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Budget

Are you able to save on a regular basis?  Like most people, we typically spend to our hearts desire.  But this can lead to some serious problems in the future.  Without keeping track of our spending habits, we can pile up the bills rather quickly.  A few hundred a week can add up to a few thousand rather quickly.  

If you have a fixed income or salary, it becomes difficult to overcome the monthly payments which seem to grow by the monthly.

How do we get out of this mess?  Well, the first place to begin is by establishing a budget.  It's like the medicine we avoided as children.  It tasted awful, but we knew it got us back on our feet.

Steps

a) Write down your net monthly income (total gross income less deductions and taxes)

b) Itemized your fixed monthly bills                      

    mortgage or rent payment

    utility bills

    auto payment (gas, installment loan, lease)

    insurance payments

c)  Itemized your variable expense

    food

    entertainment

    clothes

Add Net Income less (fixed + variable) expense=

"Discretionary Spendable Income" (DSI)

If your DSI is negative, you need to cut your expenses immediately.  

1. Reduce the non-essential items.         
2. Cut back spending.
3. Considered changing jobs or career for more money.
4. Get a second job.

If your DSI is positive, you are not spending above your current income.

For additional ideas, email us at info@badcreditusa.com

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