| What to know how to start spending wisely? |
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A budget is a guide that tells you whether you're going in the direction you want to be headed in financially. You may have goals and dreams but if you don't set up guidelines for reaching them and you don't measure your progress, you may end up going so far in the wrong direction you can never make it back. 1. Start with a canned budget worksheet (see link below). 2. Go through your cheque book or bills for the last two to three months and add and delete categories from the worksheet to fit your expenditures. 3. Think about your hobbies and your habits and be sure to add categories for these expenses. 4. Go through your pay stubs and calculate your average monthly gross pay. 5. Do the same for any interest income, dividends, bonuses, or other miscellaneous income. For each expense category, try to determine a budget amount that realistically reflects your actual expenses while setting targeted spending levels that will enable you to save money. Remember protect your pocket... budget wisely. |
