright 2004 1DebtFreedom.com

Talbert Williams offers debt consolidation, debt reduction, credit card debt referrals and advice. For
more information, articles, news, tools and valuable resources on debt solutions, visit this site:

How To Create & Maintain Optimum Health
Educating and Empowering People for Optimum Health.
                                                                                                         Page 2
                                                 Presented by Daniel Toriola

                                            Start A Family Budget in 5 Simple Steps
                                                            By Ignatius Gabriel

When you decided to create a budget, it can be frustrating to find that it is hard to create and even
harder sticking to it. Sometime due to over sight, we may have made an unnecessary and expensive
purchase that caused us to be disheartened and gave up the budget all together.

However giving up is not the way and the answer, rather you should change and learn from it and
improved further on the budget. In fact a budget is a great way to keep track of your family’s
expenditures and help you to identify it there are ways to reduce expenses and increase savings.

Here are the five steps to create a no frill family budget. Hopefully they make your budgeting job

1. Gather three months of your income details and calculate your average monthly income.

2. Next, gather your three months of your monthly bills. Do this for the fixed expenses like the rent,
phone bill, car payments and other loans that are monthly. Then add them up and get the average. Do
the same for other expenses like groceries and credit card bills.

3. Review the results of your calculations. Do a detail review of your average monthly earnings
against your monthly fixed expenses and other monthly expenses. And at the same time think of some
ways to economize. Cut back on some items if necessary.

4. Once you know how much income and expenses you have, you can then develop a family budget.
Do your best to stick to it every month.

5. And when you have a monthly budget, set up a savings account. This account is where you make
regular deposits. Even if you can only save a few dollars from each paycheck, it is very important to
start developing good saving habits.

The above are 5 basic steps that you can use in developing and implementing a no frill, easy to stick to
family budget. However do take note that each family has different needs and wants. What’s important
to keep in mind is that you have the freedom to set up a budget that suits your family’s situation.

Learn proven and effective methods of family budgeting that you can use. Visit
FamilyBudgeting-101.com a website that provides tips, advice and resource to create an effective
family budget.

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Buy an e-book to create and maintain a positive attitude.
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                                                Presented by Daniel Toriola

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