Efficient Budgeting – A Beginner’s Guide
A budget is in layman’s terms a plan you create for portraying your financial goals. It is essential that you establish a budget that regulates your cash flow and helps you achieve your goals and make predictions on what you can do with your money. The focus of a good budget should be allocating cash both expected expenditure and also unexpected emergencies.
The first step in effective budgeting is to how long your salary will carry you through. Constant expenses like car / home loans, rentals, fuel, insurance etc must be first addressed. Look at all your preceding month’s bills and plot the flow of your money. By identifying the places you spend your money, you can go a long way in preparing an effective budget.
Say you have an income of around five grand. Subtract all your identified expenses from this as a first step.
Subtract the amount spent on all other bills and subtract these too from your income. The rest of your income can be used for miscellaneous expenses like clothing, entertainment etc. The best solution is one in which the budget has both flexible and inflexible parts, so that the fixed expenses are not messed up and also emergencies are addressed.
Budgeting works best when the omissions that are scarce are made to larger limits. Formulate your own goals and make your plans. Try sticking as close as you can to them.
Steps in making the right budget:
1) It is necessary that you manage money intuitively. Come to a compromise or agreement and see how you can reduce expenses. But this might need some sacrifice on your part.
2) Tabulate your earnings and also your expenses and plan the month’s budget with the last month’s table as a reference.
3) Learn to draw the line between necessity and luxury. Jot down all the things you consider are luxuries and delete the half which you feel is unneeded.
4) Life a frugal life but be dignified. Fun does not always come at a cost. You can enjoy life by playing with children at a nearby park or at the beach. This will cost you nothing but give you immunity joy
All of us have access to budgeting as a fundamental essential tool. It is up to us to consider it and make the most out of it.
Jannie
February 7, 2018I have started a bow company and it’s hard right now starting off. Especially when I don’t have everything I need at this time. Once the money starts coming in then I’m hoping the cash flow will expand.
Thank You
Montana
February 7, 2018This was helpful
andrea kirkwood
February 8, 2018I’m hoping to get extra money just to help with bills, groceries, and whatever comes up.
Kathy Charles
February 8, 2018Thanks
Kenneth Tippens
February 8, 2018Just trying to be independent
Rose howard
February 8, 2018Just let me know how it goes
Jacob Harder
February 8, 2018This is a good article that contains a lot of the same information that you learn by taking business classes in school. Everything contained in this article is the perfect summary for developing a budget or plan on how to spend your earned currency so all the products that they’re trying to sell in the ads and the loan advertisement are really just temptations for the reader to do exactly the opposite of what the article is suggesting for them to do.
Stephanie Eisnach
February 8, 2018This article was very helpful
Mary Jo Hoback
February 8, 2018I read your article and it was helpful. I am on a limited budget and have medical bills that I want to pay before I die.
Lemmanuel Lewis
February 8, 2018I am trilled to see if this really works
Nicole Woods
February 8, 2018Very informative newsletter
Kimberly
February 8, 2018I thought it was very good. I am in a group called circles. They help people get out of poverty and what I read here is about right. Budgeting and getting by is hard especially when you have obsitcles in your way. For example I am om a fixed income and only get paid once a month which is my SSd check. So I tried to get the most bills paid that are important and so on. my group helps by givings us the right tools and resources we can go for help and this article can benefits us the same way. Building your self up is a very important key in being successful and tools and this sort of information can and is an important part in how we manage ourselves when it comes to our finances. Thank you for the information it will help. Kimberly
Lacy Hollis
February 8, 2018I have limited money am on SS# so this would help me!
Julia
February 9, 2018Article was very insightful can’t wait to see if it helps thank you for the information
Penny Veasey
February 9, 2018Love the comment on the wants and needs. Finding inexpensive ways for entertainment I’d very good advice.
Ashley Fulton
February 9, 2018I always seen finances as a difficult obstacle in life maybe i just look at it wrong.
Ryan Thompson
February 9, 2018Very informative. Every one in my opinion likes financial stability.
krisroper
February 9, 2018True. Budget savings most helpful
Josh Shramek
February 9, 2018This was a very well thought out article with some very good tips, very informative.
Damon Williams
February 9, 2018This article was definitely beneficial. It gives the average person a simple outline on where to start when trying to budget properly.
Harliw
February 10, 2018Very helpful
Darlene Joslin
February 10, 2018Informative. Seems I be careful with every dime and hardly see progress
Rolland Holt
February 10, 2018It is none the less a very knowledgeable topic. And it always helps out in the long run when you actually do budget your money. Plus you never know when your gonna have a financial emergency.
Dejon Marshall
February 10, 2018This is a very helpful concept to consumers that have slight money saving problems.
Robbyn Nolf
February 10, 2018I’m disable looking for a little extra cash a month was in a car accident in January and all my resources went for a new car this seems like a good way to make money but not sure if it’s a good fit for me
Jefferson Clements
February 10, 2018Verry helpfull and informative
Corrine
February 10, 2018Was very helpful on the subject of helping people manage there money better.
aurora zessin
February 10, 2018very helpful, and concise. liked the input and explanation on “how to’s”.
Erika Jeronimo
February 11, 2018This article is very informative and gives details on how to start a budget and the guidelines for consistency on keeping a budget. I feel more confident after reading this article that budgeting is not a bad or difficult subject.
Gregory
February 11, 2018This was very informative, I need more discipline in managing money.
jessica
February 11, 2018this website is great especially if you are like myself and need a guide to budgeting your money and time with all sorts of activities. This short summary can help you just like it helped myself i will now be watching my spare change and how i spend it there are some great tips i got from reading this. I highly recommend you to read this if you are struggling and looking for advice on budgeting or balancing money , it helped me tremendously and i believe it could help you to.
jessica moskal
February 11, 2018i needed help with balancing and budgeting and i read this short article and it sure was just what i needed i understand the next step to take in order to get my affairs on track
Audelia chappel
February 11, 2018Would like to try this at home for the first time
Sharon
February 11, 2018Yes I found everything to be be very helpful gives others a different look alife that they might not have thouht about for years and just getting by all time put your mind in a no win state of mind and hearing about others can take you out of that and make yoy want to better yourself if possible. SharonS
Deb Sauve
February 12, 2018Thank you. I appreciate the article. it has some good points that I will need to work on.
Ashley
February 12, 2018It was very helpful
Alexis
February 12, 2018This article was very descriptive and helpful. Gave me some good thoughts and hopefully will put me on a good path of budgeting as a millenial.
Kathy Howard
February 12, 2018I am 47 years old, disabled and I need more income to make ends meet. I thought the info was very helpful and informative however, there’s no need for a budget when I have very limited funds. I just pay my bills, thank God I made it another month and pinch off whatever is less. I think my best advice for someone in my position is: don’t bite off more than you can chew! Make sure your monthly bills are not more than your monthly income, if so you have bitten off too much. Because we need cushion for supplies and emergencies after we have the basic neccessities. God Bless
Harley Davis
February 12, 2018Simply saying it’s financing made easy, also a really great way to learn a different method of budgeting.
Gary
February 13, 2018Very helpful learning how to save money for emergencys and family vacation and all sorts of things everyday alot of us live from paycheck to paycheck and I wanted to find away where I didn’t have to do that anymore
Marcy High
February 13, 2018This was very helpful me and my husband just started a new job and the income has become less so we have had to really had to budget ourselves thank you
Keri. P
February 13, 2018This was very helpful thank you so much I have been struggling with my budgeting issues for some time now and this was truly helpful.
Jules
February 13, 2018Yea I agree w/everyone else.. not to jump on the “ban-wagon” 🙂
Stephanie Wise
February 13, 2018With any budgeting, COMPROMISE, and prioritizing are the 2 important things to understand. This article was helpful as to a reminder of the importance of doing so.
Patricia Parker
February 14, 2018This is a good way of budgeting and it does help you if you stick with it. I’ve been using this method for a very long time it works but takes discipline to stick with it.
Shane concienne
February 14, 2018With any budgeting, COMPROMISE, and prioritizing are the 2 important things to understand. This article was helpful as to a reminder of the importance of doing so.
Abriana
February 14, 2018how long your salary will really carry you through with any budget compromise there are 2 important think about its all it will work but it will take discipline or comments.
Kansass
February 14, 2018Well I think this is good in foe for every one I will be trying some of this good device and I will let every one know how I am doing with my new budgeting skills
tammy gray
February 14, 2018very great reading others who can relate to me and others situations and the tips and advice is very helpful . thank you so very much.
bri
February 14, 2018Thank u for the good reading of article.
Christy Buchananon point
February 15, 2018On point… Completely agree with the information this article gave on budgeting. Going to start trying to exercise these ideas asap! 🙂
Debbie Harris
February 18, 2018I liked the article except that isn’t my problem I know how to budget and manage my finances, its just a failed marriage that ruined my credit to ever have a real paying job getting a normal paycheck like I’m used to and having my own home. I used to have all that until I was thrown out of my home forced to quit my job and leave the state. No one has any clue to what you’ve been going through for the last 5 yrs trying to survive I’m not homeless or hopeless, but I’m trying the best I can to put my life back together and seeking help with a debit relief law firm to restore my credit from what was taking away from me along with everthing I worked hard for and right now I’m self employed 👍
Amber
March 3, 2018I really need to adopt some of these methods. Practicing self control should be helpful
Sara Shaver
March 3, 2018This was very helpful considering how much a lot of stuff has gone up in price and harder to live now these days
Samantha Haberer
March 5, 2018This was a helpful article. The difference between necessity and luxury items is what most people need help with. It’s a hard habit to break.
Jennifer Robison
March 6, 2018This article was helpful. Although I am educated, I became disabled at age 33 due to a surgeons negligence, however, since the surgery was elective, I could not sue him. I now live on $1000/month, much of which goes to medication co-pays (so many meds) as I lost all but 1/3 of my small intestine. Sometimes I run out of money before I run out of month. Thank goodness for the food pantry.
Courteny Lanflisi
March 6, 2018There’s a lot of information in this, I am going to start practicing most of them in the near future!
Ashlyn
March 6, 2018This website is amazing
Jamie Campbell
March 6, 2018These tips are very helpful and can be applied to everyone’s life.
Marilyn boggs
March 6, 2018First look at what your dealing with. What is it you need to survive? You need food, houseing, heat and air conditioning. A affordable phone plan. The basics, an if there’s money left over save some and maybe once amonth do some nice for your self in reasonable way. Avoid over spending and save.
Marilyn boggs
March 6, 2018I worked for years to get my credit score up. Paying more on a bill raises your credit if you can double up on payments of loans or credit cards to knock them out quick. I went from 500 to 700 score in lest than two years.
Brianne Martin
March 7, 2018The article was very informative and had a lot of good tips and ideas that can be used every day.
Ann M.
March 8, 2018Thank you! Very informative.