Savings and Budgeting

1580 Words7 Pages
Savings versus Budgeting

Name: Ashdane Beckford
School: Glenmuir High, 10 Glenmuir Road, May pen P.O Clarendon.

School number: 986-2372 986-2538 986-6355
Students number: (1876)431-5521

I Ashdane Beckford DO NOT have a family member employed at the FSC or Junior Achievement Jamaica.

When I was first assigned this project which is in the form of an essay, I thought about two things before drawing any further conclusions: * The effectiveness of Budgeting * The effectiveness of Saving
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Once you have these tools then you can sit down and annotate everything that you spend money on in a month, (list them in order of importance).then you can start adding figures to your labels then you need to know where you are spending every penny of your money. This may take more than one sitting, because you may have to track your expenditures for a while, possibly a whole pay period. Keep all your receipts. Ascertaining your monthly bills shouldn’t be a problem. You know what your mortgage and car payments are along with your utility bills. It’s the money that seems to slip away from you with nothing to show for it that you really need to concern yourself with. This is the area that you need to track. If your debt is already out of control, it will be a little harder to implement a budget. However, its undoubtedly important that you begin a budget or improve previous one if you are in debt .Without one, its virtual certainty that you’ll never be able to live without debt .A budget forces you to get your spending under control, to live within or below your financial limits until debts are paid off (if there is one) .Only then will you free up money that can go towards reducing and eliminating your debt. Once you are aware of what you’re spending your money on, you’ll be able to put it down on paper and label them with the different categories of your spending. Make a column
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