Jerry A Jacobs of Miami, Florida - Creating a Personal Budget
Jerry A Jacobs has worked closely with many people in Miami, Florida in order to help them to create a personal budget that allows them to better manage their finances. The following tips should help you to do the same.
Collect Your Bills
The first thing you want to do is collect every bill you have paid over the course of the month. This will allow you to determine what your monthly outgoings are, in addition to highlighting things you might be able to do without if money is tight.
Determine What You Owe
Your monthly bills will let you know how much you are spending each month, so it is important to also keep track of how much you owe on credit cards and other loans. This will allow you to adjust your outgoings accordingly, perhaps opening up the opportunity to pay a loan of quicker than expected if you have more income than you expected.
Make Room for Savings
Now that you know what you have to spend each month, you should have a portion of your income left over. It is important that you don’t spend all of this during the course of the month. Instead, dedicate a percentage of this to a savings account, meaning you always have something in reserve in case of a rainy day.
Keep It Simple
If you are new to financial planning, Jerry A Jacobs recommends that you don’t try to overcomplicate things. Keeping a record of your income and outgoings should be enough to get you started. You can start considering things like investments in Miami, Florida and beyond once you have your immediate finances in order.