subject: Learning How To Budget Your Money [print this page] We are all feeling the effects of our struggling economy. If you want to keep from going bankrupt then you have to start budgeting. You can learn to budget through a number of different ways such as budgeting books, videos, and even seminars. These methods all teach you how to many your money step by step. If you prefer to figure out your own budgeting system then that is fine too.
It does not matter how you decide to budget your money the only goal is that you do budget it. If you happen to have a job that offers a 401K plan then great but if not then you will have to make other kinds of arrangements for your future. If you do not have a 401K plan you will be broke once you have retired.
You can save money by opening a savings account to put a percentage of your pay check in every week. You must not touch your savings account until after you have retired or you are just going to be wasting your time even trying to save money. When you budget you have to start cutting out some of your extra things.
If you enjoy doing things but they cost money then you just might need to cut out the fun things you like to do. The money that you save from not doing your activities can go into the savings account. You should only spend money on things that you must have like bills.
There are always bills that we have to pay but wish we didn't have to. However there are ways to save on some bills. If you are paying on a loan that has a high interest rate you can save some money by paying it off sooner than planned to save money on interest you can also renew the loan you already have and get an even lower interest rate.
There are also people that like to use the envelope system. This is where they put their money in envelopes and label them. You put the money for certain bills in the labeled envelope. The money you have left you divide into two envelopes. One envelope for extra things and one envelope for savings.
While budgeting your bills you have to include everything not just the electricity, water, and house payment. You have to include the things you have to buy for the house such as soap, shampoo, toilet paper, and tooth paste. These are necessities and you have to budget for them as well.
A lot of times when someone is budgeting their household expenses they leave off the things they have to have for around the house. If you leave these things off then you will have to take money from one of the other bills to buy these things that you have to have.
