Budget Planning

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Personal Budget Planning

Determining disposable income

1. List all monthly bills such as - mortgage or rent payments, car payments, student loans, food, utilities and gas.

2. Calculate total monthly income

Monthly income - monthly expenses = disposable income

Discuss what percentage of your disposable income will be used for movies, restaurants, clothes, and entertaining. And what percentage will be used for saving and investing.

Before implementing a saving and investment plan try and pay off your credit card debt. The interest rate on credit cards will be higher than the interest on savings.

Plan for the unexpected

Many financial planners recommend putting away three months salary for unexpected events such as unemployment or illness.

Review you employee benefits package

If your employer does not offer a 401K consider starting an IRA.

Review your employee health insurance policies to determine if you and your spouse should stay with your individual policies or switch to the same.

Begin planning for your financial future, today.

Jewish Wedding Planner, 2007