How to start budgeting? Budgeting can be a scary topic but it doesn't have to be hard. The first thing you need to ask yourself is: How much money do I make every month? How much money am I spending? 1. Add up both paychecks you've received for the month or previous month. This will determine how much you make in one month. 2. Write down all of your bills starting with the largest. ex) rent, car note, car insurance, electric, phone bill, subscriptions. 3. Create a category for all of your bills. either write them down or use Dave Ramsey's Everydollar app. Now you know how much money you're receiving monthly and how much you're spending on just bills. We need to be in control of our money, otherwise every month we will wonder where all of the money went. How to start saving more money? The first thing you can do to start saving more money is cut back on expenses. How many TV subscriptions are you paying for? Music subscriptions? Most people don't realize ho
What is Debt? Debt is money that is owed by the barrower to the lender. Money you owe a person or a lender. Ever gone to a hospital and received an expensive bill? That is debt. Did you carry over a balance from last month's credit card bill? That is debt. There's no such thing as good or bad debt. Some examples of debt may include: Credit Cards Car Loan Personal Loan Mortgage Student Loans If you have any of these, you have debt! If you want financial freedom you need to eliminate debt completely. Can you imagine getting paid on Friday and you don't have to make any of these payments. Imagine how much money you would be able to save each month living debt free. Sky is the limit when your paycheck is all yours! How to pay off debt? Paying off debt can be stressful, but it is doable. The first step to paying off debt is to: Write down all of your debts from smallest to largest. Attack the smallest debt with any extra money you have. Make the minimum payments on the large