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Sunday, January 22, 2012

4 Steps to help you to stick your budget


4 Steps to help you to stick your budget

4 steps stick budget Personal Finance
Many of us really know how to make a budget. We make a list of category from most to least priority things need to pay every month so that we can adjust our income allocation to each category. But unfortunately, many of us find difficulties to follow and stick to the budget. This is the hard part after the budgets have been set up. To make sure that spending of our money is according to our budget. Here are the 4 steps that can help to stick to your budget.

1. Write down all of your expenses
For me, this is the hardest part of all. Since, it is not our habit to ask a receipt for every item we purchase. It is hard to track every month where our money goes. So it’s better to write down every peso we’ve spend on. To become more effective our budget, we need discipline to really keep tracking our spending.

2. Check during the month to see how we are doing
Review the budget. Make sure that we have enough allocated money in each category we listed and that money can last for the entire month. Do something. Cut back if you’re spending too quickly or relax a little if you are starting the month too tight with your money.

3. Total all the expenses
At the end of the month, total all the expenses. Compare it to your allocated budget in each category. And then compare your over all spending with your income and savings plan. Check out the results if it’s fit to your lifestyle or not.

4. Make Adjustments
When we already know how and where our money goes. We can now decide whether we need to adjust our budget so that our budget matches to our spending habits or otherwise decide to adjust our spending habit to fit in our budget.

After doing all this, you have now some valuable information that can help us in planning our finances. Remember that in order to gain more knowledge on making a budget and make our budget more effective we must discipline ourselves and do the hard part living by a budget. That is, records all every peso we spend.



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