Just hearing the word budget makes the most law-abiding citizens want to rebel. No one likes to be told what to do with money that they’ve worked hard to earn, but budgeting is a necessary evil. A lack of planning regarding your resources can destroy you financially. If done properly, your budget will provide you financial freedom and flexibility. Here are a few tips to help you get started. - yvette caslin

Collect all of your financial statements (income and expenses) – Banking statements, investment accounts (stocks, bonds, CDs), utility bills, credit card bills, etc. You should have a clear financial picture and know your net worth. It’s empowering.

Track your expenses – Auto, home, utilities, mobile phone, Internet, child support, groceries, insurance, dry cleaning, entertainment, coffee, makeup, shopping, childcare, gas, hair care (barbering), nail care, and student loans. This is where things start to get tricky and a little daunting.

Determine your monthly income – Income from work and child support payments must be calculated so you can have an accurate account of what you actually bring home, after taxes. It’s not okay to keep these figures in your head. They need to be on paper so you can stop making those impulsive purchases.

Subtract your expenses from your income – It’s very important that you have identified all of your expenses at this stage and haven’t left anything out. This is a very important task because this step determines whether you are living within your means. If you are living above your means, you will need to eliminate unnecessary expenses like coffee, nail care, eating out, etc.

Review - It is imperative that you consistently review your budget. You should review it weekly to make sure you stay on track. It’s easy to stray when things come up like auto repairs, prom, school fund-raisers, baby showers, weddings, graduations and birthday parties.

Invest in yourself – Be sure you are saving a minimum of 10% of your income. You’re worth it.

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