Auto-Loan-Financing.com has scoured the web to find the best financial articles to help peole repair bad credit or fix their
personal finances. Each article is written by leading finance or automotive industry experts.
Deciding to Keep a Budget
by: Diane S. James
Most of my 20 years in the 'work force' have been spent in this wonderful world of mortgages. But there was a period of time when my daughter was 3 (and I did not have my second daughter yet), that I worked for a Financial Planning firm about 45 minutes from my home. What can I say? All the good jobs were Not close by.
By observing the financial planners in their meetings and through my own education in business and finance, I've come up with a few suggestions for people on how to manage money before, during and after they get a mortgage.
First of all, I highly believe in a budget! Do I follow it all the time? Wait...while I blow the dust off of my "Monthly Household Budget" book. Well, I didn't say I always practice what I preach, but if you can write down a budget and stick with it, that will help.
You'll want to keep track of all your spending for a few months to see just what you spend money on. Keep a little notepad with you if you need to, so you know where it all goes. Little incidentals like that pack of gum, deodorant, and oooh...don't have that new copy of People magazine yet, can be put into a miscellaneous category. Depending on how many categories you have, by the end of the month, this misc. total may be your biggest! . The monthly household budget books that you can find at any store like Kmart, work well, or if you are computer savvy and want to keep it on a spreadsheet type of program, you can do that. Write your expenses in the appropriate column and don't forget to write your income down too.
Once you have a few months of income and expenses written down, take a look at it. Look at it again! Are you spending more than you are making? Join the crowd! How is this possible? Maybe the credit card is being used a little too often, or you are dipping into savings to get the lawn furniture that is on a special pre season sale. Don't go blaming yourself entirely (although changing it is up to you). We live in a world of instant gratification which is hard to resist.
Look at areas that you can spend less money. Of course things such as rent or mortgage payments, car loans and installment loans that will be there every month, you can't change. Utilities you will have to average. The amount you spend will vary each month unless you are on a budget payment plan like some utility companies offer. You can certainly save on utilities. Have you ever seen that commercial where the Mom follows the kid around the house, turning everything off after the kid had turned everything on and left the room? You can turn things off that you don't use. Are you forgetful? Get a timer! Take showers instead of baths. In fact, take shorter showers...you get the picture.
See how much you spend in credit card payments. How many different ones do you pay on? If it is more than a few here is a suggestion. Don't keep making the minimum payment on several different cards each month. They will each continue to add finance charges, and you are also spending more in postage (unless you pay electronically or via phone).
Article content is copyrighted by their respective authors. Auto-Loan-Financing.com makes no claim to ownership of the
articles. The Articles provided are solely for educational and informational purposes and do not constitute legal or financial
advice. Files, source code, page layout, and design contained herein are the intellectual property of Auto-Loan-Financing.com
and may not be reproduced without the express written consent from Auto-Loan-Financing.com.
The Articles provided are solely for educational and informational purposes and do not constitute legal or financial advice to
erase, fix, or repair bad credit.
