Budgeting Your Money

Budgeting your money means to make a plan for what you're going to spend.  It means you take into account the amount of money you actually have and spend only based on that amount. It helps a person make conscience decisions about exactly want they want their money to go. It also helps people manage their savings and make goals to put money away. According to Judy H. Wright in her article "Raising Kids on a Budget" there are only two ways to get more money:

1) increase your income and

2) decrease your outgo.

She has seven great tips on ways to "budget" based on the word:

B - Buy what you need, not what you want

U - Use it up, wear it our or give it away

D - Don't ever spend in anticipation of earning

G - Garage sales, consignment shops and hand-me-downs

E - Eat at home or make it at home and take it with you

T - tracking your spending means you have money to track

S - Simplify you life