5 STEPS FOR STARTING A BUDGET
Determine Your Current Monthly Income Level
· Determine your total monthly income. Be sure to include all sources such as Social Security, alimony, disability, child support, unemployment.
Make two written commitments
· First, commit to live on your monthly income.
· Second, commit to incurring no new debt.
Prioritize essential needs
· Housing, food, transportation, and medical expenses should take top priority.
· Stop discretionary spending on things like entertainment, manicures, or vacations.
· Don’t stop giving “first fruits” to the Lord.
Delay nonessential expenses
• For example, put off buying clothes, giving gifts, or making home improvements.
Analyze monthly subscriptions
• These are adjustments that may be temporary or permanent. • Include such things as magazines, gym memberships, cell phones, and cable television