PIGGY BANKS AND COOKIE JARS | HANDLING FINANCES LIKE A BOSS

   Handling your budget is always difficult and frustrating, isn’t it? That is why, it is important that you understand both your expenses and monthly income in the first place.  To do so, first be sure to have a clear idea of the scope of your monthly budget. Then, look at both your income and expenses to get a better understanding of how much it costs to attain your standard of living. It might be helpful to start writing a journal (financial calendar) of your income and expenses every month, especially if you have multiple sources of income.

   An easy way to understand better your expenses is to divide them into three basic categories:

• Fixed, which are constant and unavoidable each month (a rent or a loan);

• Variable, which are the ones that may vary from month to month (all home utilities);

• Periodic, which occur in specific, sometimes unexpected, situations. (holiday gifts or any kind of “Oh-No” unexpected expenses).

   Once you do this, you will be able to gain better control over your expenses. 

    Find out more about a few fun and easy ways to help you understand and control your finances as per Fashion Potluck’s community member, Chelf.