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Get Started With A Budget Plan

February 3rd, 2011 at 11:00 pm

Creating a Frugal Budget

Almost all of us now, are looking for ways on how to save money in any manner. A financial problem arises in every part the world. Why not give frugal lifestyle a shot?

Achieving a frugal living goal should start with a frugal budget.

Hereís how to create a frugal budget:

Sum up your total earnings

Total all the money that you make monthly, including your part time, proceeds from business and other forms of residual income.

Sum up your total expenses

Gather all your monthly bills, and list down all the expenses that you make monthly including those eat out, movie watching and hobbies that you spend money.

Subtract your expense from the earnings

This will help you find out whether you are spending way more than what you are earning. This will also determine if how much is left at the end of each month.

Budget restructuring

If you find out that you are spending more than enough, restructure your budget. Go over your expenses and see where you can cut spending.

Make money for debt payments

Now, if you have debts, find other sources of income like a part time or selling stuff online to make money and pay off your debts.

Start saving

Itís time to build a reserve for the future. If you have established a good budget and paid off your debts. Start saving money.

A frugal budget never ends; always continue to look over the budget every month to catch areas of overspending.

1 Responses to “Get Started With A Budget Plan”

  1. Jerry Says:

    If you are doing it right, however, frugality also leads to creativity... not simply living sparsely and being miserable about it! You can be frugal and hate it, or you can be frugal and live well, and have some insurance that you can be excited about what you are saving and how well you are living on less. I am for choosing the latter!

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