Good Budgeting 101
March 5, 2011 // 0 Comments- Develop a plan for what you intend to accomplish
- Pay off a debt
- Purchase something
- Save 10% of your take home pay
- Depending upon your retirement goals apply 3-5% towards retirement
- If you have credit card debt put the balance against the credit cards
- Set-up automatic debts from your bank account
- Have two spending accounts
- Essentials –
- Utilities
- Rent
- Extras – Take from your essentials
- Eating out
- Extra purchases
- Essentials –
- Pay for everything with cash or debt cards
- If you use your credit card use it only for large purchases or on-line purchases
- Use an on-line service that helps you track your budget
- Look at where your spending is going
- Easily make changes
Follow the link below for an informative video on this topic:
http://abcnews.go.com/Business/video/budgeting-tips-young-adults-9981961
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