FINANCIAL BUDGET - PART #3 "MONEY MANAGEMENT"

Welcome to part #3 of tips on financial budgets.

Let's learn how to actually budget your income for a week, bi-weekly or monthly. The time frame all depends on when your money is arriving. For purposes of this sample budget, I will focus on "monthly income".

First you will create a list of your monthly expenses. If you are struggling financially paying all of your monthly bills please do review these first 2 blog posts on the FINANCIAL BUDGET series:

FINANCIAL BUDGET - PART #1 "CUTTING EXPENSES"

FINANCIAL BUDGET - PART #2 "FOOD HACKS"

Simple example of monthly expenses:

$800 Rent

$250 Cell phone service (entire family, including data)

$150 Vehicle insurance (vehicle is owned outright)

$1200 TOTAL EXPENSES FOR THE MONTH

Simple example of monthly income:

$2000 Government CFPP & OAC (list whatever your income amount is)

$300 Income from alternate source

$2300 TOTAL INCOME FOR THE MONTH

Simple example of income less expenses:

$2300 Income

$1200 less Expenses

$1100 SPENDING MONEY AVAILABLE AFTER EXPENSES

Now, there are basically 4 weeks to every month, so in this example you have $1100 spending for the entire month:

$1100 divided by 4 weeks = $275/week

In order for you to NOT run out of money to purchase your necessities of life (food, fuel/transportation costs, etc.) you must limit your spending to $275 per week!

If you really want to become a master at this, try saving just $100/month for expected costs that life may throw at you, for instance:

• unexpected vehicle repairs

• unexpected illness expense

• unexpected home repairs

Saving just $100/month lessens your weekly spending by only $25 giving you $250/week. This can be your little cash insurance policy for unexpected expenses!

If your weekly allowance is not enough to survive you must begin to research your area for help, and/or make some lifestyle changes.

Wishing you much success navigating these challenging times!

This blog details my personal healing journal over the past 2+ decades. I am not a medical professional and offer this information freely as personal research only.

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