Beginner Budgeting

This beginner budgeting is for when you’re just starting out on your own, as a single parent or a young adult. Since it’s not always easy living from pay check to pay check; this budget will help bring stability into your life, since something will always go wrong. Whether it’s a bill being higher than you expected or the car breaking down. This is why having a balanced budget is so important.

You work hard to make your money, why should you then to give it all away to bills. I’m not a pessimist, I just know that in no time you can lose your job, get sick or just have financial bad luck. So let’s make this quick since I know this is not a fun subject.

1.     Get a piece of paper and write down all your monthly bills on one side and on the other side of the paper all the money you owe (Grand parents, Credit cards, Back rent…etc). I always round up to the highness number; it’s a lot simpler to calculate. Now go get your unopened bills and all your statements online. Open them all!!!

Example Janet’s expenses & debts:

Side 1 Monthly expenses

·       Rent $700

·       Eating out $100

·       Car payment $250

·       Car insurance $100

·       Cell phone $80

·       Food $200

·       Gas $100

·       Family Activities $50

·       Daycare/School $150

·       Internet $50

·       TV $80

Side 2 Debt

·       MasterCard $1500

·       Missed Rent $500

·       Loan from Mom $700

·       Taxes $100

·       Visa Card $1000

Then you add up all the entries from above and get the totals. That’s what you’re spending every month & what you owe. (Yes that’s not a mirage, that’s the number)

Example:

Janet’s spending $1860 for the monthly expenses & owe $3800.

Don’t stop here, stay with me. Next week I will show you how to reduce your debts and find financial freedom even if you don’t believe you have the to money to spare.

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