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Posted in Paying Your Bills
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labs2mom

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1 Person Helped
I seriously need help in budgeting our money. I don't know how to do that.

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Put thing in priority.

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You are not alone in not knowing how to budget money, but having the intelligence to ask for help is a positive step.

There are a few things to put at the top of your priority list: (1) Housing (mortgage or rent payments), including utilities and any homeowner or renters insurance (2) Food (if the income is low, check into food stamps and utilize a food pantry as allowed) (3) Transportation- auto payments, gas, maintanence, or the cost of a bus or train pass.  These are the essential survival expenses that everyone has, and far too many neglect.  What good is it to pay your credit cards and end up being homeless because of not paying the rent?  Not very good, is it?

After figuring out what the total of these costs are, deduct this from monthly income and that will give the amount you can apply to credit accounts and savings.  YES, I DID say savings!  It's important to have an "emergency" fund handy because some emergency will come up.  Start building a savings account with a small amount every month and keep adding to it.  Make that a priority just under the living expenses.

Credit accounts can get paid off as quickly as ppossible.  The ideal goal is having them paid in full every month.  See what you can reasonably do to reduce unnecessary expenses such as a dinner out or movies every week to help free funds to achieve this goal.

I hope this helps and I'll be standing by to answer any other questions on the topic you may have. FYI-I'm on a fixed income and have been for a long time, so know how to make a paycheck go from the first of the month and keep things going through to the end.  It's a fun challenge!!

Reply by
labs2mom

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Helpful to 1 out of 1 people

I need to find some structure in doing this and like you said it's a challenge.

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