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creating an effective budget
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Keroy King
November 07, 2014
2
33
creating an effective budget
creating an effective budget
Keroy King
November 07, 2014
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Transcript
www.lifethenfinance.com Creating An Effective Budget
2
www.lifethenfinance.com The best way to acquire financial security is to
have a sound budget.
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!
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
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
www.lifethenfinance.com Figuring Your Expenses Your expenses include: • Fixed •
Variable • Non-Essential
www.lifethenfinance.com What Are Fixed Expenses? ? ? ?
www.lifethenfinance.com Fixed Expenses Payments that are the same every month:
• House/rent payments • Car payments • Cable payments • Loan payments • And more
www.lifethenfinance.com What Are Variable Expenses? ? ? ?
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!
www.lifethenfinance.com What Are Non-Essential Expenses? ? ? ?
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
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?
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