Way to Save

If you've been thinking about taking control of your financial future the time is NOW! We put way too much thought into saving when honestly its quiet simple. "Track Your Spending" that is the MAJOR key to saving money. How many people swipe their debit or credit cards daily and barely check their bank statements? I'm guilty. If you work hard for your money and want to keep it in your pocket then you have to learn to track your spending and  budget.


I know, I know when people hear the word "budget" they start thinking they are limiting themselves to their own money but in actuality all you're doing is holding yourself accountable for what you spend. Begin by checking your pay stubs so you have an accurate account of the income you bring home monthly. Then, keep a track of every dime you spend whether its as high as a mortgage or as little as a pack of gum. Finally, categorize the items in which you paid for into 3 sections: essentials, financial obligations, and flexible spending, by doing so you have just created a budget for your household.


A popular budgeting tool people use is called the 50/30/20 Rule which breaks down your take home pay into 3 percentages. (50) represents the "essentials" or living expenses: mortgage/rent, utilities, water/garbage, groceries, car payments, insurance etc. (30) represents your "flexible spending" such as entertainment, dinner, movies, shopping all the things you want but do not need necessarily. (20) is the "financial goals" settle outstanding debt, credit cards, student loans, emergency funds, savings accounts and investments. All of this may sound like a lot right? But once you do this using your own income it will all make more sense. The best part is that the percentages are flexible to fit the needs of every household, so adjust them to your liking.


Create a budget sheet to keep track of your monthly income and expenses. I have attached a link to a copy of a budget sheet to get you started but there are many other templates you can use to create your own. Tailor it to the needs of your household then BOOM you are well on your way to financial stability. According to Forbes, Eric Roberge stated "the key is to take action and use a system to help you stay consistent in managing your money every month, and making sure you're covering your expenses, being responsible by saving for tomorrow, and giving yourself some room to enjoy life today." Budgeting does not have to be boring that is why you add a little something in there to enjoy yourself.😉 Even if you do not have access to a computer you can use your smart phone or good ole pen and paper works just fine. Now go ahead and get started today so you can take that dream vacation tomorrow.


                 Take charge of your life and your money!

http://weeydii.com/preview/Budget-Planning-Worksheet-4