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Expenses like rent, clothes, car, food, and student loans can drain your earnings faster than you think. Remember it’s important to live within your means. A budget will help you plan and manage your money wisely.
Budgets are merely an approximation of income and expenses. They will vary from person to person depending on your lifestyle, income, and location. To create a budget, start with how much money you bring home on a monthly basis and subtract expenses. This process helps you to make sure money is coming in faster than going out. It also allows you to track your expenditures and identify areas for improvement or cutbacks.
Be sure to include an amount for saving in your budget. A general rule of thumb is to save 10% of your monthly income. This amount can be used later for emergencies, big purchases, life goals or retirement.
Divide your monthly expenses into two categories: Needs and Wants.
Needs are things you truly can’t survive without such as nutritious food, a place to live, essential clothing and transportation. Wants are things you’d like to have, but could do without if you don’t have the money to buy them. Wants include stuff like eating out, designer clothes, video games, manicures, or a snowboard.
By having a budget, you may find that about 5-10% of your total spending may be for purchases that are not needed. What could you do with that extra 5-10%? Perhaps your future plans include buying your first home, paying down debt, or simply setting aside cash for a special purchase.
If you are thinking about moving, keep in mind that cost of living needs (housing, food, utilities, etc.) can vary by state and even city. You can find the cost of living for most cities from their Chamber of Commerce. You can also visit the Cost of Living Index website which compares total costs between urban areas with component data on grocerices, housing, utilities, transportation, health care, and miscellaneous goods.
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At CCH, we believe it is important to take a stand by demonstrating our willingness to promote and inspire systemic change. We must speak honestly and truthfully to the ugliness of racism that permeates throughout our society today. It may be an uncomfortable conversation for some, but it is an all-too familiar reality for anyone living in this country with black or brown skin. Hiding from it, ignoring it, or being silent about it will not make it go away.
Learn MoreAt CCH, we believe it is important to take a stand by demonstrating our willingness to promote and inspire systemic change. We must speak honestly and truthfully to the ugliness of racism that permeates throughout our society today. It may be an uncomfortable conversation for some, but it is an all-too familiar reality for anyone living in this country with black or brown skin. Hiding from it, ignoring it, or being silent about it will not make it go away.
Learn More