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Money Management 101 Core Elements of a Budget

Earning money may seem difficult however, how you manage that earned money according to a set budget makes all the difference. Know more: https://www.credit720.ca/money-management-101-core-elements-of-a-budget/

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Money Management 101 Core Elements of a Budget

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  1. Money Management 101: Core Elements of a Budget

  2. About Us • We at Credit 720 work for you in a similar way just as your Tax Consultant or Accountant. You hire our expert advice in debt negotiations as we help protecting your assets and safeguarding your rights as our esteemed client. • At Credit720, our goal is to protect your best self-interest and not the creditors. Debt Consolidation, Consumer Proposal - Calgary & Edmonton Region.

  3. Money Management 101: Core Elements of a Budget • Earning money may seem difficult however, how you manage that earned money according to a set budget makes all the difference! It is crucial so that you can easily fulfill all the short-term and long-term goals without any hassle. • So, do you have a planned budget to cater all your needs? If no, don’t worry! Today, we shall uncover all the basic elements of a budget so that you can formulate your monthly budget as per these elements in a jiffy.

  4. Money Management 101: Core Elements of a Budget • Note: You can also seek advice from any money management service provider who offers reliable budgeting service for any additional help! • So, let’s get started! • 4 Basic Elements of a Budget • Whether you live in any part of Canada, be it, Calgary, Edmonton, Lloydminster, and Alberta, these elements are quite essential to keep in mind to keep a track of your expenses!

  5. Money Management 101: Core Elements of a Budget Monthly income The monthly income should be net payment you earn for that month. It is your monthly salary that you earn from your employer and if self-employed, it is the income you earn after deducting all the business-oriented costs. Expenses These include the money you are spending on different aspects of your life. They are further classified into three types:

  6. Money Management 101: Core Elements of a Budget • Fixed: These expenses are the same every month and you need to pay them no matter what. Some of its common examples include: phone bill, rent, mortgage or insurance. They cannot be modified thus, they are your first priority to be separated after you receive your income for that month. • Variable: These expenses are alterable and largely depend on the monthly use. Since they are not fixed, you must over-estimate them and always over-plan about them beforehand.

  7. Money Management 101: Core Elements of a Budget • Always include an estimated amount for each variable expense in the budget to stay ahead. Some of its common examples include: groceries, transportation, electricity bills etc. • Discretionary: All your desires can be fulfilled using the money for discretionary expenses. As the name suggests, these expenses focus on spending on all that you desire and not your needs.

  8. Money Management 101: Core Elements of a Budget • Budgeting proves out to be the best to manage your money well, so that you don’t have to only emphasize on savings or tracking your needs rather you can easily fulfill your monthly fun goals as well. Some of its common examples include: getting spa treatments, visiting a fancy restaurant, planning gifts etc. The best part is that these expenses can be lowered in case there is more outflow of cash than in-flow.

  9. Money Management 101: Core Elements of a Budget • Emergency Funds • Rainy days are always bound to come, it depends on your preparation to stay financially strong on those days that helps you get through them. Some of its common examples include: some healthcare emergency, damage repairs or travel. It is better to start small for such unplanned needs from the start.

  10. Money Management 101: Core Elements of a Budget • Savings • Last and the most important part that will keep you one step ahead of your financial goals is savings. They are the ones to save the day if you get some debt to manage. • They Also keep your future secured and you stress-free since everything is under control. You must start with short-term savings however, add long-term savings in the budget too for a good financial future.

  11. Contact Us Red Deer #924, 4747 67th St,Red Deer AB, T4N 6H3Telephone: (403) 337-4000Fax: (780) 666-9721Email: info@credit720.ca Edmonton South 9856A 33 Ave NW, Edmonton AB T6N 1C6 Telephone: (780) 666-2600 Fax: (780) 666-9721 Email: info@credit720.ca Edmonton North 203, 12930 50 St, Edmonton, AB T5A 4L2 Phone: 780.666.2600 Email: info@credit720.ca Lloydminster(Alberta & Saskatchewan) Unit 102, 4802 -50th Avenue, Lloydminster, AB T9V 0W5 Phone: 403.337.4000 & 780.666.2600 Email: info@credit720.ca http://www.credit720.ca

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