7/30/2014

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Learning How To Balance Your Budget

Learning how to balance your budget and keeping tabs on your money is a basic chore. If you are not balancing your budget, it could mean that you are wasting money needlessly and don't have a clue where you are spending it.

It is important to pay attention to what is happening with your money because if you don't, you may end up with financial problems such as bankruptcy, foreclosure, eviction from your apartment, a vehicle repossession, and a very low credit score.

This is as true for high income earners as well as for low income earners. That is why many people hire financial planners and accountants to keep their budget's balanced, but, the average person can do it themselves.

Even if you decide on a very basic system of budgeting, find the one that works for you and then faithfully adhere to it. A balanced budget might mean taking some tough steps to insure you stay on course.

It is always important to curb excessive spending, whether you do it to balance your budget or to save some money. It may not seem that important at first, but if you start controlling your debt, you will see a big difference in the money you can save.

Sometimes you may not even be aware of what is going on in your own bank account or your pocketbook until it is too late. Whether your indulgence is eating out at nice restaurants, buying new shoes or electronic gadgets, you may need to curb your spending until you gain control of your budget.

Some simple tips on learning how to balance your budget:

  1. Buy a log book (or notebook) and keep accurate records of your earnings and your spending budget.
  2. Some companies allow you to have direct deposit. It is a faster way of getting your money into your account and it makes it so you don't have to make a trip to the bank and gives you more time to work your budget.
  3. Most banks have it set up so you can check your account on line, if you have computer access. Make a notation in your log book as to how much your deposit was, even if you have to deposit your check by hand.
  4. Always enter dates because you may need to know when the deposit was entered if a question arises about your budget at a later date.
  5. When paying your bills, log in dates and the amounts spent.
  6. Whenever you pay a bill or make a purchase, always subtract it from the balance in your account immediately. That way, you won't make a mistake of forgetting and thinking you have more money in your budget than you really do.
  7. If you use an ATM or debit card, don't forget to log it in as soon as possible and make adjustments to the account balance accordingly.
By keeping your accounts balanced, you will save yourself a lot of anxiety, headaches, and mental anguish when you start keeping your budget on track.

Note: When making a purchase, always check the receipt against the displayed price and if it's not right, ask questions about it.

 

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