Have you wanted to manage your money better but didn’t know how to start? I know that I can do better for us, especially our kids, so they learn good habits.
Understanding your monthly costs by creating a simple budget to keep track of your spending needs is prudent and may help you eliminate or reduce some areas.
We are a consumption-oriented society, relying on too much borrowing. Consumer spending accounts for more than two-thirds of our gross domestic growth.
Fixed costs are usually periodic, predictable, and often contractual. They are primarily inflexible payments like rent, mortgage, car loans, insurance.
Like shelter, food is our most basic living needs and should account for 10% of our after-tax income. This category has groceries, baked goods, and personal care items.