If you want to start saving money you will need a budget. But what is more important: you will have to comply. Today we explain how to prepare a budget to meet your expenses and save and the keys to stick to it.
Starting to save money is not easy. For many, it is already difficult to meet all the monthly expenses, and it seems inconceivable that there can even be something left over to enter the savings account.
However, it is often a matter of organizing well. To manage your money well, the first thing you need is a budget; Without a plan for your finances, you can hardly improve your economic situation.
The next step is to meet the budget you have prepared. Many times we set unrealistic economic goals and, in the face of frustration, the result can be even worse.
Today I will talk more specifically about how to budget money to save.
Here we explain the keys to develop a good budget to meet your expenses and save so you can stick to it:
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Enter your net income: Only include as income the money you will receive yes or yes; Nothing to have a bonus, return or similar. Also, it is important that you remember to include your net salary, not gross.
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Check your expenses for the last two months: Open your bank account and print all the transactions you have made in the last two months. Then underline all expenses and divide them into a category; for example, “supermarket”, “clothes”, “medicines”, etc. Do not leave any expense, however occasional.
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Adjust your expenses according to your income: Now that you have your income and expenses ahead you can see where your money is going, and it is time to adjust it so you can start saving. Your goal should be to spend slightly less than 90% of your monthly income - and even more, if you can. You may think that all your expenses are essential, but surely there are places where you can cut. Eliminate all the ant expenses you have and start adopting tricks to save. The difference between some small changes can be amazing.
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Prepare your budget after cutting expenses: After thinking about how you can reduce your expenses, it is time to prepare your budget. Start with the necessities, and then fit the rest. Leave also a contingency sum, if at the end you don't use it you can enter it in the savings account at the end of the month.
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Check continuously : You can adjust your budget over time, it is normal that the first do not go perfect calculations. Review your expenses and analyze what you spend more and where you could be saving.
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Author : TM Root |
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