Guide on savings and investments with budget on christian money.

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Debt Management Part 4

Next you may want to create a debt consolidation budget guideline, for example the percentage of what your housing loan will occupy your take home pay. You may set aside 30% on housing that includes repairs, power, phone, water utilites etc. may be 20%, food 20%, medical 10%, clothing 5%, entertainment that may include smoking, dining with friends, magazines 15% (this is the section where you need to pay more attention to) and lastly, savings and investments, the most important part of your plan. I will be writing free book on Investments soon, so stay tuned!

Step 4
Now you can start a New debt consolidation Budget, this is where most people fail, they jump right into this part without first tracking their expenses. They start giving themselves impossible debt consolidation budgets to stick to; in the end they failed and start complaining that it don't work. Just imagine if you spend $200 on fuel and now you decide to budget it down to $100, that is almost impossible and is not realistic. That is the reason why all the articles that I have written don't have content table explaining a summary of each chapter, it is just Debt Management part 1, 2, 3 and so on. If I were to write Debt Management Chapter 1, tracking expenses, Chapter 4, new budget, guess what, people will tend to go right into chapter 4 and skip chapter 1, that is why they will "fail"!

Next you have to balance your budget, you have to add up all your expenses and subtract it with your take home pay after deducting your emergency savings fund goal you have set. If your balance is positive, that's good news, if not, you may want to narrow down your saving funds goal to a longer period, that may give you a better buffer to work with. Try to work on the “wants” in your budget, reduce the wants as much as possible, take it as a game, you have to play to win right? If not, what's the point of playing in the first place.

Debt Management Part 5

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