Christopher Best is an experienced businessman who has managed his own business since 2008. In addition to his home business, Christopher Best’s aptitude for finances extended to becoming assistant treasurer from a past teaching position. Today, Best has entirely switched his career to finances and, in doing so, he has learned valuable industry skills. Among the most common skills for finances students and pros like Best is careful personal budgeting, and the following steps will help you do the same:
Christopher Best uses the above tips to manage his personal finances as carefully as he manages finances in professional positions. Applying similar tips to your own finances can greatly improve your monetary management and improve your financial outlook.
- Assess Your Fixed Expenses – Your fixed expenses are your bills that cannot be changed. These include mortgage payments, car payments and other monthly financial obligations. Look at your monthly bills and record their total as the first step of building your budget. This is also a good time to call insurance companies and credit card companies to ask for lower payments.
- Assess Your Variable Expenses – Variable expenses are those that are subject to change each month and those that you can eliminate. These might include groceries, clothes, gas and more. Take this time to assess what you can cut down and set limits for each variable expense based on what you can afford to spend. This is the second part of building a simple, yet comprehensive, budget.
- Self-Assess Adjustments – Every month or every three months, sit down with your budget and self-assess any required adjustments. This will help you tailor your spending to your changing income and expenses so that you can continue to follow your budget.
Christopher Best uses the above tips to manage his personal finances as carefully as he manages finances in professional positions. Applying similar tips to your own finances can greatly improve your monetary management and improve your financial outlook.
