12/14/2023 0 Comments Periodic expenses due every month![]() You can use this to assist you with preparing your monthly expense list.A fixed expense just means an expense in your budget that you can expect to stay the same, or close to it, over time. ![]() If your income is not enough to pay your expenses you will need to reevaluate your expenses.Īttached is an example budget spreadsheet. Hopefully, there is excess income for savings which can be used for optional expenses, home improvements, crises, etc. Subtract your monthly expenses by your monthly income.This all the fun stuff, like travel, hobbies, sports and entertainment.In addition, factor in the cost of dental, eye care and hearing. Account for all your expected health care costs keeping in mind premiums may go up annually.STEP 2 - Research your costs for health care Be sure to take these periodic expenses and calculate their cost on a monthly basis and include it in your budget. Required non-monthly expenses: items like property taxes, insurance premiums, auto registration and home warranties may come up once a year.Non-essential monthly obligations: non-essentials are things such as cable, cell phone, gym memberships, subscriptions and other items.Essentials: this includes expenses that cover food, clothing, housing, transportation and health care.To make an effective budget, break this list down into three parts: STEP 1 - Make a list of all your fixed or required monthly obligations Colored highlighters (use to group your expenses together into different categories).Last two paystubs for you (and your spouse if you are married).Your last 12 months' worth of credit card statements.Your last 12 months' worth of bank account statements.The following are steps you can take to assist in creating your budget but you will first need to gather the documentation listed here to assist you: Do not hesitate to get help in addressing personal debt issues from a qualified financial advisor.Even small cutbacks in expenses can add up to big savings over time. If your spending is under control but your overall debt is too high, consider downsizing your home, moving to a less-expensive area, or taking on a part-time job.Pay down or pay off a mortgage after paying off high-interest debt, such as auto loans, credit cards and payday loans.Methodically pay off your debt instead of selling an asset to eliminate it all at once.Know what you owe and reduce your debt by setting goals. ![]()
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