Seven Household Budgeting Tips Louisville KY
D. Scott Neal, Inc.
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Retirement Plan Investment Advice, Cash Flow/Budgets/Credit Issues, Planning Issues for Business Owners, Tax Planning
NAPFA Registered Financial Advisor, CFP®, CPA/PFS, M.Div., MBA
Pillar Financial Advisors, LLC
Planning Concerns for Corporate Executives, High Net Worth Client Needs, Ongoing Investment Management, Retirement Plan Investment Advice, Tax Planning
NAPFA Registered Financial Advisor, CFA, CPA/PFS
Coats Financial Planning
Middle Income Client Needs, Hourly Financial Planning Services, Ongoing Investment Management, Retirement Planning & Distribution Rules, Tax Planning, College/Education Planning
NAPFA Registered Financial Advisor, BBA, CFP®, MBA
Louis T Roth & Co
Just Money Advisors, Inc.
D. Scott Neal, Inc.
Ongoing Investment Management, Investment Advice without Ongoing Management, Retirement Plan Investment Advice, Retirement Planning & Distribution Rules, Advising Medical Professionals
NAPFA Registered Financial Advisor, BA, CFP®, CPA/PFS
Archer Financial Planning, LLC
Hourly Financial Planning Services, Retirement Planning & Distribution Rules, Investment Advice without Ongoing Management, College/Education Planning, Insurance Related Issues, including Annuities, Cash Flow/Budgets/Credit Issues
NAPFA Registered Financial Advisor, CFP®, MBA
Areas of Specialization
Comprehensive Financial Planning, General Financial Planning, Investment Planning, Retirement Income Management, Retirement Planning
Sarah Jane Schaaf
Davis Financial Services
Areas of Specialization
Asset Allocation, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Education Planning, Elder Care, Employee and Employer Plan Benefits
Average Net Worth: $500,001 - $1,000,000
Average Income: $100,001 - $250,000
Profession: Self-Employed Business Owners
Seven Household Budgeting Tips
|Seven Household Budgeting Tips |
By S.L. Simmons
Jul 26, 2006, 20:53
Do you frequently get cash from ATMs and then have no idea where it ends up? Do you end up paying late fees simply because you don't have a good system in place for tracking and paying your bills? If you don't have a good budget system in place, it is easy to lose track of your hard earned money. The tips below can help you to keep your finances under control.
1. Keep your financial records organized and your filing up to date. Have a set of file folders for items such as receipts, bills, canceled checks, checking account statements, etc. Have a designated place where you keep or can easily assemble your home budget , your financial files, checkbook, etc. so it is all in one convenient location.
2. Avoid spending cash, unless you are good at writing down cash expenses in a journal. It is all too easy to get $100 from the ATM and then have no idea where it all went at the end of the week. If you have trouble figuring out where your cash gets spent, keep a small amount of cash on hand for minor purchases. For everything else, try to pay by either a paper check, online checking or through credit cards so you have a record of your purchases. Credit cards are a good way to track purchases unless you have trouble controlling your spending. If this applies to you, then avoid credit card purchases and focus on keeping track of your expenses in a journal or by paying for items by check.
3. Give your children a set allowance for things like movies, CDs, snacks and toys instead of just giving them money on as needed basis. Giving children an allowance teaches them to make wise spending choices at an early age. A twelve year old who spends all of his allowance right away on CDs and then doesn't have enough money to go to the movies with his friends on the weekend has just learned a good lesson on the negative consequences of impulse spending.
4. Have a system in place for handling the mail. If you are not in the habit of misplacing bills or checks, good for you. Keep on using whatever system you have in place now. However, if losing track of bills is an issue at your house, it may help to have a designated mail drop box inside the house. Each family member should be instructed that whoever brings in the mail that day should always put the mail in the designated mail box for later sorting. Then the family member who has responsibility for sorting the mail should do so near the financial folders. That way checks get put right away in the check folder, bills in the bill folder, etc.
5. Avoid going to stores where you have had problems overspending in the past. Our neighbors stopped shopping at warehouse clubs and actually ended up saving money. They found they spent more money by not being able to resist all of the warehouse club bargains on products they really didn'...