Do worries about money keep you up at night? Would you rather go to the dentist than look at your bank account? Do you struggle with not having enough money to cover your expenses at the end of the month? These ups and downs may make you feel like you are on a roller coaster!
Here are some ways to get off the roller coaster of fear and uncertainty about your money. This is not a quick fix or get rich recipe, but a journey to understanding your needs, managing your money, and learning to control your money, rather than letting it control you. Knowledge is power.
Where Do I Start?
Start by creating a budget. A budget is like a road map. It tells you where you are and how to get to where you want to be. It helps you understand your needs and goals, and how money comes in and goes out each month.
Ask yourself these questions:
What is my goal?
Be specific. Say, “I want to save $100 a month for 6 months so I can buy a $600 laptop.
How much money comes in each month?
Add up all the money that you receive each month, from all sources.
How much money goes out each month?
Add up your monthly bills and expenses that you’re committed to each month. Include things like food, transportation, and entertainment.
How much money is left?
This is the money you have to put toward reaching your goal.
Calculate Income and Expenses
Next, calculate your monthly income and expenses to learn how much is left over each month.
Here’s a valuable tool:
Whatever money is left after expenses is yours to use however you want!
What if There's No Money Left?
If there’s no extra money left at the end of the month, or if more is going out than coming in, don’t panic. Your budget can tell you where and how to save.
For tips and resources on how to navigate this rough patch, reach out to the experts. Check these ones out to see if they’re a good fit for you:
Use Your Budget Like a Roadmap
Congratulations! You’ve taken charge and created a budget to help you reach your goals. You may have connected with experts for good advice. You’ve started your journey toward being in control of your money.
Use your budget like a roadmap to get where you want to go. Enjoy the journey!