Budgeting For ProsperitySeven Steps to Follow To Achieve Financial FreedomWithout a sound financial plan, a business is doomed to failure - managing your personal finances is no different. A sound personal financial plan is crucial to both your financial and emotional well being.We have prepared a simple and easy to use budgeting process for you. This budgeting process will show you how to thoroughly develop a financial plan and lead you on the road to financial freedom.Make a complete list of your monthly income.
When developing your monthly income, make certain to include take home pay from your job, any bonuses that you receive, dividends and interest income from investments, tax refunds from the government, gifts from other family members, and any other type of income you may require during the particular month. If you would like a comprehensive income budgeting tool, please call your credit counselor at American Debt Solutions. They can be reached at 1-800-246-4019. Or, you can visit our web site, www.adshq.org, and complete one of our online credit counseling applications.
Make a complete list of your monthly expenses.Just like the complete list of an income, one must make a comprehensive list of his/her expenses.When you make your list of expenses, it is important to break them into three distinct categories, fixed, flexible, and discretionary.Fixed expenses: expenses that do not change from month to month.Good examples of fixed expenses are your mortgage or rent payments, a car payment, insurance premiums (such as life insurance, car insurance, or health insurance) or any other expense that does not vary from month to month.
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