Friday, September 12, 2008

Day 42: Finance

Hey All, I am WAY backtracking right now because I was away for the weekend and have been super exhausted and busy. However, I want you all to know that even when I don't post right away I'm still thinking of this and planning in my head what to write about each day. Today, I found a great plan from a blog on how to manager your finances and how to manage a budget. That has been something I have been trying to work on and trying to organize in my life. So I learned some tricks today and now the task is to apply them to my life. Some of what I learned:

- Grab a piece of paper and a pencil, and sit down. List all sources of income on a monthly basis. Next, identify all of your major expenditures, such as rent, car loan, insurance, utilities, food, clothing, etc. Even include savings here!
- Subtract your expenses from your income and it is time to analyze.
- Focus on savings versus spending and rethink priorities.
- Put off buying unnecessary items today, and dedicate that money toward a future dream purchase.
- See if you can top how much you have saved each month.
- Make wise cuts.
- Predetermine your withdrawals. Before going to the bank or cash machine, know exactly how much money you are going to withdraw. Make this money last a designated period of time.
- Monitor your budget on a weekly basis.

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