Budgeting Tips

If you are new to budgeting start with goals that you can achieve in a short timeframe. This is by far the best advice I can give you.

  1. Stop using your credit card(s) until the balance is paid off. Then use it more as a convenience than a means of increasing debt. Use my free excel spreadsheet to help you free excel spreadsheet to help you eliminate your debt.

  2. Pay off high interest loans and credit cards first.

  3. After you pay off a loan pay that amount back to yourself through your budget. Start a vacation fund, and a emergency savings fund.

  4. Review your budget at least twice a month to see where you are.

  5. Do not forget to set aside money for bills that come on an annual or quarterly basis (like automobile tabs, pet licenses).

  6. Save a little for Christmas throughout the year.

  7. Come up with a formal plan to payoff your credit card debt and start it asap.

  8. Make an extra mortgage payment a year. You will save some money in taxes by doing this and will pay off your home quicker (About 13 years early for a 30 year mortgage). Use my free excel spreadsheet to help you track your mortgage(es)..

  9. Pretend when you make your budget that you only have 90% of your net income available. Take the remaining 10% and apply it to retirement funds like a (401k, or a Roth IRA.)

  10. Your food budget is a great source for potential savings. But make sure you are eating healthy.

  11. The discretionary income you spend during the workday is a great potential source of savings!

  12. Those ad-hoc trips to the corner store can cost you an arm and a leg.