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How to Make a Budget and Get Out of Debt

If you want to get out of debt or even be financially secure, you have to start with a budget. Without a solid financial budget, you will just spend and receive money without really considering too much about where it fits into the big picture. A budget is the first step to really getting a handle on your finances, because before you can control anything, you have to understand it.

If you want to get out of debt or even be financially secure, you have to start with a budget.  Without a solid financial budget, you will just spend and receive money without really considering too much about where it fits into the big picture.  A budget is the first step to really getting a handle on your finances, because before you can control anything, you have to understand it.

Here is all you have to do form a budget.

List Your Income -  First, you have to know exactly what you starting point is.  This means listing all of your income and sources of revenue.  If live in a multiple income household, make sure to list everyone’s income.  If your monthly income varies because you are self-employed, it’s best to just to estimate your monthly income.

List Your Expenses – Now you know where all of the money that comes from, you has to now know where it is going out.  So list everything that you have to spend money on.  This includes things like grocery expenses, mortgage, rent, insurances, gas, car maintenance, utilities, and entertainment. You also might have some expenses that you have to pay quarterly or annually, such as taxes if you are self employed or car maintenance, make sure to list those too as monthly expenses.  Anything left over, assuming that you have already built up a  small emergency fund, should go into paying off your debt.

Look For Improvements -  When you take a hard look at what you spend your money on, it can be a bit of a shock.  When you don’t keep track of your spending, the money that goes towards clothes and food can get really out of control.  The next step should be looking for ways to trim the fat.  Is there anything that you can buy cheaper? Is there anything that you can do without entirely? Getting a nice, lean budget will help you pour more money into your debt, which will make you free that much more quickly.  

In addition, you should for ways to increase your income, perhaps through taking a second job or selling off your possessions.  Remember, small sacrifices now will make your life much easier in the future.  Saving as little as ten dollars a month on something adds up to over a hundred dollars a year.

Make sure the Numbers Add Up -  A budget isn’t something that you just do once.  After forming it, you have to make sure that all of the numbers add up and that you are doing everything to stay within in.  And it is important to realize that you will probably have to make adjustments as time goes on.  Are gas prices rising faster than you can cut down on driving? Then you might be forced to up your gas budget.  Did you just find a new supermarket that is a lot cheaper than where you were previously shopping?  Feel free to lower your food budget, and allocate the savings to help pay off your debt.

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