How Dummies Should Budget
At last, you've made it! You finally have your own fully-equipped pad and a very lucrative career! The catch, though, is that this time, you will have to do everything, including the budgeting, all by yourself.
Sounds scary? It shouldn't be! For dummies like you in the field of budgeting, all you really have to keep in mind when creating a budget is to make sure that you settle all accounts, that you always have enough funds in store for emergencies, and that you spend wisely.
Not satisfied? Here are some easy to do tips that could help:
1. Budget for savings first. In other words, you have to sort of pay yourself first by allocating some funds where they are sure to work for you, like a savings account or an investment in, say, useful stuff for your pad or even a business. To be on the safe side, budgeting experts advise that you keep it a habit to put at least ten percent of every paycheck you receive to this fund.
2. Next, make sure that you save for emergencies. Now that you are on your own, you basically have yourself and no one else but yourself to rely on when emergency situations happen. Make sure you are ready by setting up an emergency fund. In this fund, you should be able to get three to six months' worth of your expenses. This is to make sure that, say, you lost your current job and it will be a while before you get another one, there is still somewhere you could turn to to tide you over.
3. From this time on, use cash more than your credit card. Actually, it is more advisable if you would just nix the credit card totally. Why? For this simple reason - it's just going to justify needless spending, and the interest it rakes in is just too much.
4. In connection to that, always keep this rule in mind: Never, ever spend more than what you actually earn. In fact, it will be better if you can spend less than your means. Always keep a cap on every expenditure in your budget plan. And, learn how to bargain and negotiate better deals in all your investments and purchases. Going cheap does not necessarily equate to living a lesser quality life - if you are wise.
5. Finally, look ahead. At what age do you want to retire? Would you want your retirement to be comfortable? Of course, you do! So invest on a retirement fund now.
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