12/22/2014

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Balancing Your Budget

In government spending, the phrase "balancing the budget" means figuring out how to spend no more than the revenue that has been collected, meaning taxes, and paying off old debt without creating new debt.

To balance a budget, spending has to be closely monitored and more than anything, money should not be spent on pet projects. A balanced budget is important because the nation, as can individuals and companies, go bankrupt if spending is not kept under control.

As a consumer, "balancing your budget" should be your first priority when it comes to fiscal responsibility, if you want to stay out of debt.

Balancing your budget today may be a little tougher than it was a few years ago because of debit cards and ATM machines, but it can be done. It has become so easy to flash a debit card when buying something than it is to pull out a check book and write a check.

ATM debit cards have become an important part of the global economy because it has, for many people, replaced the check book. Where as the check book, at one time, was used for most purchases, ATM debit cards are the norm for today.

Debit cards can be used for almost any purchase, including fast food restaurants, internet shopping, over the phone bill paying, and in convenience stores. Some banks even allow certain debit cards to be used as credit cards.

This makes it easier to mismanage your money because, because outside of getting a receipt for your purchase, there is no way to log in what you just spent, unless you are one of those who are serious about keeping good records on your spending habits and you carry a log book with you.

  • One of the best ways to balance your budget is to take the time to prioritize your bills and other spending.
  • Take a hard look at your present finances, think about your financial health, and spend accordingly..
  • Figure out how much you earn on a monthly basis and where your money is needed the most and write it down.
  • Then figure out what your monthly expenses are and work from there.
  • You should know exactly where every dime of your money is going.

All you need is a little patience and a pen and paper or a pocket calculator. Balancing your budget is not a hard goal and you don't need to be a mathematician to do it.

 

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