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Creating a monthly spending plan can be confusing and frustrating. I could never find a way to make a practical budget for my particular lifestyle. Now, I've been able to keep my finances in order and save money at the same time. I've figured out a way to increase my cash flow and stay out of debt. Charts are extremely affective. To build a chart, you will need bank statements and your avg. monthly bills total. You can either use Microsoft Excel or a sheet of paper to map out your chart. Here's how your chart should go:
Your 1st column should say "Weekly Income." Directly below the last weeks income you should put "Monthly income," but replace income with the actual monthly income total. 2nd column should read "Rent/Mortgage." (Put this information next to your total monthly income, we will do the weekly portions later.) 3rd should say "Utilities." This should be an average, utilities tend to fluctuate. 4th should be "Insurance." This should be your health and car insurance added together, make a not of it below the chart. 5th should be any other bills you mite have. For instance, childcare, paying off loans or debts, etc. If there are a lot, add them all together and make a note of each one below the chart. 6th should read "Food." Average amount of money spent on food each month. 7th should say "Gas." Average amount of money spent on gas each month. The next few columns should be subjects according to your personal lifestyle. For example, if you smoke cigarettes make a column for that. If you like to go out and do things like going to the movie theater, restaurants, clubs, etc. you should do a column for entertainment. Think of every thing you normally spend money on each month and categorize it and put it into a column. Incidentals. You want to have a certain amount that you put away for incidentals each month just in case of an emergency. Your last column should be "Savings." To get the last two amounts, add each monthly avg. together and subtract it from your monthly income. What is left over can be divided between the incidentals and savings. Now for the weekly proportions. Divide each columns avg. monthly total by 4 and input your total. This will help you understand what amounts you need to save or limit yourself to each week. If you don't believe in banks, or you just want to make sure you don't spend that money, then
consider separating each amount that you need to save for the end of the month in folders or envelopes. If you don't like the outcome of your savings, decide what you can cut back on. Keep updating your chart until you are satisfied. Make sure that the average's and totals are as close to accurate as possible, if they aren't, your budget will not be practical. If your totals add up and you don't have anything left for savings, or if you just want to make extra money, consider these following options:
Start a PayPal account and find websites to write articles on to make money. It may sound odd or like a hoax, but it isn't. There are plenty of websites out there that you can make money off of just by spending 10 minutes a day writing. For example, eHow.com is a great website to make money writing. Find paid surveys online or at your local mall. Think of different ways you can make a little extra cash if you needed to. For instance, yard sale, pawn shop, or selling things on eBay or craigslist.com.
If you follow these simple steps and tips, then you should definitely be able to increase your budget with a practical spending plan and save money. Thanks for reading, I wish you the best of luck!
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