Categories

Personal Finance Spending & Saving

Tools

  • Economy & Politics
  • Investing
  • Personal Finance
  • Related Posts


    10 Things You Should Never Buy Again
    Seven Tax Time Retirement Savings Tricks
    Home Equity Loans Vs. Line Of Credit
    Five Reasons To Drop Your Cellphone Carrier
    Winning IRA Strategies For 2015
    When Health-Care Reforms Don’t Add Up
    Teachers’ Retirement Funds Are Piling Into Manhattan Real Estate At Record High Prices
    Taking A Sledgehammer To A New Ford F-150
    Who Would Pay More If We Lift The Cap On Payroll Taxes?
    TurboTax’s Database Knows Your Secrets
    8 Habits To Be A Better Freelancer
    New Mortgage Rules Help Millennial Home Buyers
    Small Business Revving Up In 2015
    Reshop Your Car Insurance In 2015
    Obama Flip-flop Spares 529 College Savings Plans


    Budgeting For The Broke

    Budgeting is difficult, so many people simply decide not to. But the financial consequences of not following a budget that reflects your earnings can be dastardly and leave you in the financial red for decades to come.

    If you’ve been putting off creating a budget and are beginning to feel the consequence in your pocketbook, here are a few tips to help you begin pulling yourself out of your financial rut.

    Find Out Where You’re Spending Your Money

    If you aren’t already keeping a running log of your spending, you should begin doing so now. If writing down everything you spend seems too much of a chore, online banking and plenty of online budgeting software are only a few clicks away. One thing is certain: You’ll never learn where to cut spending unless you find out what you’re spending your money on.

    Eliminate Needless Spending

    Four-dollar cups of joe each morning and pricey fast food combos at lunch add up pretty quickly. Meanwhile, you probably have a perfectly good bag of coffee and fridge full of groceries spiraling toward expiration at home. Pack your lunch, brew your own coffee and pick cheap or free hobbies to occupy yourself. Indulgence is nice every now and then, but it’s making you broke.

    Prioritize Bills

    Once you’ve taken care of the money you don’t have to be spending, take a look at the money that must be spent. Determine which bills must be paid first (rent, mortgage, car payment, insurance, power, water) and get them paid. Next, look at the bills you may be able to ask for an extension on and do so if you need to catch up on more important payments. Some collectors may allow you to break bills into smaller installments if need be. Just explain your situation, let them know you are doing your best to correct it and be honest.

    Here are some resources to help you get started on your new budget:

    Discuss this Story:

    Comment Policy: We encourage open discussion. Comments including racist statements, profanity, name calling or spam will be removed at our discretion. We use filters for spam protection. If your comment does not appear it is likely because it violates the policy.

    Q & A: Social Security Changes In 2014
    Will Retirees Finally Get A Mortgage Break?
    The Cost-Cutting Power Of Medicare
    China’s Air Pollution Is Driving Away International Tourists
    The Cruise Industry Is Trying To Attract Millennials Looking For Romance
    Debunking The Top 10 Myths About Social Security
    State Plans For Low-income Retirement Saving Gain Momentum
    Why Pension Plan Lump Sums Are A Trap For The Unwary
    Social Security To The Max: Strategies For Affluent Households
    Own Or Rent In Retirement? Let’s Run The Numbers
    Would More Psychiatric Asylums Solve The Mental Health Crisis In America?
    The World’s In-flight Wi-Fi Offerings, Ranked
    10 Crazy Sounding Tax Deductions IRS Says Are Legit
    Selling Ads Based On Engagement, Not Clicks
    Long-term Car Loans Popular But Pricey
    Three Smart Reasons To Transfer Credit Card Debt
    Credit Cards Can Be Stolen Right Under Your Nose
    Protect Your Money From The QE Delusion
    10 Surprising Items IRS Says To Report On Your Taxes
    Work From Home: The Top 100 Companies Offering Telecommuting Jobs In 2015
    How To Build A ‘Lifetime’ Portfolio (Step 2)
    Housing’s Feeble Recovery Is Here To Stay
    Obama’s Disdain Kills Tax Reform
    Insurance: $7 Trillion Goliath
    The Quiet Shift In Housing Policy
    Why IRS Form 1099 Is So Dangerous To Your Tax Bill
    The Dollar’s Days Are Numbered
    Building Permits Slide For 2nd Month, Miss Expectations; Starts Near Cycle Highs
    The Obama Tax Proposals: Tailored Cuts And Hikes
    Malware In Ads Turn Computers Into Zombies
    Read more from Personal Finance...

    Liberty Investor Digest

    Get today's most important
    financial headlines all in
    one place by email!



    Sources


    close[X]

    Sign Up For Liberty Investor Digest™!

    Get Liberty Investor Digest FREE By Email!

    Input your name and email address in the fields below and get today's most important financial headlines sent straight to you inbox!

    Privacy PolicyYou can opt-out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.