Brendon Pack, The Balance Beam of Professional Money Management
As we get older, we typically make more money as well as acquire more expenses. These expenses can become daunting and make it hard to save money or even just keep a balanced budget. Most successful business executives, such as Brendon Pack, rely on their own rules of thumb for personal finance. The following four points cover ways to make financial management more controllable.
Work to Save More Money Saving money helps tremendously when trying to reach a balanced budget. This can be difficult, but you need to discipline yourself to set aside a small portion of your check each week and put it in a saving account.
Cut Costs This is the easiest way to get to a balanced budget. Sit down and write out all of your expenses for the month. Categorize them in whatever way makes sense to you. Usually people use categories like, Entertainment, Work Expenses, Utilities, Rent/Mortgage, Groceries, and Restaurants. After you do this you will notice where you are spending most of your money and where you can maybe ease up a bit. Generally it is easiest for people to cut back from the Entertainment category, but it varies from person to person.
Prioritize Your Expenses This can be difficult for some but, again this is where discipline comes into play. In the previous point you learned to categorize your expenses, so you know exactly where your money is going. Now you need to prioritize what is most important and distribute your money there first. After all of your most important expenses are covered, you can see what is left and determine whether or not you have enough for that mini vacation you want to go on or if you should put it all in your savings account.
Make More Money This is never easy but can be done. In finance there are two main ways to come to a balanced budget, make more money, or spend less. We have talked about saving money and now its time to hit on how to make more. With technology and the internet today, people are finding all kinds of ways to make extra money online. You can do a little research and find new ways to make money that fit in your lifestyle.
About Brendon Pack
Brendon Pack the Vice President of Business Development at 1800Accountant.com. 1800Accountant.com is the leading national business services and accounting firm specializing in small businesses. Brendon Packs New York & Washington, and Florida-based teams of Certified Public Accountants (CPAs), enrolled agents (EAs), and accountants has been providing affordable accounting, tax preparation, payroll, bookkeeping, business planning and consulting services since 1999. To learn more about Brendon Pack, please visit: http://brendonpack.net/
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- Vice President of Business Development
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