 
Estimated Monthly Savings: $25
Understand Your Daily Spending
Building a savings account and getting rid of credit card debt can be difficult. Most months we overspend and rely on our credit cards to get us through the month… and humor our daily spending that is not always necessary. Our credit cards usually leave us with minimum payments of at least $25, sometimes more if we overspend.
But, don’t fret, a big tip is upon us all.
Doing some simple math and budgeting at the beginning of each month can keep your spending on track. If your family brings in a consistent income each month, this should be no problem for you. If your income is commission or tip based but you want to learn to budget, remember to always estimate lower than you will probably earn. Lowball your earnings, and highball your expenses.
The first thing you are going to do is make a note of the monthly income your family brings in after taxes are taken out. Next, you will need to deduct your monthly expenses such as mortgage, car payments, utilities, etc. The remaining balance will then need to be divided by the number of days in the current month, and the number you are left with will be your “daily spending limit per day”. Please see below for a more detailed example.
A family brings in $3,000.00 per month.
Their monthly expenses are $2,100.00 per month.
$3,000.00 – $2,100.00 = $900.00 remaining.
In the month of January, there are 31 days.
$900 / 31 = $29 for daily spending.
The daily amount you are left with is the remaining money after your families expenses are paid. Besides gas and groceries, this is money for “leisurely” spending. If you want to understand your budget, even more, break it down by weeks too. $29 per day multiplied by 7 days per week, equates to $203 per week for leisurely spending.
This tip is not going to increase your wages or earnings, but it will help to keep you aware of your budget and daily spending. Stay focused and kick those credit cards to the side!
