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Starting My Budget
Just started figuring out my budget, "an estimate of income and
expenditure for a set period of time." I decided to start off with some short-term goals, like setting aside 10% of my income every month, in case of an emergency and to help me reach my long-term goals. I decided to start this because I need to be more financially secure. -
Period: to
My Long Term Goals
I need to buy a house, but that's a very long-term goal. "A long-term goal of homeownership
could entail both short-term and intermediate-term goals; for
example, how much to save each month toward a down payment
for a home to be bought in five or more years." This is especially true for me, as I've saving up in hopes of buying a house. It should be soon, as I've been able to stick to my budget pretty well. -
How to Fix My Expenses
To save up for this house, I'm gonna need to cut down on my expenses. This means I need to work harder to pay off any debts I may have, and to only buy what's necessary -
Increasing My Income
I've decided to take more hours at work, but that's not the only way to increase income. I need to look towards things like "money received as gifts, allowances, royalties, or profit from a
business or rental property." -
I Bought My House!
I finally managed to save enough and buy my house! This reminds me of the time when my dad had to make a budget for himself. After him and my mom got divorced, he needed to adjust his living expenses. He created a budget that cut down on those expenses, and despite how difficult it was having to adjust to this new lifestyle, he stuck to it and saved up enough to buy a house when I was ready to start school.