How to budget your money

Most people think that living on a budget requires a lot of work. I won’t lie, initially it does take work however the benefits are your make it or break it point in raising a family one a single income.

When I became a single mom I learned very early how to budget my money. I wanted to be able to afford my own that some people don’t have that luxury, however there are other ways to do this. Lots of credit card companies offer no interest or very low interest for an extended period of time. By consolidating your debt you make one monthly payment at a much lower interest rate.

‘Trim the fat’; keep track of where you spend your money for a month. Quite often people find they are spending a lot of money on useless items or on interact fees. Start using cash. If you allow yourself a certain amount of money each week and leave your debit card and credit cards at home you will find that you spend less.

Another great trick is pay yourself first. Pay yourself a minimum of 5% of your wages and tuck it aside for emergencies or a rainy day. After you pay yourself, pay all of your bills. The money left over is used for everything else. If you can start by making these changes you will see a huge improvement in your finances.