5 Expert Tips to Help You
Get Your Finances in Order
BUSINESS CENTS
Article from BPT Website
debt payments.
If it's clear you're spending more than you're earning (or close to it), that means it's time to cut down on some discretionary expenses - "wants" versus "needs," like entertainment, gifts, etc. Also review how you're spending on some of the needs - such as choosing to dine out frequently rather than making dinners at home. Spending less than you earn is key to a workable budget.
To get started, you can find plenty of free online budget templates and tools you can download and use without having to sign up for a budgeting app or service, if you don't want to do that.
2. Budget for inflation
Unfortunately, the realities of things you can't control - like inflation - mean that it's also a good idea to allow for the possibility that prices may go up. For example, you may want to base your allowance for gas to help you get to work every day on what you've been paying, but gas prices can go up, especially during the summer, around holidays, or sometimes in response to world events. Adding a cushion into expenses that can be more volatile is a good idea.
(BPT) - While many costs may be stabilizing or even slightly decreasing these days, the Consumer Price Index reveals that some prices remain stubbornly high, including basics like rent and many food items. These external circumstances can make it difficult to stay on top of your household finances, even with steady employment. Some things are still in your control, however, including how you manage your budget and work on paying down debt. Many financial experts recommend taking a proactive approach, and not being afraid to put down on paper what you're earning, spending and saving to help you reach your goals. Here are top tips that can make a difference when it comes to managing your money.
1. Create a budget
The word "budget" may sound unpleasant, but if you view it as a simple tool for keeping your finances in order, it doesn't seem so bad. Simply put, write down what all your income and expenses are over the course of a month or two. Then take a good look at what you're spending, prioritizing needs like food, rent, utilities, insurance and minimum