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Create a Frugal Budget

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By creating a frugal budget, you can find more money for things you want and things you need.  You can get out of debt more quickly, save up money for emergencies, or even save for fun things like a vacation.  With About.com's tips on creating a Frugal Budget, you'll be a saving master in no time.

Your first step is to make a list of everything you spend money on each month.  In addition to bills and groceries, don't forget to include fun things like dining at restaurants, seeing movies, and money spent on hobbies.  You also need to include minimum payments that must be paid on your credit card bills.

Next add up everything you earn in a month.  Then you will deduct your expenses from how much you earn so you can see how much you should have left at the end of the month.  If you don't have anything left over, you need to revisit your budget and look for things to cut out or reduce so you wind up in the black.

If you have credit card or other interest bearing debt, your next step should be finding money to pay down that debt more quickly.  Then you should figure out how you can budget for your financial goals.  This could be making an emergency fund, or investing in your retirement, or even saving for vacation.  Make a list of what you want to get to and look at your budget again to see where you can find money to get there. It's entirely possible that you may not be able to invest or save until you've paid off your debts and that's just fine.  Reducing your debt is the most important goal at this point.

Now it's time to go ahead and start living within your budget.  At the end of a month, review how you did.  Did you manage to live within in your budget?  If not, you either need to work harder to spend within your limits or to adjust to a more realistic budget.  You will have to continue to review your budget on a monthly basis to be sure you don't need to adjust and that you are reaching your spending goals.

Looking for an apartment that helps you stay on budget?  Call Apartment Experts San Marcos today!

Posted in Budgeting, Rent Smart
 
 

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