Managing Money for a Healthy Lifestyle: Activity For All
Nothing stresses people out more than worrying about money, and stress is not good for your healthy. If you want to enjoy a healthy, active lifestyle then you should invest some time in learning how to manage your money. You may think money management does not go with activity for good health, but think about what it costs to join a sports club or gym. Or what if you want to take up an active hobby such as rafting, boating, or horseback riding where you incur regular monthly expenses? Frankly, a healthy lifestyle demands a healthy sense of budgeting. You should be able to live the life you want regardless of how much money you make.
So here are some tips to help you get started.
First, if you don't have a monthly budget, you should start making one. Begin by writing up a list of all your regular bills including rent/mortgage, utilities (gas, water, electric, sewage if separate), car payment(s), memberships and subscriptions, credit card payments, installment loans, etc.
Once you have a list of your monthly bills in place you'll need to figure out what your irregular expenses are. This includes food, clothing, travel (hotel, gas, etc.), and other expenses for "one-time purchase" items.
Finally, if are trying to save for school, health expenses, vacations, big gifts, etc. you should treat those allocations as expenses, too.
Now that you have all your allocations written down you need to put in what you actually earn. These earnings may come from interest, royalties on books, independent income, your paycheck, and so forth.
In addition to "income" you should also track one-time cash infusions such as winnings from lotteries and casinos, inheritances, and sales of old property and goods you get rid of on the open market.
Although you cannot budget for unforeseen income and expenses you can track things as they happen. It is important to watch how you spend and make money all the time.
A budget plan works by putting dates next to your income and expenses. You plot out when you can pay your bills, take trips, etc. You want to get as much money into savings as possible. You also want to pay down your debt as much as possible too.
Most financial experts agree that you should not close your credit cards when you pay them off. Just set them aside and don't use them. Having a high-credit/low-debt ratio helps when you want to apply for new credit, such as buying a car or a home.
Finally, look at what other people do for saving money, including clipping coupons and looking for special discounts and bargains. Here are a few blogs that you can browse for ideas on how to save money as you continue to enjoy a healthy lifestyle.