learning to budget
we have yet to include Budgeting 101 in schools.but it’s never too late to learn. here are some basics:
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follow the give,save,spend rule.try setting aside ten percent for the church,another ten percent as savings and the balance to your living expenses.don’t reverse the order through.that’s when your problems will start.
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review monthly income vs. output.do a quick balance sheet of your monthly income vs. how much you are spending each month.write your income at the top, and then on the left, make a line-item list of whatever you pay for each month.this will help you see how much you are spending your money more effectively.
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pay your credit cards.avoid them if you can,but if not,make sure you have set aside money to pay them off as soon as the statement comes.that way you avoid charges and gaining debt.
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choose reasonable loans.this one too you should avoid. many of us cannot avoid home loans though,so if you have that,make sure the interest rate is reasonable.or refinance it at a lower interest rate.this will decrease your payments and will help you pay off the balance on the principal of your loan.
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teach your children about budgeting.start them while they’re young.teach them the give,save and spend principle with their allowance.this will surely help them when they grow up.(money instructor.com)
