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The overdraft fee is $32, so you do the math. $288 in overdraft fees and the bank will not give it back or have any mercy

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Originally posted by oldguy

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The overdraft fee is $32, so you do the math. $288 in overdraft fees and the bank will not give it back or have any mercy

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Originally posted by J S Machine
The main thing I need to know is the best way to get started doing a budget. I mean do I simply just start writing down everything I spend? Is that all?

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Originally posted by Cherryl Hanson-Simpson
Step 1 - Record compulsory expenses

Write down all your regular monthly expenses- groceries, transportation costs, utilities, rent or mortgage, - all those bills that you must pay every single month.

Step 2 - Record periodic expenses

Consider those bills that don’t come due every month - cooking gas, car repairs, or school fees. These are expenses that definitely must be paid at some point, but they don’t hit you every month. People usually have trouble meeting their budgets because they don’t plan for these expenses. Although these bills are not paid monthly, you still need to make a monthly allowance for them in your expense list. To do this, look at the total amount you expect to pay for the entire year for the expense and divide that amount by 12. This will give you the average monthly cost.

Step 3- Estimate a reasonable amount to spend on non-essentials

Make allowances in your budget for items that you really don’t have to spend on, but you usually end up buying anyway. Clothing, home decorations, entertainment, and gifts are some of those expenses that we tend to spend money on without thinking of them in the overall context of the bigger budget. We will spend whatever is in our pockets, or worse charge it on the card, without establishing a limit on how much we are really allowed to pay. Work out an amount that you can spend on non-essentials and stick that figure every month. If you didn’t use your budgeted allocation for one month, you can carry forward that figure for future months.

Step 4- Make allowances for emergencies

Look at your past year and see how much you spent on unexpected costs such as home repairs, or medical bills. Divide the total amounts you spent for the year by 12. Then put an average monthly figure in your current budget for these eventualities. If you put aside a little bit each month for life’s emergencies, you won’t be completely taken by surprise.

Step 5- Record all sources of income

After listing all your expenses in categories, the next step is to write down your income sources. If you receive remittances or interest payments in addition to your regular salary, include these amounts.

Step 6 - Subtract expenses from income

Take the total of your monthly expenses from your total income figure, and this will give you a budget shortage or surplus figure. If you’re in negative (as most of us are) this is your target amount to reduce spending or increase earnings. If you are lucky enough to have a surplus, don’t spend it! Invest it instead towards your future financial goals.

You can get a budget form by visiting our site.

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quote:

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Originally posted by Cherryl Hanson-Simpson
Step 1 - Record compulsory expenses

Write down all your regular monthly expenses- groceries, transportation costs, utilities, rent or mortgage, - all those bills that you must pay every single month.

Step 2 - Record periodic expenses

Consider those bills that don’t come due every month - cooking gas, car repairs, or school fees. These are expenses that definitely must be paid at some point, but they don’t hit you every month. People usually have trouble meeting their budgets because they don’t plan for these expenses. Although these bills are not paid monthly, you still need to make a monthly allowance for them in your expense list. To do this, look at the total amount you expect to pay for the entire year for the expense and divide that amount by 12. This will give you the average monthly cost.

Step 3- Estimate a reasonable amount to spend on non-essentials

Make allowances in your budget for items that you really don’t have to spend on, but you usually end up buying anyway. Clothing, home decorations, entertainment, and gifts are some of those expenses that we tend to spend money on without thinking of them in the overall context of the bigger budget. We will spend whatever is in our pockets, or worse charge it on the card, without establishing a limit on how much we are really allowed to pay. Work out an amount that you can spend on non-essentials and stick that figure every month. If you didn’t use your budgeted allocation for one month, you can carry forward that figure for future months.

Step 4- Make allowances for emergencies

Look at your past year and see how much you spent on unexpected costs such as home repairs, or medical bills. Divide the total amounts you spent for the year by 12. Then put an average monthly figure in your current budget for these eventualities. If you put aside a little bit each month for life’s emergencies, you won’t be completely taken by surprise.

Step 5- Record all sources of income

After listing all your expenses in categories, the next step is to write down your income sources. If you receive remittances or interest payments in addition to your regular salary, include these amounts.

Step 6 - Subtract expenses from income

Take the total of your monthly expenses from your total income figure, and this will give you a budget shortage or surplus figure. If you’re in negative (as most of us are) this is your target amount to reduce spending or increase earnings. If you are lucky enough to have a surplus, don’t spend it! Invest it instead towards your future financial goals.

You can get a budget form by visiting our site.

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