Hi mommy's & daddy's
What a great response my birthday post had! Gosh, I shared it on my Facebook page but also here on the blog I had really great response!
Thanks guys!
One single mom wrote me the following;
"Good day Nina, This is so refreshing to read and I love following this blog. I'm also a single mom with two girls. How do I manage my finances so that I can give my two kids a good and well-balanced life?"
Well, personally I think it varies from person to person but I'm a vast believer in budgeting. I mean, without it I'm clueless as to where I'm headed. It makes it easier that I'm working in an accounting environment so I have to be strategic.
I have a list that I found on the internet a few years ago. The link is also below, but its five simple rules of budgeting.
Thank you for reading my blog. Hope it helps!
But if you determine you’re spending more than you’re making, it’s time to do some cutting so you have something to save and don’t go further into debt. The best way to figure out where you can cut from your expenses is to track your spending and record every expense for a month.
Credits:
https://www.payoff.com/life/money/5-simple-steps-to-create-a-successful-budget/
What a great response my birthday post had! Gosh, I shared it on my Facebook page but also here on the blog I had really great response!
Thanks guys!
One single mom wrote me the following;
"Good day Nina, This is so refreshing to read and I love following this blog. I'm also a single mom with two girls. How do I manage my finances so that I can give my two kids a good and well-balanced life?"
Well, personally I think it varies from person to person but I'm a vast believer in budgeting. I mean, without it I'm clueless as to where I'm headed. It makes it easier that I'm working in an accounting environment so I have to be strategic.
I have a list that I found on the internet a few years ago. The link is also below, but its five simple rules of budgeting.
Thank you for reading my blog. Hope it helps!
1. Calculate expenses
Your first order of business is finding out exactly how much you’re spending each month. Do this by consulting your bank statements, receipts and financial files.2. Determine your income
Once you’ve figured out how much money you need to stay afloat financially each month, it’s time to determine your actual income. Besides your regular salary, get an accurate picture by adding in any extra funds that come your way throughout the year, such as cash gifts, sale of items online or via garage sales, and don’t forget other income sources like alimony, child support, interest, dividends and rental income.3. Set savings and debt payoff goals
In order to determine realistic savings and debt payoff goals, you must find out if you have a budget shortfall or overage. Do this by subtracting your monthly expenses from your income. If you determine you’re making more money than you’re spending, congratulations. This amount can be earmarked for savings and to pay off debt.But if you determine you’re spending more than you’re making, it’s time to do some cutting so you have something to save and don’t go further into debt. The best way to figure out where you can cut from your expenses is to track your spending and record every expense for a month.
4. Record spending and track progress
The best way to stay on top of your budget is to record all of your expenses and income. Having to input expenses will cause you to think twice before splurging, and it’s especially satisfying and motivating to record when you’ve met a savings goal.5. Be realistic
Aim for sticking to your budget most of the time, and you’re bound to reach your financial goals. Breaking your budget occasionally is OK, providing you get right back on track as soon as possible.Credits:
https://www.payoff.com/life/money/5-simple-steps-to-create-a-successful-budget/
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