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Transcript of Budget
Example of what a budget would look like.
4. One should revise their budget after a major life change occurs. For example: a raise, marriage, birth of a child or divorce. By doing this you can be sure to stay out of debt and keep all spending under control.
3. a way to stop this is to go through your budget and weed out all the unnecessary expenses or try and limit the amount of money for each group.
2. The amount remaining tells you of you have a good budget. If the number is positive than you are doing great and shouldnt change a thing. But, if the number is negative than you are on your way to creating debt.
Creating a budget
1. Find your total expenses such as bills, food, cloths, etc. then subtract that from your total income.
• Credit Can get you into financial troubles if you dont use it right.
• A credit report is a lot of information about how a person pays their bills and how they repay loans. It also shows how much credit they have available and what their monthly debts are. It shows if you have good or bad credit.
If you don’t pay credit card bills and have a lot of debt the chances of getting accepted for a loan decrease dramatically.
Credit Can be good,if you set a spending limit and a budget, for paying a credit bill each month.
Only purchase things you actually need, you shouldn't purchase a new tv, because it isnt a necessity. Unless you know that you can pay it off within a few months don't purchase "wants" purchase nesecities
• Credit can be good if you use it wisely.
understand the type of debt
with things like mortgage, there are two types of interests fixed and variable
know the specifics of your debt
don't get a car or object that will be useless and your still paying it off.
Fixed mortgage doesn't change price and the contract is negotiable
variable allows the interest to increase drastically and you can't do anything about it
know how long you will be paying the debt off
don't pay for something that will be useless before you pay it off
ex. don't by a car you will be paying for 10 years from now
Debt is not scary as long as its managed
visa, "Practicemoneyskillsforlife."Lastmodified 2014. Accessed January 6,2014.
Money Managemant international,"top five personal finance questions."Last modified 2013.Accessed January 6,2014. http://www.moneymanagement.org/budgeting-tools/credit-articles/money-and-budgeting/five-things-you-need-to-know-about-money-and-personal-budgeting.aspx.
Escrow , principal, and Interest: find out what your money is going towards
It can also be good for college
If you need books and you cant afford them at that momment you can open a credit card, so you can purchase them, but remember to pay a amount of the bill each month so you dont create debt.
Escrow is the third party that holds the debt and is given a percentage of the payments (banks)
Principal is the amount of money owed
Interest is a percent of the total Principal payed
"Experian Website" Jan 16th, 2014
"credit website" Jan 16th 2014
pay extra and now where that extra is going to