Budget & Debt
Budget and Personal Finance Help
Learn how to create a budget you can live with. And then learn how to stick to it without feeling deprived. Also learn how to increase your savings or retirement fund without pain. It really doesn’t matter how much money you bring home each week. You have to learn to live within your means. For those with very low incomes, paying all the bills and buying necessities can seem like an impossible task. But it is possible, and important.
How to Make a Home Budget
Building a home budget requires two basic steps. First, figure out how much money you spend each month. Second, determine ways to reduce that amount.
Use SMFT’s handy Budget Worksheet to find out how much you spend, and how much you can save, each month.
– Click to download in pdf format.
Increase Your Savings Every Day
Once you have figured out where your money is going every month, it is time to spend less and save more. There are things in your budget that are more difficult to reduce, such as rent, mortgage payments or insurance costs. Other things can be reduced easily, although you may not like to.
Best places to find savings:
- Phone bill and cell phone bills
- Cable or satellite TV
- Internet service
- Grooming and beauty regimens
- Eating out
- Clothing and accessories
- Entertainment and going out
Although you may not be thrilled with the idea of giving up your weekly manicure or your large mocha-latte every morning, your budget may not be able to handle them. Even if you clip your own nails and buy 5-gallon buckets of no-name coffee and a warehouse club, you can find ways to trim your budget.
Paying Down Debt Forever
Nearly half of all Americans have credit cards, and a larger percentage have mortgages, car loans or other personal debts. Almost half of those with credit cards carry what is called ‘considerable debt.’ That doesn’t mean these people have poor credit, or debt collection agencies are calling them 24/7. It just means these people need a way to reduce debt and live within their means.
Whether your intention is to pay off debt to improve your credit score, get creditors off your back, avoid bankruptcy, or just give yourself a sense of confidence in your financial matters, paying down debt is doable. Just like budgeting, debt reduction requires a plan of attack and action.
SMFT has a simple debt worksheet to help you keep track of your total debt and monthly payments.
— Click to download in pdf format.
