When planning a budget you need to evaluate your fixed expenses and your discretionary expenses. Educate yourself some more about budgets.

Fixed expenses are operating costs that do not change for month-to-month. You have no control of your fixed expenses.

Some fixed expenses include:

  • Mortgages or rent

  • Utilities

  • Auto loan payments and car insurance

  • Child support

Discretionary expenses require you to prioritize your needs. You will need to chose how much, when, what kind etc.. Get more info about how fixed expenses work.

Some discretionary expenses include:

  • Food - What you by at the store and how often you eat out. You can save money by changing the way you buy food.

  • Home furnishings

  • Clothes - Brand names or no frills.

  • Gas - What kind of gas do you want to use.

  • Vacation

  • Savings

  • Debt - How much do you want to pay every month.

  • Leisure - You need to put some money aside for fun

  • Miscellaneous - Always put some money aside for unforeseen crisis.

Families with kids can often find it hard to make ends meet. Bottom line is that the cost of children is very demanding, no matter how you slice it. However, there ways to save money if you have kids.

One of the biggest problems with managing your discretionary expenses is overspending on goods that you think are needed, but in fact can be considered a luxury. Not knowing how to manage your finances can be financial suicide. A good idea would be to locate a financial counselor. They will help educate about being fiscally responsible, help you identify the early signs of debt trouble and teach you about good debt vs. bad debt.

Setting a budget is not easy. It may take several times before you set a budget that allows you to spend within your limits.

Managing Debt
Personal Loans for Paying Off Credit Cards
Cut Down Work-Related Expenses
Changes in Consumer Spending Habits
Changes In Spending Habits
Early Warning Signs of Debt Trouble
Locating a Financial Counselor
Dealing With Creditors
Dealing With Collection Agencies
Paying Off Credit Card Debt
Understanding Debt-to-Income
Prioritizing Spending





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