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Today on MyMoneyLife with Chuck Bentley

Friday, October 2, 2009

Five ways to improve your budget

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Chuck Bentley Remember the commercials that asked, “What’s in your wallet?” Well, let’s do a variation on that—what’s in your budget?

If you’re having trouble making ends meet, or worse, going into debt, you’ll have to make some changes, so today I’ve got the top 5 ways to improve your budget. Now, these are all “tried and true,” and they come from Michael McNeilly, a veteran Crown Money Map Coach and a seminar instructor:

Reduce any expense that you can. Take a hard look at your landline phone, cable TV, Internet, lawn, garbage, and even pest control services.
Find items that you can sell. Sell unused items in a yard sale or online through e-Bay or Craig’s List. Put the cash towards paying off debt, reducing monthly debt load, or building your emergency fund.

Find ways to earn extra money, such as a part time job. Even teenagers can get a job and contribute to the family budget.
Ask for help. Don’t isolate yourself. Let others know when you have a need. And it doesn’t’ have to involve money. If you’re a single mom, can a friend or neighbor help you babysit?
Make some key adjustments. Can you lower your income tax withholding? Can you switch to term life insurance? Can you simply stop eating out for awhile?

Well, you’ll be amazed at how big a difference these 5 steps will make with your family’s finances—often taking you out of the red and into the black.

Steps to Making a Budget

In making a budget, there are several steps, each requiring individual effort.
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Need for a Spending Plan

Without a spending plan, it is impossible to know where your money goes each month and whether you will have available funds for the things you need.

Budget Busters

Budget busters are areas that can result in financial disaster if not accounted for properly.

Finding Financial Freedom

The Lord owns everything and we are merely stewards of what is His. He has clear ideas on how He wants His people to function as His stewards.