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Important Articles

The First Step to Avoiding Financial Disaster-Create and Maintain a Budget
by Eric Buck

Would you like to find out what those-in-the-know have to say about creating a budget? The information in the article below comes straight from well-informed experts with special knowledge about budgeting.

The first step to avoiding the troubles of financial debt is to create and maintain a budget. Itís not as intimidating as it sounds, donít worry.

First off, create a list of all your monthly income and also a list of your monthly expenses. When determining income, list all sources including alimony, child support, side jobs, etc. In calculating expenses, be sure to include housing, food, transportation, utilities, entertainment, etc. To gain an accurate reflection of actual expenses, sit down each night and write down expenses, just make sure to save receipts. Determine if your income covers all of your expenses. If the answer is no, then some expenses need to be reduced.

Adjust expenses. If it is a small discrepancy, it may mean reducing some minor expenses like entertainment or cell phone plan. If the deficit is larger, you may need to downsize your vehicle or living arrangements. If your income covers all of your expenses, you still may want to trim some of the excess fat off your spending habits. This can free up extra money for things such as vacations or college funds for your children.

So far, we've uncovered some interesting facts about budgeting. You may decide that the following information is even more interesting.

Additionally, consider if you need to add new categories. Some areas that are often overlooked are debt reduction, emergency savings funds, and retirement savings. An emergency fund ensures there is an adequate amount available to cover unforeseen events (car emergency, etc), should it arise. This will eliminate the need for using credit which can quickly damage your budget.

There are several advantages to sticking to your budget. Firstly, most people have set financial goals that they would like to reach in the future. Sometimes it may be a trip, a brand new car, or a college education. A budget can help people save money to make these goals a reality. Additionally, many people are crushed under heavy consumer debt. Without a disciplined pattern of spending, it is virtually impossible to make much headway in reducing debt. A personal budget will provide the necessary framework to begin eliminating these inflated account balances.

If executed properly, a budget will allow a person to simultaneously meet their expenses, place money into savings, and pay back outstanding debts. Therefore, it is anyoneís best interest to create and implement a budget.

Knowing enough about budgeting to make solid, informed choices cuts down on the fear factor. If you apply what you've just learned about budgeting, you should have financial peace of mind.

-------------------------------------------------------------------------------------------------------------------------- Eric Buck is an established ezine publisher and direct marketer who specializes in helping ordinary people make extraordinary money working from home on the Internet. Put money in your pocket fast-sign up FREE to Eric Buck's Internet Income Secrets Newsletter. Learn insider strategies and information from invaluable articles. You can even get your own complete moneymaking website setup FREE! Just go to: http://www.homecashincome.com/pips.html