The task of creating a budget can be a daunting one. Financial planners cost money and a majority of the people who need the help of financial planners are barely making ends meet. Here are some tips for real people who need a budget:
Take your financial picture
Write down ALL your regular bills and their due dates
This will include all utilities, housing, food, gasoline, insurance, etc. . .
Include at lease $40.00 miscellaneous money per week.
Write down ALL your regular income
This will include your job or business, child support, alimony, etc. . . .
Now subtract your bills from your income
If there is anything left over then you are not in the worst position.
If there is a negative balance then find out where you can make cuts.
Now put yourself on a schedule. Out of each paycheck pay whatever bills are DUE within the week. If all your bills are due around the same time then you will need to pay each bill in advance until you get to the last bills which will probably be paid just in time.
Once you get use to your new schedule, you can begin to find creative ways to save and cut your costs. Your household should be run smoothly like a business so wherever you can cut costs, do so.
Now go take your financial picture. Next time I'll discuss how to get rid of old debt
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Good advice! As an Accountant, I was practicing these principles long before I knew what they were. All my friends use to tell me I could make the buffalo cry on a nickel! LOL! I still do!! =) I guess that's why I use to audit gov contracts and save the Tax Payers a bunch og monies over my 22 year career. I'm giving a discussion on May 21st at 2:30 PM at the Ameri Mart in downtown Atlanta for anyone interest on Entrepreneurship titled "Risk Management: Life on a Shoestring."
check for registration here: http://www.aga-atlanta.org/ Support a Sista Ya'll!
Hopefully everyone has been doing well with their budgeting. In these crucial economic times budgeting has to become a habit. Although I have been M.I.A. I am still here for the long road and would love to help anyone who needs more tips on building a budgeting system that will suit you specifically. I don't claim to be a financial professional, but I can make a dollar out of fifteen cents and then stretch said dollar to the max. So, please feel free to pm me and we can discuss your own budget and find a way to relieve the stress of financial misappropriation.
This is a great post, which is why I have decided to feature it on 'The Business', a digital magazine featuring the best Small Business discussions and material on the BBWO Network. This is a new feature, so it is still being customized and I would love your feedback. Feel free to add comments on 'The Business' page. I've been wanting to set this up for a while now, especially after reading the responses I got from my post 'Putting the Business Back in BBWO.' As our community gets bigger, it is becoming a SPAM magnet, and I want to ensure that does not happen. We are experts in our own right with tons of info and experiences to share, which is what I want BBWO to continue to be about. If you feel as I do, great! Continue writing these wonderful posts and I will do all that I can to promote you and your business.
Quick tip: If you haven't already done so, feel free to include your web banner or business details at the bottom of this post. I hope that with the new Magazine page, more traffic will be directed to your way!
It can be easy once you get into the habit. I had to learn how to budget out of necessity. I was always caught up in some temp assignment or a job that was fun but where the money wasn't always good. Budgeting like this will enable you to be able to see exactly what it is that you are doing with your money. It will also help you to be better equiped to manage larger amounts of money when you get a better paying job.
Janovia, I was just wondering, what are you doing now? You say that your employment is up in the air but I see a great talent in you that I wonder if you've thought about using to help others. For instance, in one of your discussions, you stated that you love and is good at organizing things, and you seem to have a some knowledge on a variety of topics. Have you ever thought about becoming a life coach because this is what I think about when I read your discussions. Life coaches are really popular now, especially with the new influx of work at home moms trying to balance work, family, church, me time, and a host of other areas in our lives that are so important, but can be very daunting. What is your dream career?
Janovia > steelblacknoliaOctober 11, 2007 at 1:56pm
I'm glad this was helpful to you. If you need any help, let me know.
Janovia > steelblacknoliaOctober 11, 2007 at 2:06am
It is odd that you bring up life coach as a career option for me because I have actually thought about being a life coach. I became familiar with life coaches while watching the show Starting Over some years back. Right now I am in school online getting my bachelors degree in ministry in teaching. I am also taking a grant writing course. Maybe I'll write a grant for myself to get funding to become a life coach. Other than that, I am just looking for something to get the bills paid in the meantime. I will def. look into the life coaching thing though because I am a firm believer in receiving confirmation from the Lord through people. Confirmation is what led me to enroll in Bible College as well as in the grant writing course. Thanks for pointing that out steelblacknolia. I actually do enjoy helping people achieve their goals. It makes me happy to see people accomplish things that they never knew they could accomplish.
Replies
check for registration here: http://www.aga-atlanta.org/ Support a Sista Ya'll!
This is a great post, which is why I have decided to feature it on 'The Business', a digital magazine featuring the best Small Business discussions and material on the BBWO Network. This is a new feature, so it is still being customized and I would love your feedback. Feel free to add comments on 'The Business' page. I've been wanting to set this up for a while now, especially after reading the responses I got from my post 'Putting the Business Back in BBWO.' As our community gets bigger, it is becoming a SPAM magnet, and I want to ensure that does not happen. We are experts in our own right with tons of info and experiences to share, which is what I want BBWO to continue to be about. If you feel as I do, great! Continue writing these wonderful posts and I will do all that I can to promote you and your business.
Quick tip: If you haven't already done so, feel free to include your web banner or business details at the bottom of this post. I hope that with the new Magazine page, more traffic will be directed to your way!
Take Care,
LaShanda
.... keep sharing ladies for the interrupt
"If you OUT GO is more than your INCOME then your UP KEEP will be your DOWN FALL."
Thanks Janovia for sharing a simple way to help resolve such a complex problem. Continue to be a blessing and in return you will be blessed!
Nicci Butler
Owner
THE BADDEST BAG™
Thanks for posting this. You make it seem so simple to start saving & budgeting. I'm trying this with my very next pay check!
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