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Jan 7, 2009 6:18 pm US/Eastern
Consumer Reports Makes Home Budgeting Easier
(KDKA)
Experts keep saying to cut back on what you spend, but that's not always easy.
For one, you've got to know where your money goes—all of it—then set up a budget.
Before your eyes glaze over, wait! Consumer Reports can help!
You can keep it simple, using a pad and pen.
Or go online. One helpful site is
buxfer.com.
It allows you to create your own budget, personalized with your own spending categories.
Consumer Reports suggests trying to keep track of every penny you spend for at least a month, from mortgage, car payments, and groceries to your morning coffee -- even tips for your barber or hairdresser.
Next move -- factor in surprises, like the unexpected car repair.
Things like that can be real budget busters.
What you want to do is look through the previous year's bank and credit-card statements and identify unexpected expenses and add those up.
Add another 10 percent for safety, and divide by 12.
That's the amount you want to set aside each month for unexpected bills.
Once you know where your money is going, you can create a spending strategy that makes sense.
There are certain expenses, such as your mortgage, that are a given.
But others, such as eating out or birthday presents, are flexible.
That's where you can look to cut.
Cutting back here and there, even a little, can add up to real savings.
(© MMX, CBS Broadcasting Inc. All Rights Reserved.)
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