Budget help, please!
Hi Terry,
I feel my budget is a hot mess! Between my husband and I, we have a good income coming in however, after paying out the monthly amounts of the few credit cards we have, mortage and utilities, the consolidated loan I had prior to getting married (this is my second marriage) and my last child’s student loans, we can’t seem to save in case of emergency. I need to see if I can organize my budget better and need a financial planner without paying out a ton of money for that. Which feels like it defeats the purpose.
Terry Says
OK, first congratulations on getting out of some of the previous debt. I’ll give you three different ways to seek counseling.
1. On Amazon, buy The Budget Kit by Judy Lawrence. Yes, it’s paper!! But it is the very BEST guide to budgeting I have ever seen. It’s filled with worksheets and helpful advice. And there’s something about seeing it in black and white, and making lists that just seems to work for people. She also offers individual counseling sessions by phone or Zoom.
2. Call the National Foundation for Credit Counseling at 800-388-2227. That will connect you to the nearest local office. You can do it by phone or by appointment. They are NOT just for people who are buried in debt. Even one session might be helpful.
3. Start the year using QUICKEN — the software that tracks all your income and spending — in categories! So you’ll see where your money is going. Start right now and you’ll have the entire system up and running in no time. It’s very easy. You connect to your bank accounts and credit card accounts, and automatically download everything with one click. It all moves into categories that are easy to set up. This will definitely change your life!
I’d consider doing all three! You’re so lucky that you have income coming in and so you can make and prioritize spending decisions. And finally, remember that you’re already spending all the money that comes in. Is there any way you can earn more — weekends or evenings — so that the “extra” money can be diverted to savings? Don’t forget that side of the ledger!
