Want to know about saving? Investing? Insurance? How about breaking bad financial habits? Check out these infographics from Life Tuner!
When building your budget it is important to keep the following ideas in mind.
Goals for spending get broken in to 3 categories: Short Term, Mid Term, and Long Term goals. Making this distinction helps you plan your saving and spending in order to reach your goals.
(Less than a year) might be something like buy a new CD or setting up an Emergency Fund with 6 months expenses in it.
(Under 5-years) could be to invest $1200 a year for grand total of $6000 in 5-Years time.
(More than 5-years) is something like having saved up a certain amount of money towards buying a house, or have $1,000,000 saved for retirement.
After you've decided what goals you want to accomplish and figured out the numbers that you need to meet, follow these 3-steps to budgeting your way to those goals: Planning, Tracking, and Reviewing.
Use either of these two forms to help you budget!
Calculate your income and expenses and write them down. You can use the forms above to help you. After that you can visibly see how long it will take to save for different things, and remember to keep some money saved away for when the forces of chaos, evil, and mayhem decide to break something expensive.
Watch your money, keep your receipts, make a purchase log, track your accounts online, and do whatever else you can to keep an eye on your money! Tracking what you purchase and save will make it easier to prevent identity theft and get an idea of your financial habits!
Regularly check your accounts to make sure you're sticking to your budget and that no one else is accessing or using your money!
Wage Employment is when you earn money working for a wage. That means you get paid a certain amount for each hour you work.
With Salaried Employment you are paid for the finished job you do, no matter how long it took you to do the work.
Interest is money you can make on money you already have. A bank will invest the money you have given them and when they get a return, you get interest on your account.
Much like Interest, Investments are money made on money you already have. You can take your money and invest it. If whatever you have invested your money in is successful, you will get back more money than you put in.