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Part 1

Budgeting can be tough but it works.  When most individuals get paid most of their money is owed to bills.  Budgeting isn’t hard it just takes sacrifice.  I will show you how to create what I like to call my life budget.  A life budget is a budget that covers every area in your life.  Ok! Let’s grab a pen and a sheet of paper we’re going to cover 7 categories to help with budgeting.   

  1. House

  2. Personal

  3. Savings

  4. Retirement

  5. College (if applicable)

  6. Vacation

  7. Escalation fund

HOUSE – All monthly expenses, group into this category.

PERSONAL – All personal expenses, group into this category. 

Example of personal expenses: eating out, gas and groceries. 

SAVINGS – Start with $150.00 for this category.  The savings number can be adjusted If you have more or less funds available at the end. 

RETIREMENT – Start with $150.00 per person.  If you are single, $150.00 and if you are married, $300.00.  

COLLEGE – For those who plan to attend college, allocate $100.00, $85.00 per child over the age of 10 and $50.00 for every child under 10 year old. 

VACATION – Start saving $150.00 per month for this category.  For large families double this number.

ESCALATION FUND – Based on your surplus (the amount you have left over) allocate $200.00  or more, this money can be used to pay off debt faster.

Sum up your calculations and post your results, thoughts, questions or concerns.  

Tune in next month for Part 2 of Budgeting that works.

Written by La Shawn C.

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