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Ashford Communities blog cover photo with text on blue bar "Budget 101 - Beginner's Guide"

Budget 101: Beginner’s Guide

Are you struggling with budgeting your finances?

Well, you are in the right place!

Most of the time, budgeting can be difficult and time consuming. From creating your budget for your Texas Apartment, saving, building your emergency fund, writing every expense and purchase, tracking your financial progress can be overwhelming and time consuming. But here’s the thing, it does not have to be that way. If done correctly, budgeting will provide you a sense of freedom, financial control, and stress-free financial life.

That is the reason why we compile some of the most important tips for budgeting.

1.    Budgeting notebook. It Is very important to have a notebook where you write everything when it comes to your finances. From the expenses, purchase, savings and more. This will help you track down your expenses and know where you are on your budget.

2.    Know your expenses. Set aside your expenses first such as, electric bill, water bill, internet, gas, food and any other monthly dues you have. In this way you have a clear picture on the things that you need to pay.

3.    50-30-20 rule. As much as possible follow the 50-30-20 rule. 50% of your salary will go to you expenses and monthly dues, 30% for recreational activities and buying the things that you want, 20% will directly go to your savings.

4.    Always have emergency money. Here’s the reality, whether you like it or not emergency happens prepared or not and when it happens it can get very expensive. So, why not save up for an emergency and hope nothing urgent will happen.

5.    Get out of debt. Debt is a monster that feeds on the financial security of the human race. Whether it is a good debt or bad debt, as much as possible refrain from it.

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