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Setting A Budget
- 1. SETTING A BUDGET The Guide To Debt Reduction
- 2. EXAMINE YOUR FINANCIAL SITUATION • Income • Obligations • Necessities • Discretionary Expenses • Savings • Debt
- 3. INCOME Includes all money sources such as: Paycheck Self Employment Social Security
- 4. OBLIGATIONS Fixed bills that come regularly: Insurance Utilities Cable Rent
- 6. DISCRETIONARY EXPENSES This category can be broken into two subcategories: Family Allowance Personal Allowance
- 7. FAMILY ALLOWANCE • Entertainment • Eating Out • Games • Children’s Toys
- 8. PERSONAL ALLOWANCE Each family members personal mad money to do with as they wish.
- 9. SAVINGS Commit yourself to save a certain amount before other expenses.
- 10. DEBT This is the first priority. Once debt is paid off you can reroute those monthly payments into savings.
- 11. Discuss It Set It Review It Stick With It!
- 12. BIBLIOGRAPHY Sander, Peter MBA. The Everything Personal Finance Book. F+W Publications, Inc. 2003