Creating a Monthly Budget
A Monthly Budget Worksheet can Help
When it comes to getting your personal debt under control, a good place
to begin is with the basics of a household or personal budget. Creating a
monthly budget helps you identify where you may be overspending and can also
help you in developing an overall financial plan.
Building a budget should start with a review of your check book register and bank statements. Look for the recurring expenses that happen every month or every quarter.
Things like rent, utilities, and transportation are only a part of your ongoing expenses. You may be surprised at how the daily trips to the convenience store or eating out for lunch can really add up.
Once you know what you are actually spending, you will be able to set up a monthly budget template as a guide to follow in keeping your expenses under control. You may find that once you have a budget in place and more awareness of your spending habits, you will make some changes to your behavior that assure you will have more money left at the end of the month.
For your convenience we have attached a link to a budget worksheet that you can print for your personal use. At Harold Shepley & Associates, LLC, we are full service debt relief law firm, and we're here to help. Call us today at 877-827-9006, or visit our Contact page for your FREE consultation.
Monthly Budgeting Tips
When budgeting for utilities you may find it is easier to set up a monthly budget based on the yearly expense. Some utility companies will set you up on a budget plan that will average your yearly expense and set a monthly payment that remains the same throughout the year.
Remember, when setting up a monthly budget to include expenses such as Christmas, birthdays, holiday spending, and vehicle expenses. It is important to set aside money each month so when the time comes you will have the money to buy gifts or buy tires for your vehicle.
Building an emergency fund should be a priority over expenses such as dining out or entertainment. Having an emergency fund can be the difference between falling behind on your mortgage and paying for groceries if you were to have an accident or medical issue that would prevent you from working for a short period of time.
You may find it helpful to have a separate savings account to deposit the money into and one that is not connected to your debit card and easily accessible.
After you have a budget in place and an emergency fund set up, it is time to think about saving for retirement and children's college funds.
The earlier you start, the more you will be able to save. If you receive a tax refund or a yearly bonus at work, you can deposit it into either fund to help offset the monthly expense of your savings effort.
Harold Shepley and Associates can Help
If you've fallen behind on your payments and your efforts to create a monthly budget simply serve to highlight the difficulties of your situation, it may be time to get professional help.
At Harold Shepley and Associates, LLC, we have experience dealing with situations of personal and household every day. We are a full service law firm that is client-oriented and will work hard to meet your personal needs in resolving debt.
Call us today at 877-827-9006, or complete our easy to use contact form. We're ready to help.