How Do You Design A Budget And Debt Reduction Plan?
Designing a budget and a debt reduction plan is something that everyone should know how to do. It is probably one of the simplest tools for money management, as it does not require much more than paper and a pencil and time. In a perfect world a person should do a budget when he receives his very first paycheck and a debt reduction plan when he makes his first purchase using any debt instrument. But the world is not perfect, so the best time to begin is any time a person wants to gain more control over how he spends his money. Determine how much income you have available. This is done by determining how much income is available regularly in a regular time frame. If you receive a pay check once a week for $500 and have no other income, you would begin with $500 per week as your starting point. The best way to set up your budget is to create a spreadsheet either in a computer program or on multi-column paper with a description column and currency columns. You can start with just a one-mo
