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Learning To Budget Your Income

By Matheson Penkovsky

Our economy is struggling and that means that we are all struggling as well. The only way to keep from going bankrupt is to budget your money. There are many ways to learn how to budget your money such as money budgeting seminars, budgeting books, or even budgeting videos. Any of these methods will teach you step by step how to manage your money. Some people prefer to figure out their own budgeting system and that is fine too.

The goal is to learn how to budget your money it doesn’t matter how you learn to do it. If you have a 401K plan through your work that is great but if you don’t you need to make other arrangements for your retirement. Without a 401K plan you are going to be broke once you retire.

You can save money by opening a savings account to put a percentage of your pay check in every week. You must not touch your savings account until after you have retired or you are just going to be wasting your time even trying to save money. When you budget you have to start cutting out some of your extra things.

If you enjoy doing things but they cost money then you just might need to cut out the fun things you like to do. The money that you save from not doing your activities can go into the savings account. You should only spend money on things that you must have like bills.

There are always bills that we have to pay but wish we didn’t have to. However there are ways to save on some bills. If you are paying on a loan that has a high interest rate you can save some money by paying it off sooner than planned to save money on interest you can also renew the loan you already have and get an even lower interest rate.

Some people find it helps them save money if they divide their money up and put it in envelopes. You just put the money for each bill into an envelope with the name of that bill on it. Then if you have any left you divide that up and put half off it in an envelope to be saved and half into an envelope for extra things.

When you budget your bills be sure that you include all the bills like the water, house payment, electricity. You also have to put money aside for household items like shampoo, toilet paper, soap, and of course tooth paste. These are all necessities so you must budget for them too.

Many people that budget their expenses tend to leave off things they need around the house. When you do not budget right you end up having to take money from another bill to pay for the things you need around the house. You can not leave off dish washing liquid or food for that matter.

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Article Citation
MLA Style Citation:
Penkovsky, Matheson "Learning To Budget Your Income." Learning To Budget Your Income. 25 Aug. 2010. uberarticles.com. 20 Sep 2016 <http://uberarticles.com/finance/loans/learning-to-budget-your-income/>.

APA Style Citation:
Penkovsky, M (2010, August 25). Learning To Budget Your Income. Retrieved September 20, 2016, from http://uberarticles.com/finance/loans/learning-to-budget-your-income/

Chicago Style Citation:
Penkovsky, Matheson "Learning To Budget Your Income" uberarticles.com. http://uberarticles.com/finance/loans/learning-to-budget-your-income/

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