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Make a Budget and Keep It: Some Tips
By Kari Johnson on February 2, 2011

bright-home-(1).jpgTo manage money effectively, most people turn to budgeting, but this method may be intimidating to those who have never done it before. To get you started, here are a few tips on budgeting.

• Prioritize: There are bound to be some expenses you can live without as opposed to the necessities (shelter, food, etc.). Keep this in mind as you plan your budget. If you find you are exceeding your income, look into lowering your nonessential expenses.
• Plan for the unexpected: One of the most common reasons budgets fail is due to a lack of preparation. Sometimes things happen that you cannot plan for, where you have to spend money to fix the situation. If you don’t have some set aside, this could completely ruin your budget, so work it in. Have a set amount of money in each budget to use in case of accidentals.

• Savings: On a related note, make sure you budget in for savings. The suggested amount to keep in savings is the equivalent of six months worth of paychecks. If you already have this amount saved, you can turn to investments or other methods.

• Budget based on when you get paid, not when things are due: If you get paid every two weeks, but you have bills due once a month, don’t wait until that second half of the month to budget it in. Split them between the weeks and budget the same amount of money each time. Don’t forget those bills you pay irregularly: annually or every six months. Make sure these are accounted for in your budget too.

• Revisit: For your budget to really work, you need to look at it more than just once. At the end of the month, make sure you stayed on budget, and, if you did not, try to see if there are any adjustments that need to be made. Whenever a bill increases or you get a pay raise, go back and work it into your budget.

These are some ideas for creating a budget. Some helpful hints to keep one are to be careful about using credit. Spending within your means helps to keep you out of debt. Try withdrawing just enough cash for the week and using that instead of your debit or credit card to make purchases.

Not every budgeting system will work for every person. Look at your income and your expenses to decide how to allot your paycheck.
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