![]() ![]() ![]() You can set up a separate savings account for infrequent but anticipated expenses, such as property taxes, vacations, automobile insurance or car maintenance. When you pay yourself first you simply set aside a certain amount of money each month to go into an account that you will not touch. Once you've figured out how much money is coming in and where it's going, you can put together a plan that matches your goals with your financial situation. Or they can be short-term goals such as home improvements or car maintenance. These can be long-term goals like purchasing property or funding your retirement. ![]() Set goalsĮstablish a list of the goals you wish to achieve. Once you see your spending patterns, you may be able to make adjustments to certain expenses. If your records aren't clear, consider keeping a financial diary to track your spending.īe sure to separate the fixed expenses that you must meet (mortgage, rent, car payments, insurance) from variable expenses (food, clothing, entertainment, charitable gifts). Next you need to determine how you spend your money by reviewing your financial records. This might be investment income, government assistance, student loans, employment income, disability benefits, retirement pensions or money from other sources. The first step is to calculate how much money you have coming in each month. If you're ready to roll up your sleeves and crunch some numbers, here are six steps to get you on your way. And it will even help you spot areas where you can save some money. While there are more exciting things to do in life, a budget is still the best way for you to get a handle on ways to save money. Let's face it, doing a household budget can be pretty dull. ![]()
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