I was interviewed on by AASAP radio by Alonzo Brown. He asked me a very important question, and I rushed to respond. His question was "What task could you give someone looking to start the budgeting process?" My answer was this.
When you are trying to generate a realistic budget, the first thing you should do is keep all of your receipts. Take a plastic container or shoe box. Keep it in an area that you see everyday. I recommend by your front door, bedroom dresser, or kitchen counter.
Every time you spend money on ANY item, make sure you keep that receipt until you can drop it off into your designated "box". Continue this process until the end of the month. At that time take out all the receipts and write a category on them. For example, a cup of coffee could be given the category of snack or food.
Total all these receipts and think about if these items are out of control or not.
To learn more about creating a household budget, send me an email on our website's "Contact US" page and I will send you a Newsletter on the subject.
Happy Budgeting
Dina Harbour, CEO
Women Obtaining Wealth
www.womenobtainingwealth.com
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