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 Budgeting:
Choices and Decisions
The very word "budget" makes most of us cringe. Right
away, we think of missing out on our favorite things. Instead, here's some good
advice. Think of a budget as a spending plan---a form of spending control that
will increase your assets and help you produce wealth. Start by taking stock of
where you are financially, when your money comes in and when it must go
out:
- What does your checking account total?
- What does your savings account total?
- What's your total take-home pay (from you and your
spouse)?
Now, knowing what money you have to spend
and how much is required each month, list your housing expenses. You need to
feel secure no one will take your home away from you due to unpaid house
payments or rent. So, start your budget by listing the
following:
House payment or rent
- Average utility bills (electricity, gas, water,
sewer and garbage)
- Taxes and insurance (if not in your mortgage
payment) (renters insurance if renting)
- Basic telephone
Next, other fixed payments that must be
made:
- Car, health, life insurance
- Student loan payments
- Car payments
- Tax payments (IRS and state)
- Alimony payments, child support payments not
deducted from your pay check
Click Here to Educate Yourself
and do a Self-evaluation of your Budget |
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