Are you having difficulty meeting your monthly payments, finding out you fell short on your monthly expenses leaving you going into the red the next month? If so, then it is time to evaluate your monthly budget. No monthly budget or unable to stick to your monthly budget? Then I have a few tips to help you build or restructure your monthly spending. It is much easier than you may think.
First, you must determine what has to be paid and what you can cut back on.
What must be paid are expenses such as your mortgage or rent payment, vehicle, any type of insurance premiums. Examples of things to cut back on are utility bills, grocery expense whether prepared at home or going out to eat, entertainment and clothing expenses. An easy way to determine what you spend in an average month for these items is to save your receipts for a month and then total them up.
Secondly, see where you can reduce your expenses.
Try not make this a drastic change you will regret. Make minor adjustments, such as if you are spending money everyday going to the store or restaurant to buy a cup of coffee or soda stop you are throwing your money out the window. Prepare your coffee at home or buy soda at the grocery store in larger quantities, think about it a 12 pack of soda bought at your local grocery store will cost about the same as 3 stops at the gas station in the morning. Look at the savings!!!! Buying in bulk can save time and money.
Third, think twice about buying it!
Almost certain to happen every month!! I must have it! The desire to buy something on the spot whether you really need it or not. Think before you buy just because it looks like a good deal does not mean that it is. Check your budget can you really afford it, is it something you must have or is it just wasteful spending.
Fourth, “Cash is Best”
When making a purchase it is wise to use cash most business except cash! Charging items results in more than one payment. Charging items makes for an unnecessary monthly payment, plus you are paying more for the item due to interest charges or your charge card, if you are paying just the minimum payment you will be going further into debt.
Fifth, Pay Yourself
Consider yourself a monthly payment. Place a certain amount into a savings account for emergency or raining day situations. This way you will always have a little cash on hand.
With these five things in mind plan your monthly budget most importantly stick to it, if you can you will find yourself finding more ways to have money left the end of the month.