Don't Sink... Swim

Do you worry about paying for the items you need? Would you like to have retirement savings and funds available in case of emergency? Establishing a budget can help by setting limits on the amount of money that will be spent on each category of expense in a given month. It will take into consideration the amount of income being received, outstanding debt, retirement savings, and an emergency fund. A budget also portrays an accurate idea of how much an individual can actually afford to pay for various consumer items whether it's a house, a car, or a new TV. Some people do not see the value in restricting their spending habits until it is too late and they are drowning in debt. If this happens the challenge will be great but through credit counseling a financial plan can be established.

The following are tips to help establish a budget of your own:

• Establish short and long term goals
• Determine your income
• Determine your expenses
• Keep a daily log of how you spend your money
• Keep track of your expenses
• Create a spending plan(see attached)
• Use credit cards wisely.
• Try to plan purchases in advance.
• Distinguish between Wants and Needs
• Revaluate your spending plan periodically
• Don't be afraid to seek credit counseling

REFERENCES: http://mappingyourfuture.org/money/budgetcalculator.htm

RESOURCES

http://auriton.org/chart_budgetingguidelines.taf
Create your own budgeting guidelines by filling in your monthly income in this interactive web page.

http://www.betterbudgeting.com
Tips for saving money on groceries, gas, automobiles and more!

http://mappingyourfuture.org/money/budgetcalculator.htm
Ten steps to help you learn the difference between your needs and wants and balance your budget.

http://www.practicalmoneyskills.com
Practical tips for reducing your debt by tracking your spending.

The Budget Kit : The Common Cents Money Management Workbook: Judy Lawrence
No matter your financial goal, a well-defined budget is the first step to meet it. The bestselling classic The Budget Kit has helped hundreds of thousands of people across America develop effective budgets and gain financial freedom.

Quick and Easy Budget Book: A Practical Workbook for Balancing Your Household Budget: Dianna Barra
This is an easy, yet complete book for balancing your budget. You are introduced to a method of record keeping that is very flexible and yet at the same time thorough. It walks you through the easy steps of determining your past income and spending history. Then it guides you in planning for the next year. Space is included for recording your monthly budget and actual income and expenditures. Makes tax time a snap.