Budgeting tips to save money at home

Budgeting tips to save money at home

HOME ECONOMICS Budgeting tips to save money at home by Beth Merkousko Pessin Most families cringe when thinking about ways to prepare a sensible budget. How is it possible to get all the bills paid and have a little leftover to for the kids' education, your retirement, emergencies and

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    Default Budgeting tips to save money at home

    HOME ECONOMICS

    Budgeting tips to save money at home
    by Beth Merkousko Pessin

    Most families cringe when thinking about ways to prepare a sensible budget. How is it possible to get all the bills paid and have a little leftover to for the kids' education, your retirement, emergencies and perhaps a family vacation?

    Theresa J. Bertolone, an agent with Prudential Preferred Financial Services in New Jersey recommends that families keep a money diary for one month, documenting each time you spend money--a stop for coffee each day may not seem like much, but it can add up by the end of the month--to determine your spending habits.

    "Before you can save money you need to figure out where it's going," she says. She offers this additional information:

    ?Set long-term and short-term goals. Are they realistic? For example, do you want to retire at age 55? Determine how much you need to save each month toward your goals. Bertolone says that with planning and budgeting most people can save money.

    ?Develop a good workable budget. Running a home is much like running a business, she says. Determine your cash flow (monthly salary and other income) versus your expenses. What will you do with your disposable income? Your disposable income should be the source of savings, investments, and luxuries, such as vacations.

    ?Get rid of excessive credit cards, especially cards that have high rates. Use one card, and pay off the balance each month. Pay off outstanding credit card debt. Call the credit department from which the card was issued and ask to have the finance rate reduced. Some businesses will do this when you are making regular payments to pay off the balance. It's worth a phone call.

    ?Plan ahead and be prepared. Review your life, disability income, and health insurance policies. Do you have sufficient coverage? A long-term disability or death of a parent radically alters a family's standard of living, especially if insurance coverage is not adequate.

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    Default Re: Budgeting tips to save money at home

    good questions to ask yourself when setting up a budget
    Mdowdy

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