We have yet to include Budgeting 101 in schools.  But it’s not too late to learn especially these days that prices of basic commodities keep on increasing.  Here are some basics:

·       Follow the give, save, spend rule.  Try setting aside 10% for the church, another 10% as savings and the balance to your living expenses.  Don’t reverse the order though.  That’s when your problems will start.

·       Review monthly income vs. expenses.  Do a quick balance between your monthly income vs. how much you are spending each month.  This will make you see how you are spending your money and manage it more effectively.

·       Pay your credit cards.  Avoid them if you can, but if not, make sure you have set aside money to pay them as soon as the statement comes.  That way you avoid charges and gaining debt.

·     Avoid loans it if possible.  Many of us cannot avoid home loans though, so if you have that, make sure the interest rate is reasonable.

·       Teach your children about budgeting. Start them while they’re young.  Teach them to give, save, and spend principle with their allowance.  This will surely help them when they grow up.

·       Love your job and make money on the sides.  These days, it is normal to find other profitable hobbies or sidelines.

·       Read books about money.  I personally recommend Robert Kiyosaki’s books.  I read them myself and I find it very helpful!