Idiot's Guide to Budgeting

If you are at a loss when it comes to budgeting and saving, take a look at our guide. We give you a few simple tips to make budgeting as effective and hassle-free as possible.

1. Set financial goals. You can't plan without knowing where you want to go and how you intend to get there. One way to reduce your need for a cheap cash advance is to set basic goals for your finances. Where do you want to be financially in six months, five years, thirty years, etc.? Write your goals down.
2. Assessing your current situation to create a budget. If your goals tell you where you're going, your budget will tell you where you are. Before you create your budget, track your fixed expenses, variable expenses, and income for one month. At the end of the month, total up your expenses and compare them with your net income. Do you have a deficit or a surplus? You probably have a deficit if you are trying to cover gaps in cash flow with a cheap cash advance. If so, figure out ways you can trim expenses, boost income, or both. Break your expenses into categories an impose limits on each category.
3. Save for your future. Saving is critical to the security of your future. Using a cheap cash advance every once in a while is a good short-term solution to cash flow issues, but savings are a better long-term solution. You can buffer against surprise expenses with your savings. Experts recommend saving 10% of your income, but if that sounds too high for you, start smaller. Set aside just 1-2% from your paychecks each month and increase this percentage as you get used to the concept of saving.
4. Spend responsibly. If building a savings account is your offensive attack, then controlling your spending is your defensive plan. When you spend excessively, you're often only left with the choice of a cheap cash advance. Try cutting spending by paying for all of your purchases in cash. Psychologically, this reinforces the amount of money you're spending, and it can help you set limits on your weekly spending.