Every Dollar Matters - Conservative Personal Finance

Some Budgeting Tips

1. Stop using your credit card(s) until the balance is paid off. Then use it more as a convenience than a means of increasing debt. Here is a handy spreadsheet to help you track your loan and credit card debt.
2. Payoff high interest loans and credit cards first.
3. After you pay off a loan pay that amount to yourself. Start a vacation fund, and emergency savings fund.
4. Reconcile your budget at least twice a month.
5. Set aside money for bills that come on an annual or quarterly basis (like automobile tabs, pet licenses)
6. Save a little for Christmas throughout the year.
7. Come up with a formal plan to payoff your credit card debt.
8. Make an extra mortgage payment a year. You will save some money in taxes by doing this and will pay off your home quicker. Here is a handy spreadsheet to help you track your mortgage(es).
9. Pretend when you make your budget that you only have 90% of your net income available. Take the remaining 10% and apply it to retirement funds (401k, or Roth IRA's)
10. Your food budget is a great source for potential savings.
11. The discretionary income you spend during your workday is a great potential source of savings.
12. Those ad-hoc trips to the corner store can cost you an arm and a leg