OK, you made it this far without a budget. How is that working out for you? Are you living stress-free financially while paying off credit cards, saving for long-term expenses, paying school loans and saving for your kid’s college?
The Austin Financial Coach at Capital Budget Strategies, LLC, will show you how to use a Budget as a “road map” to financial security. We will make sure you pay the important expenses first, then use whatever is left over for your nonessentials, such as dining out.
If you come up short, you might need to find a temporary weekend job at Target or Home Slice to make up the difference.
Here is a way to look at your money: Every month you have 4 types of payments. Listed in order of importance, they are:
(1) Regular monthly, payments – rent, utilities, cell phones, credit card bills, day care, gym, etc.
(2) Emergency Fund – start by saving $1,000
(3) Long-Term Expenses – real estate taxes, holiday gifts, Veterinarian, car maintenance, clothing, etc.
(4) Cash Expenses – Frequent, sometimes daily, expenses like food, gas, parking fees, etc.
Setting up automatic monthly transfers for Payments 1 – 3, will ensure they occur and lower your stress. For example, set up automatic transfers to pay your rent, gym dues and cell phone bill. Then, do the same for your Emergency Fund contribution.
Next, determine how much you will need for long-term expenses, which will happen in six months or longer. For instance, if your Real Estate taxes are $8,000 a year, you WILL need $8,000 each December. Therefore, automatically save $665 a month for that purpose.
Once all your important expenses are made, the money left over will be used for your daily cash expenses. Consider using the “Envelope System” (Google it!). If you spend $500 a month on food, put $500 cash into an envelope on payday and that is all you have to spend for the month. (Get the kids involved – they will love it and learn to budget).
Suppose, however, when all your bills are automatically paid, you want more money for concerts, happy hour or a new suit. Well, you have only two choices:
CHOICE 1: Earn more (new job, side consulting gig, work over time, garage sale, get a roommate, deliver pizzas on weekends, Uber driver)
CHOICE 2: Spend less (become a roommate, cancel gym membership, stop going out for a while, do not carry your credit card)
The thought of having a Budget gives some people a headache, but knowing your important bills are automatically paid each month makes it worth it!
For only $199 (25% discount for military, law enforcement, medical and teachers), Capital Budget Strategies, LLC, Austin’s best Financial Coach, will sit down with you via Zoom and walk you through this process.
It is an intense, 4-hour session, but we will teach you to handle your money like an adult. We even include a free follow-up meeting at the 1-, 3- or 6-month mark.
The sooner you start, the sooner your financial stress will fade away….
(Please note, our clients should be employed and not facing severe debt, bankruptcy or Federal tax issues).
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