To stablish and maintain a good credit record and to demostrate your ability to manange and repay your debts, make a spending plan and live within it.
To develop a spending plan, take the following steps:
- Determine your monthly income.
- List your fixed monthly expenses. Fixed expenses stay the same every month, such as a ar payment.
- Know your variable expenses. Variable expenses change from month to month, such as groceries.
- Track and plan for large, periodic expenses, such as car insurance.
- Compare your income with your expenses.
- Set priorities, goals and limits.
- Set a savings plan and make it a priority.
- Always keep an emergency fund.
- Plan ahead for major purchases and avoid impulse decisions.
Once you get comfortable with a spending plan, you can be flexible and make adjustments so you are making financial desicions that are in your family's best interest. Use your spending plan to help you stay within your means and make wise choices.
Stay on Course
If You Send Money To Relatives Living In Another Country
Remember to include the amount of money you send to your relatives living in another country in your spending plan. If you send the same amount of money each month ( such as $ 200 per month), add it to your fixed expenses. If you send a different amount of money each month, for example, $100 in January; $175 in Feburary; and $ 150 in March, calculate the average amount based on three months and add it to your variable expenses.
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