Whether you’re budget planning to save for college or retirement, your debt challenges are unique and we understand that. This guide is designed to help you save money and get out of debt, yet the entire process of doing so is easier said than done.
That said, here are a few things that you will need to get started on to begin the process of saving and budget planning.
Drawing Up Comprehensive Budget Planning Guides
This step isn’t as complicated as it sounds. Essentially, this process entails determining your monthly income, expenses, and of course debt, while totaling it up to generate your official income report. To do this, you must first break down your expenses into categories. Here is a great way to segment your income:
1. Determine your monthly income
This is the first rational step. Ideally, your monthly income is also your monthly budget. Your salary, almonony income, government assistance checks, etc should all be totaled up to one singular number.
2. Calculate your essential living expenses
These basically include your mortgage or rent, transportation, medical expenses, and utilities.
3. Calculate your non-essential living expenses
Everyone wants to live a comfortable life so make sure you account for the optional things in your life such as vacations, pets, and holiday expenses.
4. Total up your debt
Now that your expenses are totaled, debt guides can help you begin figuring out how much you owe, from credit card debt to student loan debt to mortgages and more.
Using Financial Planning Guides for Your Benefit
Once these steps are done, you can fill out our custom financial planning guides to get your spending back on track, while figuring out unique ways to pay off your debt within your budget.