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ByUSACash

How to Create a Budget in 5 Easy Steps

e’ve put together these 5 easy steps for beginners to create a budget for monthly expenses and spending habits, because we know it can seem overwhelming.

At iCASH we understand how important it is to take the time to plan not only for your bills, but those rainy-day unforeseen costs, too. If you’re in need of some extra cash, an online short-term loan can be the perfect solution.

Step # 1. Include Your Net Income

The first thing to consider when creating a budget as a beginner is how much you make every month. List your take-home pay, which excludes taxes. This is known as your net income. Knowing this amount guarantees that you don’t have an overestimated understanding of your income.

Do this as soon as the money lands in your bank account. If you list your income before you possess it, you will have an exaggerated sense of how much you can currently spend.

Listing how much you actually make as soon as the money comes in is a great budgeting for beginners’ tip.

Step #2. Track Your Monthly Expenses

Track your monthly expenses by going through everything you spend and list them routinely. These expenses include everything, both big and small: gas for your car, school expenses, even a candy bar. Everything goes into the list.

Make sure to do this daily or weekly so you don’t forget your spending habits. This way, you will get to evaluate your purchases throughout the monthly budgeting process.

 

Step #3. Categorize Your Expenses

When creating your budget, even as a beginner, remember that fixed expenses remain constant every month. Variable costs differ based on usage.

Constants:
– Rent
– Insurance
– Subscriptions
– Car payments

Variables:
– Electricity
– Hot water
– Cell phone bill
– Gas

Once you’ve listed your expenses, categorize them accordingly: constant vs. variable.

Classifying your living costs allows you to stop paying attention to fixed payments because you cannot reduce these in any way. You can narrow down on the variables to examine how you can adjust your spending pattern to suit your savings goals.

Step #4. Calculate the Difference

This is an important step when beginning your budget: Add up your incomes and your expenses separately.

Once you have the total for each, subtract the expenses (include your monthly bills as well as anything you spend on entertainment, eating out, etc.) from your income, and see how much you have left.

The remaining amount will represent your monthly savings and money you can put toward paying off debt such as an online installment loan, as well.

Step #5. Review and Evaluate Your Budget

A good way to know if your budget strategy was successful is to look at your savings.

Did you reach the amount you wanted to keep in the bank? If not, this is when you get to trace your spending habits and evaluate how you can do better with your budgeting plan. Are there any expenses you can cut back on?

Reasons to Make a Budget

The budgeting process gives you a better understanding of your spending habits and can help you reach financial goals as an individual or family. Only 47% of Canadians currently use a budget to manage their money.

These are the main reasons why a budget is useful:

Increased Awareness of Your Income

A great reason is to know how much you make every month once you exclude taxes and other payroll deductions. Keeping track of your net income and how you use it shows you exactly how much you spend from that amount.

This is especially helpful if you work multiple jobs or are self-employed, like a freelancer with an unstable income flow.

Keep Track of Your Money

Organizing your money monthly really helps to track your expenses and tabulates your spending so you can easily tell where your money is going. This allows you to gain more control over your finances.

Improves Finances

Another great reason to create a budget it so you know where your money is going so you can improve your finances by understanding what you need to cut. Especially if you have a credit card, living beyond your means can happen subconsciously. Budgeting will stop you from doing this, preventing undue stress.

Improving your finances through a strategic spending and saving routine is ideal when preparing for those unexpected expenses or saving towards a large purchase or vacation. When you make a budget, you can plan around  by setting spending limits.

 

Get a Helping Hand from us

With a little bit of effort, you can spend less on groceries every week. By using these tips above, you’ll be able to cut down on your food expenses and keep your spending in check. Even if you already follow some of these tips and still need an extra hand, you can always consider getting an instant loan from USACASHMoney to cover your grocery bills until you can get back on your feet again.

ByUSACash

Christmas loans – a great option for the holidays

From Christmas parties to special presents under the tree, the holidays can come with a lot of financial pressure.

Nearly 80% of Americans stress out about overspending for Christmas or the holidays, according to a 2018 Credit Karma survey — and there are lenders that market loans for the holidays specifically for that spending.

If you haven’t saved — or haven’t been able to save — for the holiday spending you want to do,  and you’re thinking about taking out a Christmas loan, here are some important things to consider, and some other options to look at.

What to consider if you’re shopping for a Christmas loan

If you’re set on borrowing for the holidays, here are a few things to consider.

  • Prequalification  Some lenders let you prequalify for a loan by pulling a soft credit inquiry, which won’t affect your credit scores. Submitting several prequalification applications can help you narrow down your list of lenders. USA Cash Money works with some lenders who does just that.
  • Monthly payments and a fixed timeline  Christmas loans are installment or personal loans. That means they’ll have monthly payments due over a specific amount of time — making it easier to plan into your budget.
  • Interest rates — Depending on loan terms and how your credit looks, personal loans tend to have lower interest rates than credit card interest rates. So taking out a personal loan may save you interest as opposed to charging all of your holiday purchases.
  • Fast funding if approved  If you choose an online lender, generally the application and funding process is quick and easy. If you’re approved, you might even receive your loan the same business day, giving you more time to prep for the holidays.

Planning ahead for the holidays and budgeting for your expenses is the best way to enjoy the season while avoiding a holiday financial hangover. But that’s not always possible — life happens, and sometimes basic necessities cut into our holiday budgets.

While a Christmas loan may allow you to spoil your family, it’s financially healthier to budget and set money aside for holiday expenses if you can. Start today by stashing some holiday cash in a designated savings account. You may even enjoy the holidays a lot more knowing that you can ring in the new year without added debt.

ByUSACash

What You Should Look for in a Cash Advance Service

Quick signups

Chances are, you don’t have time to sit around and wait for an application to clear when you need a cash advance. Look for a provider that gets you your money fast. See USACashMoney signup forms here.

Instant deposits

You also may not have time to run to the bank to deposit cash. Look for a cash advance service that deposits your money directly into your checking account.

Low APR

High interest rates can seriously affect your ability to pay back your cash advance. Save money by looking for a provider that offers a reasonable APR. Do the math and figure out how much you’ll end up paying after two weeks on the amount of money you need.

Some cash advance services even offer 0% APRs, likeUSACashMoney Instacash advances, so don’t be afraid to shop around before you choose a cash advance service.

Low fees

Just like your APR, advance fees can make your loan much costlier. Ask your advance provider about fees and look for a provider who only charges a small fee — or better yet, no fee at all.

No impact on your credit

One of the benefits of a cash advance is that it won’t impact your credit if you pay it back on time. Avoid banks that require a hard check on your credit. Every time a company pulls your credit report, your score lowers — so protect yourself by choosing a bank that doesn’t mess with your credit score.

USACashMoney has all of these above noted so that you can borrow cash advances quick, safely and with minimal fees. We also have many more benefits like our apps in both the Google play store and Apple play store.