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Benefits of budgeting
- 1. HOW TO MANAGE YOUR MONEY BENEFITS OF BUDGETING
- 2. BENEFITS OF BUDGETING Budgeting is the only way to get a grip on your spending - and to make sure your money is being used the way you want it to be used.
- 3. BENEFITS OF BUDGETING BUDGETING CAN HELP YOU: •Identify where you spend your money •Organize your day to day finance into balance •Develop good spending and saving habits
- 4. BENEFITS OF BUDGETING BUDGETING CAN HELP YOU: •Guide you in planning your long-term financial goals •Identify errors made by your bank or credit card company •Prepare for shortages in income or emergency expenditures •Gives you peace of mind that you are managing your
- 5. BENEFITS OF BUDGETING DO YOU KNOW WHERE YOUR MONEY IS GOING? An accurate budget will indicate those areas where most of your money goes. Often this can lead to some big surprises when we discover where our money goes. This could include: · Restaurant meals · Entertainment · Cellular phone call/texting · Discretionary expenses including snacks and impulse purchases
- 6. BENEFITS OF BUDGETING BUDGETING CAN SAVE YOU MONEY Once you have reviewed your expenditures over time you will discover were you can cut back to help you reach your financial goals. You can also consider these options: 1. Saving some of your income - Develop short & long term saving plans with a bank or Credit Union for vacations, children college funds or retirement.
- 7. BENEFITS OF BUDGETING BUDGETING CAN GIVES YOU OPTIONS 2. Reducing your hire purchase debt by replacing it with a credit union loan - It is obviously more benefitual to reduce a higher monthly hire purchase payment plan to one that is lower and more manageable. 3. Lowering credit card cost by considering switching to one that charges a lower interest rate or lower fees.
- 8. BENEFITS OF BUDGETING BUDGETING CAN GIVES YOU OPTIONS 4. Consider foregoing one big purchase a year. Using your budget you can identify a major expense that you can forego or minimize to save more money. For example, travel or home furnishing purchases can be delayed in the name of economizing.
- 9. BENEFITS OF BUDGETING CONCLUSION You can avoid living from pay cheque to pay cheque by creating a budget that suits your lifestyle and identifies the major incomes and expenses for your household and better plan for them in the future. The benefits you will gain by learning how to budget your money will far outweigh the sacrifice of time and effort that you make now by creating a budget. The decision is yours... choose wisely.
- 10. BENEFITS OF BUDGETING THANK YOU FOR WATCHING FOR MORE INFORMATION PLEASE VISIT www.howtomanageyourmoney1.blogspot.com