Your New Year Budget Plan Goals
Structuring a new year budget plan is a great financial resolution to have to start the new year right. It’s a resolution that can easily be turned into a lifetime goal. Keeping track of your money is essential in today’s world and a must if you are saving for any endeavors in the upcoming year.
Living paycheck to paycheck can be a financially risky lifestyle. When something happens, you have to work extra hard to cover that expense and find alternate means of paying your bills. The first thing to do when considering your budget is to be honest in how much money you make. It’s suggested not to include bonuses in your net pay because there is a chance that you may not get the extra money. You have to be concrete in how much you make in order to see how much you spend.
An easy way to track your money is to create an expense sheet to structure your budget. After you determine how much you make on a monthly basis, subdivide your sheet into different categories or sections. You should include a section for bills, and the amount you pay on your bills should be the first thing you subtract from your income.
After adding up all your bills and subtracting the total from your income, you can see how much money you have left over to spend on other necessary items, such as food, gas and clothing. You can refer to your bank statements or receipts to have an idea of how much money you usually spend for those types of things. You could then subtract an amount for entertainment and other non-essential items. If the cost of buying all those items results in your spending more than you make, you might need to make some adjustments in your spending habits. You might also want to take a closer look at those habits if your expenditures are at par with your income or you’re not saving as much as you want. Remember, be honest with yourself. You do not want to spend more money than you actually have.
You can help structure your budget by cutting down on spending on things you want, but do not really need, such as eating out or movie tickets. You can use that money to store in a savings account or use as a cushion to pay off other bills. After you cut these costs, you can really see how much money you spend on the necessities and make a plan on how to spend the leftovers. It is critical you put money in your saving just in case emergencies arise. If you cut enough, you can put back some money into forms of entertainment, just be more selective in what you want to spend your money on.
If you carefully stay on budget, you will see your financial worries decrease and the quality of your lifestyle increase. Life is meant for living, so do not let the stress of money hold you down. Budgeting your money for the future is the first step in helping you enjoy the New Year.
There are a lot of things that you can do with structured settlement funding. If you’re not sure whether or not your needs may qualify, a good option is to speak with an experienced representative who can tell you or your independent advisor whether or not you may be able to transfer your future payments and get structured settlement cash to help you deal with your expenses. We want to wish each and every one of you success in putting together a great New Year budget plan in 2015. If you or your independent advisor have any questions about how you can get structured settlement cash, please call us at 877-894-4541.