CHICOPEE, Mass. (WWLP) – How good are you at managing your money? Do you live paycheck to paycheck, have savings, bad or good credit, outstanding debt, pay your bills on time?
There are many facets to good personal money management. April is Financial Literacy Month and now might be a good time to take a good look at your financial situation.
First, start with a budget. In one column list your monthly expenses such as rent/mortgage, utilities (electric, gas, cable, oil), loans, car and student loans, insurances, phone, gas/maintenance for your car and any other bills you pay, as well as what you put aside for savings. In a second column list your monthly income. If the expenses are more than income, you’re in trouble and need to find ways to cut expenses, or increase income.
It’s important to update your budget as expenses increase or decrease. Paid off a loan? Maybe put that money toward savings or paying down another bill. Have a new medical bill? Look for a way to cut back on another expense such as not eating out, not going to the movies, or taking a stay-cation instead of going out of town.
When making your budget there are multiple factors to consider including: the needs of your family, long and short-term financial goals, ways to lower monthly bills, and creating a feasible spending plan that you can stick to.
Most…
