No matter what the status of the economy is, most of has to live within a budget.
Make a list of all your basic need costs. Basic needs are things you can not live without. Some of these costs are:
- Rent or mortgage payments.
- Food (what you spend on food you make at home).
- Utilities (heat, water, electric, air conditioning).
- Phone bill (home phone or cell phone).
- Cable bill.
- Car payments.
- Car insurance.
- Student loan payments.
- Any other loan payments.
- Credit Card Payments.
- Child support or alimony.
You can add or subtract any of these items from your list. The whole point to having a list of your bills, is to be able to make a budget you can live on.
Once you have your list made, add up all your bills, and then divide by four. This is the amount you will have to set aside from your pay check each week. If you already have a checking account, it is a good idea to open a separate “secondary” checking account. When you get paid, transfer the exact amount you need for your bills into your account as soon you get your pay check. Pay all your bills from the same account, and know you will always have sufficient funds.
Living within a budget can take some getting used to if you have never had to worry about one before. Once you get used to living within a budget, you will forget you ever lived any other way.