Isabel Leverrier September 28, 2020 Budget
It does not take much for you to get behind on monthly bills, but it sure takes some time to catch up. The comparison in my mind is to weight gain. A one-week vacation can easily pack on 5 to 7 pounds. Losing that weight however, can take a good month of cardio. That is no fun, and neither is trying to find the extra cash to pay last month`s credit card payment.
Adjust your Budget: Firstly your mortgage - you have several options here. You could increase the term of your mortgage, making your monthly payments lower. You could take a further advance and use the money to pay off your much more expensive credit cards - it is important to get rid of your most expensive debts first. Next check that you are with the cheapest suppliers for gas, electric, telephone and internet - it is not much trouble to switch and you could save a lot of money.
When considering housing expenses, you may be over your limit. An average target is 35%. If you own your home, you ca not just sell it and move back with Mom and Dad to save money and refinancing may cost you more in closing costs than you are actually saving. If you need a little extra in one part take it from another. Reduce some of your more flexible expenses like a cell phone bill or clothing costs. Find a less expensive plan and shop the sales at the department stores.
These days we all have to keep a tight rein on our household expenses. One of the best ways to keep control of your finances is to use a budget calculator. This will help you see where your money is going and where you may be able to make savings.
It is understandable that with today`s busy schedules and the high demands placed on the working family that the last thing you want to do after a long day is to work on your budget. Unfortunately money problems do not go away by themselves. Either deal with them head on and find a way to work through them or they will catch up with you.
Determining your financial health can be quite difficult if you have no idea how much money you make or how much money you spend on a monthly basis. In fact many people have no idea what their current financial status is because they live pay check to pay check. This is where the budget calculator can be a great help, simply because it allows you to take back control of your finances by actually seeing how your money flows.