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Home > Blog > Newlyweds > Tips for Setting a Budget

Tips for Setting a Budget

Posted by: Michael S. | Sep 27,2007

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One of the better things about using credit cards is it allows you to set a budget. You might have broken down and bought an iPhone (and how could you not, that thing’s like the Death Star tractor beam) for a cool $500 plus, but you know that you won’t have to lay down the entire cost at the end of the month. A credit card bill keeps budgeting on an even keel every month. Here are some tips on setting a budget, especially helpful for newlyweds just starting out:

It should go without saying: add up all your guaranteed expenses, subtract that from income, and see how much you have leftover for more frivolous purchases. Spreadsheets are a good idea if you really want to get technical.
Every month set aside some money for savings. This way you won’t spend above your budget every month. You’ll always have a growing emergency fund. A separate interest-bearing saving’s account is a good idea.
For credit cards: negotiate with your credit card company to change your bill’s due date. Also negotiate for lower interest rates, if you’ve been responsible for a long period of time. By doing this, you won’t be saddled by huge payments at one time during the month.
Itemize everything. Write down all expenses, even cups of coffee. A three dollar Starbucks every day can add up through the coarse of a month.

Beyond what you have in leftover money, you can spend on credit. Don’t go crazy though, unless you can afford a larger credit card bill every month. The bill will be less than paying for an item outright, but payments will go up incrementally the more you put on the card.