March 27, 2018

Did You Know Housing Facts: 5 Easy Tips to Keep a Budget in 2018

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1. Calculate Your Income

Check your bank statements to calculate your income. It’s good to underestimate the amount of money you make so you can limit the possibility of overspending.

2. Record Your Expenses

Write fixed monthly expenses: car payment, rent or mortgage, insurance premiums, or subscriptions. Then monthly costs that fluctuate like utilities and food. (See what could be reduced or cut altogether.)

3. Create A Budget

With your income and expenses recorded, make a budget including savings as an “expense”, putting it in a separate savings account. Include occasional expenses like car maintenance. Easily track your budget with an online system like Mint.com.

4. Review Your Budget

Reviewing your budget every month, will make you more likely to stay on course. You’ll be able to see how much you saved and how much you spent. You may need to recalculate the budget every 3-6 months, or whenever drastic financial changes may occur.

5. Give It Time

It takes time to build a habit. If you happen to go off course don’t give up. Adjust the numbers, forgive yourself and get back on track!