Recently we’ve been discussing better ways to shop, the importance of being in control of our finances, and being aware of our weakest links so that we may remain committed to what we believe in and the changes we’re working to make!
Today we’ll look at what it means to be in control of your expenses too!
Let’s look at what all our expenses might be during a month and how we pay for them.
First, consider all that you must pay out on a monthly basis for bills received requesting payment. These might include:
- Utility bills
- Credit card balances
- Auto loans
- Personal loans
- Student loans
- Rent/mortgage payment
- Insurance payments (Auto, health, life are common ones many will have)
Next, there are the everyday weekly living expenses that everyone has. Some of these might be considered a monthly expense depending on where you live or work and how you pay for them, but for now I’m including them here to make the point as needing the money on hand to pay when purchasing. These might include:
- School expenses (Personal or children)
- Dining out
Then for some there are a few living expenses I want to include as being prepared for on a quartly, semi-annual, or an annual basis. These are a few odds and ends expenses that many will have, but not all depending on their living circumstances. The importance thing here is to recognize them and know they are part of our lives and to be prepared for them when they come. These might include:
- Automobile maintenance
- Other maintenance expenses for appliances, furnaces, or other small equipment around the house or apartment
- Property taxes
- Income taxes
There might be more, but this covers a large majority of what most will see on a regular basis.
Most of us may not see all these expenses regularly, but we do see them. Unfortunately, we may even see many of these about the same time, and that is when things become overwhelming. Especially when we aren’t prepared for them!
We all live our day to day lives often without giving what we own the world a second thought until the bill comes due. That’s were some much of this really hits us. Sure, the loans and credit cards wouldn’t have been issued to us if we couldn’t have afforded it. But things are changing all the time, and some of these additional expenses most likely have been acquired after the loans and credit cards were first provided.
That’s what makes it so easy to get deeper and deeper into debt!
Having done some tracking of our weekly spending we know where we tend to purchase things that aren’t necessary. Depending on how we will pay for them, i.e. cash or credit, will show how easy it is for us to not be in control of our finances.
Knowing where we need our finances to be is being in control of our expenses. This means making certain there’s enough money to:
- Pay all the bills as they come due
- Pay for the weekly expenses that will be needed each week
- Put aside a set amount for future expenses so they won’t create problems when they arise
It’s your life and your finances. Take the few minutes to regularly keep track of your finances daily making certain you’re who’s in control of them.
Believe in yourself,
Warren La Duke