The Cash Store-Tips for Creating an Effective Budget
(firmenpresse) - EDMONTON, ALBERTA -- (Marketwire) -- 12/03/12 -- A key element in taking control of our finances, a well formulated financial budget can shed light on where our money is coming from, how much there is, and where it's going. It can allow for more efficient savings and debt management strategies, shed light on financial shortcomings (i.e. insignificant monthly cash flow), and allow for the cutting of unnecessary expenses.
Read on to find out how you can put together your monthly budget in a few easy steps with the following tips from :
Step #1: Organize your paperwork: Gather every financial statement you have into one central place. By ensuring that all of your investments and resources are accounted for, you can create an effective budget that takes into consideration all of your assets and liabilities and doesn't leave anything out.
Step #2: Calculate your total NET income (after taxes): Consider all income sources - self employment, freelance work, tips, childcare subsidies, etc. Any monies you have coming in throughout the month is an income source.
Step #3: Calculate your total expenses: Look at everything from mortgage payments to groceries. Everything you spend money on over the month should be accounted for including outstanding debt payments such as and bad credit loans.
Step #4: Calculate fixed versus variable expenses: Rent, credit card payments and utilities fall under the 'fixed' category while groceries, entertainment and transportation vary from month to month. Again, ensure that everything is accounted for - even small, miscellaneous items, as they can add up over time.
Step #5: Make adjustments: If your expenses total more than your income or you end up just breaking even, then you will have to make adjustments. This is where categorizing 'variable' expenses is beneficial, as you determine where to save money, on items such as entertainment and groceries. After you have adjusted your expenses, your excess income can be put towards you financial goals. It can be divided among short- and long-term goals, as you can use a portion for your debt repayment and the rest for a down payment on a house, for example.
Should you need assistance with keeping your budget under control (for example, requiring a payday loan to cover a financial emergency), The Cash Store is ready and willing to help. With over 10 years of experience in Canada's financial market, we offer an open and honest lending policy in addition to a quick and convenient application process.
At , we're more than a company that offers and short-term financial solutions. We're a company that's dedicated to helping our clients on the road to financial freedom by providing them with valuable financial insight.
Contacts:
Cash Store Financial
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Datum: 03.12.2012 - 11:00 Uhr
Sprache: Deutsch
News-ID 208781
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EDMONTON, ALBERTA
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Personal Finance
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