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How Do I Set a Budget Easily In Acton?

How Do I Set a Budget Easily In Acton?

Budgeting is a key component of fiscal responsibility and also a key way to save for a down payment on a new car. We are regularly recommending budgeting as a great way to manage debts, minimize the chances of missing payments and identifying areas of savings. Today We will be talking about how to set a house budget


But how do you create a budget?


Our Acton auto loan team shows us how.


Set a house budget Easily and Simply


We recommend using Google Sheets as it’s free and included with a Gmail account or accessible from the Chrome browser. Other spreadsheets are available.


Create a new Sheet and give it a meaningful name. In the first column, outline all your income. Salaries, investments and everything you have coming in each month.


In the second column, list all your outgoings. Use your bank and credit card statements to list all your regular outgoings. Make sure to include every single outgoing you have.


Then add each column up so you know whether you end the month with cash left over or not.


In a third column, list all your debts and the amount owed for each. Credit cards, mortgage, personal loans, auto loans and debt you have. List them in order of interest rate with the highest at the top.


You now have a very simple budget outline showing everything you have coming in and everything you have going out. You also have a clear idea of your debts, how much you owe and what interest rate you’re paying.


Identify easy savings


If you’re fortunate enough to end the month with cash left over, you can assign all, or a portion of it to savings. We’ll get to that in a minute.


If you don’t end up with cash left over, take a long hard look at your outgoings to see if there are things there you can cut back on.


Could you find cheaper cable? Do you need all the movie channels? Do you need all those subscriptions? Do you need all those insurances?


If you identify savings, make them. Use the money to even up so you don’t end the month in the red.


Then consider minor lifestyle changes. Could you get gas cheaper at another gas station? Do you really need to buy coffee with your gas? Could you save money making your own breakfast or lunch? Could you substitute cheaper items for branded products?


Everyone has savings they can make in their lives. A budget is the simplest way to identify them quickly.


Set up savings


Ideally, you should have a little surplus each month with some of those changes. Allocate as much as you can to savings and set up an automatic payment to pay into a savings account on payday.


You can adjust this as you go but make sure to set it up for when you get paid to avoid spending any during the month. It doesn’t matter if it’s $30 or $40 per month, every little bit helps.


Whether you’re saving up for a car or just want to take control of your finances, a budget is the cheapest, easiest way to do it. It doesn’t take too long either!


Contact Unique Chrysler for help, advice and competitive Acton car finance and leasing.


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