California Bankruptcy

California Bankruptcy: Free Information on Personal Bankruptcy & Answers to Bankruptcy Questions


		Bankruptcy California Home \| Ask a Bankruptcy Question \| Bankruptcy Alternatives \| Bankruptcy FAQ

After Using a Worksheet for Creating a Monthly Budget, How Can I Make My Budget Work for Me?

Once you have created your budget, you will realize that there are only two ways to increase your cash flow each month. (If you have not created a budget, try using our free worksheet for creating a monthly budget)

Method #1: Increase your income

Method #2: Reduce your expenses

How Can I Increase My Income?

There are many ways to increase your income; consider some of the following suggestions:

1.	Work more overtime
2.	Get a second job
3.	Start a home-based business
4.	Take in a boarder or roommate
5.	Try to find a better paying job

Remember to always consider the consequences when you try to increase your income. More overtime may mean less family time which, in the long-run, may not help you at all.

How Can I Reduce My Expenses?

For most people, reducing expenses is a more immediate way to increase their cash flow than increasing your income.

Start by looking at every item on your budget that you spend money on each month. Can any of those items be reduced? Try adjusting your worksheet for creating a monthly budget.

Here are some suggestions:

1.	Consider ways to reduce your housing costs, such as moving to a smaller house or apartment or taking in a border or roommate.
2.	Look at all of your non-essential expenditures, such as cigarettes and alcohol. By quitting smoking or reducing the amount you drink, you can free up a lot of cash each month.
3.	Look at how much you spend on credit cards; pay off high interest balances first.
4.	Consider buying a coffee maker and a travel mug, and making your own coffee each morning, instead of buying it.