Women's Conference Class by Linda Inman
Divide and conquer, 3 steps to an easy budget.
1. Future Goals (retirement, college, home repairs)
2. Recurring costs (fixed expenses, tithing, gas, clothes)
3. Day to Day expenses
Take your monthy take home pay, minus your savings and fixed expenses =
How come my spouse and I are always arguing about money?
Should I involve the whole family in budgeting?
Things to remember: Pay a full tithe, save 10 to 20%, keep your debt to income ration under 30%, if you can refinance your mortgage do it, keep discretionary income under 20% of take home income.
Debt: borrow only when it makes sense (like a mortgage), set yourself up to get the lowest rates, tap into home equity sparingly, keep your credit report as clean as possible.
What you can do if you have too much debt: pay more than the minimum paymetn, don't borrow from friends and family, don't use a credit consolidation service that charges upfront or monthly fees, don't use a high interest loan to pay off lower interest debt even if it means just one monthly payment, declare bankruptcy--this can have a severe impact on your future finances.