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Do We Need A Family Budget?

June 23, 2008 By

You’ve been thinking about making a family budget, but so far you just haven’t gotten around to it yet. Making a family budget may not be the most fun thing to do, but it really isn’t all that hard and may help you save a lot of money.

Spend Less Than You Make

The goal of a family budget is to spend less than you are making. You don’t want to be living over your means, at least not on a consistent basis. A family budget will help with this by showing you exactly how much money you have coming in each month and how much money is going back out. The money coming in will be your and your spouse’s salaries, plus any other money you have coming in from investments etc. The money going out is everything you spent from your rent or mortgage to grocery money. Your budget should calculate a running balance of where you stand for the month.

Identify Where You Are Wasting Money

Listing every dollar you spend each month will help you identify you were you may be wasting money. Spending $4.50 on a Mocha Late in the morning may not seem like a big deal, until you realize you are spending it 20 days a month making your Mocha Late total for the month $90.00, more than your cable bill. Having your monthly expenses on paper or in a spreadsheet can be a real eye opener when it comes to identifying where you may be wasting money each month.

Start Saving

Now that you identified where you were wasting money and are spending less than you are making, you can start saving money. Set some money aside and pay off your consumer debt such as credit cards. Just imagine how much you will save each year by not paying interest on that debt. Once your consumer debt is paid off, start setting up an emergency savings account. You should have enough money in this savings account to keep you going for at least 3 months. After that use your savings for a family vacation, your kid’s college education, and of course your own retirement.

Article by: Learn more about creating a family budget and saving at Our Family Budget – and sign up for the free family budget newsletter to get weekly money saving tips in your email inbox.

Filed Under: Money & Finance Tagged With: , , , ,

Managing Your Money

May 26, 2008 By

With an effervescent consumer culture marked by excessive credit card use, it is necessary to weed out the truths in managing your money. Your financial assets may not be in hot water at this time, but many Americans are finding themselves strapped for cash, downright broke or in serious debt.

There are many steps to take in navigating most everyone’s goal of perfect credit. Low interest rate credit cards, for example, are a wonderful way to erase embarrassing credit histories marked by those student loans you forgot to pay 10 years ago. However, micro-managing your finances may not be your best skill, so check out some helpful hints.

What You Should Keep in Mind:

• Learn how to budget your money! Use an Excel spreadsheet if need be.

• Keep track of all credit purchases and which card you paid with—many credit problems stem from prior planning and disorganization.

• If you choose a low interest rate credit card, try to find one that doesn’t charge an annual fee. They’re out there!

• Sign up for a credit card that offers online banking—it will save you much hassle when you can’t remember how much you threw down in Atlantic City last week.

• See if a card you’re interested in charges minimum and maximum balance transfer fees and choose accordingly.

• Take late fees into consideration—even if you’re the most organized person on the face of the Earth. Everyone slips once in awhile.

• See if your low-interest rate credit card’s fees can be raised so you won’t run into surprises.

If you are used to making default payments, it’s a habit to consider dropping as quickly as possible. 6StarReviews.com reports that many companies have considered the needs of those who aren’t in best standing with Equifax. One of the top credit cards they researched in their low interest rate credit card reviews is Advanta Life of Balance Platinum Card.

Not only does a card of this caliber offer those on the borderline of debt six percent cash rebates, customers receive amazingly low interest rates and no annual fee. There are many other credit cards available for those seeking low APR’s, which could greatly increase your shots at financial stability.

However, keeping on top of your expenses can be challenging and we sympathize with those who aren’t mathematicians. But, last-minute borrowing from your personal portfolio isn’t something to resort to every time you forget to pay a bill.

Article by: Kelly Liyakasa is staff writer for 6StarReviews. Kelly Staller is site manager at 6StarReviews.com, a site dedicated to giving YOU, the consumer, the best product and service reviews around.

Filed Under: Money & Finance Tagged With: , , , , ,

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