Online Budgeting Can Find That 10% Of Lost Monthly Income


by Gust Lenglet - Date: 2007-09-25 - Word Count: 613 Share This!

Regardless if a big corporation is looking at the bottom line, or an individual is concerned about a personal budget or household budget, there is a common philosophy that pertains to each situation. This philosophy is also adhered to by a good online budgeting program.

"It's not necessarily what you earn that counts the most, but what you don't spend that is more likely to lead to financial success."

In other words, what would be the point of a big company showing a two million dollar income for a fiscal year, if they spent three million dollars to get there? It's the same for an individual. What's the point of earning sixty thousand dollars a year, if in fact you are spending eighty thousand dollars a year? It happens all the time. Credit cards make it extremely easy for personal budgets to get way out of hand. Often it carries right over into the household budget as well, because it reaches a point where they meld into one because of undisciplined spending habits.

Many people need guidance when it comes to handling their personal and household budgets. That's where an online budgeting program comes into play.

An online budgeting firm specializes in helping consumers organize household budgets as well as personal budgets. Once you make the decision to put your financial woes into the hands of a company with experience in online budgeting, you will be taking the first steps to financial freedom.

It takes very little time to enter your income and expenses onto the forms provided by an online budgeting program. Possibly for the very first time you will fully realize why your personal budget and household budget are completely out of hand.

You might have a better understanding of just how much you are spending once you are able to see it listed item by item and day by day.

Consider this for instance. What if every workday you are spending $3, twice a day for coffee? It might not seem like much. But in actuality, that's $120 a month. Or, $1,440 a year. Wow! Who would have thought? Well for one, an online budgeting program will certainly think of that. As well as all the other minor expenses that bring chaos to personal and household budgets.

It's the single grains of sand that make a beach and all the seemingly insignificant expenditures that create a mountain of debt.

Sure, you know you have that big mortgage and car payment at the end of the month, but where does the rest of the money disappear to? Often consumers find that 10%-15% of their monthly income just gets eaten up and they have no idea where it went! Say your family income is $4000 a month. Wouldn't it be nice to find out where that $400-$600 is going?

Well, an online budgeting program will help you find it. They will also help you find a way to put that hidden 10% into a savings account once you have all your income and expenses in order.

Perhaps once you have all your expenses accounted for, you will see a list that contains many of these items:

--mortgage payment
--car payment
--gas and car repair
--food
--clothing
--work lunches
--entertainment
--children's allowance
--home insurance
--car insurance
--life insurance
--newspaper delivery
--haircuts and styling
--credit card payments
--utilities
--telephone
--cable hook-up
--everyday incidentals(like those 2 coffees)

There could be many other expenses as well, depending on your hobbies and lifestyle. Maybe you belong to a country club or health club. Possibly your children are involved in extra-curricular activities that require payment.

Whatever your situation, online budgeting will help get your personal and household budgets itemized and under control, so at the touch of a mouse you will have full knowledge of what you will be spending each month even before you spend it.

Related Tags: household budget, personal budget, online budgeting

Gust Lenglet is an accomplished author in the fields of personal finance and home budgeting. He is the CEO of Crown Financial Concepts, Ltd. where you can get timely and valuable advice to create a personal or household budget. Please visit the website at www.crownfinancialconcepts.org

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