Create a budget plan that works for you

The best budget planner is one you can live with, so tweak your approach as needed. For example, the 50/30/20 breakdown is a recommendation to help you get started. Adjust your spending as needed until you reach your ideal budget.

50/30/20

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

Tracking my spending

There are many ways to track your spending, popular programs like Excel and Google Sheets have budget templates. And If a hands-on monthly budget template isn’t working for you, consider one of the many budget apps. Most of them sync with your financial accounts, so they can track and categorize expenses for you.

If you can’t make your ideal budget a reality, or if you’re struggling to get a handle on your finances, budgeting might not be enough for you. Explore other options, such as seeking expert financial advice or resources that can help you pay bills.

Prioritize Your Expenses – NEEDS vs. WANTS

NEEDS

Savings & Debt

• Emergency Fund
• Debt Repayment*

Shelter

• Rent | Mortgage
• Rental | Homeowner Insurance
• Property Tax

Transportation

• Car Payment
• Vehicle Insurance
• Fuel

Medical and Health

• Health Insurance
• Perscriptions and Treatments

Utilities

• Water | Sewer
• Gas | Electric

Other Necessary Expenses

• Food
• Child Support
• Phone

WANTS

• Cable | Internet
• Clothing
• Gym Membership
• Travel
• Entertainment (Movies, Dining Out, Alcohol)
• Home Decor Items

* How does outstanding debt factor into your Budget

Not all debt is bad debt, but some forms are worse than others.

Some types of debt are necessary to help you achieve life’s milestones, such as getting a mortgage to purchase a home or taking out student loans to earn a college degree.

Meanwhile, revolving credit card balances can drain your wallet if you’re only making minimum payments, and payday loans come with exorbitant annual percentage rates (APRs).

Prioritize paying off your smallest debts first. While this may cost you more in interest, it could help with morale since paying off the smallest loans can produce the quickest wins.

Contact Our Debt Relief Professionals

At the Bond & Botes Law Offices, our team of skilled debt relief lawyers has helped thousands of clients throughout Alabama and Mississippi get control of their debt and financial lives. We provide an absolutely free and confidential consultation focused on helping you end the overwhelming stress caused by debt you cannot pay. Call our office at 1-877-581-3396 or email us through our website

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