Budgeting 101: How to Budget Money
July 12, 2021 | Daniel Dewitt
No matter how much you’re bringing home each month, you should know how to budget money. It will help you pay for all your necessities and even store some aside to start creating savings. If you’re ready to find out all you need to know about how to budget money, follow along, and start building your future today.
Here's How to Budget Money
As a part of budgeting 101, consider the money you have and the things you need to pay for. When you have a budget, you know where every single penny is going, able to designate it to things you need, want, and even savings. A good rule of thumb that many follow is:
- 50% for necessities
- 30% for things you want
- 20% to savings
As far as how to budget money, it’s pretty simple and takes some planning and a bit of basic math. We’ve broken it down into three easy steps so you can create a budget quickly.
1. Find Out What You’re Working with
Before you start allocating money, you need to know how much you have. Take your monthly income after taxes and jot it down somewhere. Be sure to add in any kind of income you get on the side too for an accurate budget.
2. Make a Plan
Now it’s time for the fun part, dividing your money up into different areas. Start with all of the important stuff, including bills, groceries, and transportation. After you figure out how much you need to cover expenses, you’ll have a better idea of how to set aside money for the things you want and even a bit for saving.
3. Check Yourself
It might take a bit to start to learn how to budget money but, each month it will get easier and easier. Always check in with yourself and be sure to note your progress so that you are always getting better each month.
Budgeting 101: Priorities List
When you start learning how to budget money, you need to get and keep your priorities in place. When starting off, your priorities should be:
1. Setting money aside
Try and shoot for at least 20% of your income, putting aside a little money each month so that you have some relief if and when you need it.
2. Tackle Debt
Debts can get in the way of your budget, taking money away from what you have to save. Before making it down your list of wants and needs, pay off debts first and free up some of your cash.
3. Build up Cash
Last but not least, build up cash to get and keep yourself where you want to be. If you need money to set yourself up now, visit Georgia Title Pawn, Inc.
How to Budget Money: Tips to Grow Quick
After allocating all of your money, you may realize how little you have to put into savings. That’s why you should take these budgeting 101 tips, using them to learn how to budget money and add enough to build up savings too.
1. Make Cuts
The first thing you should do is look for places where you can trim up spending. Maybe you are a shoe fanatic or enjoy several nights a week out with friends. While both of those are a-okay, when you’re trying to save, you need to cut corners when you can.
2. Pick Up a Shift or Two
When you’re on a budget and looking to have more spending money or grow your savings, it could be a good idea to pick up a few extra hours. If you realize that you have some downtime, you could add a second job for a bit until you reach where you want to be or even take on a few passive income ideas online.
3. Use Title Pawns for Emergencies
Making a budget and sticking to it works great when you have a steady income. But what should you do when life throws a curving ball at you, and your finances leave much to be desired?
When hit with an emergency, a title pawn is worth looking into. Short waiting period, minimal qualifying requirements, and easy accessibility make title pawns an option to consider when the unexpected takes you by surprise.
What Is a Title Pawn?
A title pawn is a form of lending that allows you to use the value of your vehicle to get lump sum of cash. To get a Georgia title pawn, you need to be at least 18 years of age or older and outright own a vehicle. The title to that vehicle should be lien-free (having no outstanding loans or judgements against it) and in your name.
With most loans that you get from a bank, your credit score should be excellent. Banks want to make sure you’re capable of paying back the borrowed amount, that’s why they’re quite picky when it comes to selecting who qualifies, and who doesn’t.
With Georgia title pawns, it’s a whole different story. You use the title to your vehicle as collateral to lend money, that’s why your credit history doesn’t matter to a lender.
Even if your credit is outright non-existent, you still have chances to get online title pawn, and one of the places that welcomes all types of credit and accommodates all sorts of income is Georgia Auto Pawn, Inc. With Georgia title loans, you score:
- Up to $15,000
- Approval with ID, vehicle, and title
- Money in 30 minutes or less
- Approval even without employment
Get Your Georgia Title Pawn Today!
With just a bit of planning and some simple math, you can not only learn how to budget money, but you could have the perfect budget that will help you live, buy what you want, and even save for the future. But if your budget is suddenly hit by an emergency, don’t hesitate to get in touch with Georgia Auto Pawn, Inc. You can get started with your title pawning today by submitting a short inquiry form on our website.