You’ve made it your goal to be more responsible and exercise good judgment with your income and expenses, but sometimes setting a better budget is easier said than done. Temptation lurks all around on TV, at the store and with online shopping, so it’s important to lay out a financial plan that keeps you on the right path. You might consider consulting with a San Diego debt lawyer or financial professional to discuss the specifics of you situation, but some general tips on saving money should be useful.
Tips For Saving Money
Save Money Wisely
- Document Expenses: It’s important to establish goals for your savings, but you won’t know what amount to set aside unless you know how much you’re spending on what you need and what you want. For a couple of months, record every penny you spend. Identify the amount you spend on necessities and on luxuries – and determine whether you’d like to re-allocate these amounts into your savings.
- Set Savings Goals: In developing savings goals, consider what you’d like to use extra funds for in the future. A second car or home? Children’s education? A vacation? Look at both long and short term purchases to decide how much you’ll need to save in a year to meet these goals.
- Create an Emergency Fund: Some of your savings should be designated for emergencies. You never know what circumstances may lead you to need extra money.
- Save for Retirement: No matter what your age, you should always be planning for what you’ll do when you can’t work – or no longer want to. It’s smart to save enough to cover your household expenses, even if you’ll have some monthly income from pensions and/or retirement funds.
Set a Responsible, Affordable Budget
- List Monthly Income & Bills: Mortgage, car payments, utilities and food are all bills you’ll have to pay on a monthly basis; these amounts should be weighed against your monthly income to determine how much money you have left over for savings, entertainment or splurges.
- Identify Fixed v. Variable Expenses: Your monthly expenditures can be further broken down into fixed and variable amounts. If they’re fixed, like a mortgage or car payment, the expense will be the same each month. Variable expenses, including utilities and household needs, will fluctuate. Make sure you allow room in your budget for all fixed expenses, and have extra funds on hand for variable amounts.
- Do a Monthly Review: After you’ve established your budget, check back in every month to see how well you’re sticking to it. If you’re going over in expenses, which impacts your ability to save, you’ll have to make sacrifices elsewhere. You’ll also have to adjust your priorities if you find yourself dipping into your savings each month to pay for necessities.
Credit Card Debt Attorney in San Diego
Despite our best intentions with setting a budget and saving money, it’s still possible to get into trouble with debt – especially credit cards or other unsecured debt. Fortunately, there are professionals that can help you resolve your debt by consolidation, settlement or other relief. Contact a credit card debt attorney in San Diego for more details or with any questions.
Daniel R. Gamez, an attorney focusing exclusively in debt settlement, is licensed to practice in all state and federal courts in California and Texas. Mr. Gamez owns and operates the Gamez Law Firm in La Jolla, CA. For more information, please contact Daniel Gamez at 858-217-5051, firstname.lastname@example.org or visit gamezlawfirm.com.