Isabel Leverrier October 7, 2020 Budget
While we may know how much money we have coming in, studies show that most of us do not know what is going out. Not knowing how much money we spend each month may put us in a position where we need money that we do not have. We may end up using credit cards or getting a payday loan to cover the shortfall.
But of course, it can be difficult to imagine all these potential savings every month without seeing an actual final figure. If you do not have the time to tot up your savings yourself, you can also take a look at a simple budget calculator tool which is available to anyone with internet access. This breaks down all your potential monthly outgoings into categories, and makes all the necessary calculations to show you how much you stand to gain from taking control of your daily finances.
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.
For example, I love donuts. There are several times that T have bought one or two donuts from the mini-mart when I stopped to get gas. I may only spend one dollar at each stop, but if I do this several times each week, it can add $10 or more to my food budget. Coffee might add another $10 or $20. If I did not figure this into my food budget, I would have problems. Since all of our money is supposed to be accounted for in our budget, there is no "extra" money. That means that if I do not take it from my food category, I am taking that $20 or $30 from another category. This would throw the entire budget off course.