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creating an effective budget

Avatar for Keroy King Keroy King
November 07, 2014
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creating an effective budget

creating an effective budget

Avatar for Keroy King

Keroy King

November 07, 2014
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Transcript

  1. www.lifethenfinance.com Creating An Effective Budget

  2. 2

  3. www.lifethenfinance.com The best way to acquire financial security is to

    have a sound budget.

  4. www.lifethenfinance.com Creating Your Budget: Getting Started •  The backbone for

    your budget is how much money you make. •  Use your net income, not gross. •  Consider your tax refund as a bonus!

  5. www.lifethenfinance.com Figuring Your Income Include income from: •  Your jobs

    •  Businesses you own •  Investments •  Alimony or child support payments •  Residual income, like rents or royalties •  Any other source of income

  6. www.lifethenfinance.com Does Your Paycheck Vary? Determine your average monthly income:

    Total income from past 3-6 months Number of paychecks during that time Income Estimate

  7. www.lifethenfinance.com Figuring Your Expenses Your expenses include: •  Fixed • 

    Variable •  Non-Essential

  8. www.lifethenfinance.com What Are Fixed Expenses? ? ? ?

  9. www.lifethenfinance.com Fixed Expenses Payments that are the same every month:

    •  House/rent payments •  Car payments •  Cable payments •  Loan payments •  And more

  10. www.lifethenfinance.com What Are Variable Expenses? ? ? ?

  11. www.lifethenfinance.com Variable Charges Payments that change each month: •  Groceries

    •  Gasoline •  Entertainment •  And more Tip: Use an average amount of each variable charge for your budget!

  12. www.lifethenfinance.com What Are Non-Essential Expenses? ? ? ?

  13. www.lifethenfinance.com Non-Essential Expenses Things that we want, but don`t necessarily

    need: •  Excessive amounts of clothing and shoes •  Eating out •  lStuffz you buy only because it`s on sale

  14. www.lifethenfinance.com Self-Reflection Questions: •  How much do I spend every

    month? •  What are my variable charges? Can I reduce these? •  How much do I need to make in order to get by?

  15. www.lifethenfinance.com Action Tips: •  Write down your income and expenses.

    •  Estimate your variable expenses. •  Cut down variable expenses in order to… Earn More Than You Spend!

  16. 16