“Are your finances a mess? Budget for Success.” by Madeline Frank, Ph.D.

You have overdrawn your bank account for the third time. Your rent check has bounced, your power bill check has bounced, your monthly insurance payment has bounced and your car has just broken down. Your bank has charged a transaction fee of $35 per bounced check. This is the fastest way to double what you actually owe by adding all of these extra charges. Do you feel overwhelmed by your Finances? My Momma, Romayne Leader Frank, a lawyer and counselor, taught her clients and me how to budget our money. During my high school years Momma taught me to make a budget of my expenses, to keep a ledger of the money going into the bank and the money to be paid out for expenses. She also taught me to put my entire paycheck, after taxes were deducted from the pay check, in the bank. Then I would pay all my bills, and take out only the necessary amount for food and necessities. The remaining money went into my savings account. As a college student in New York City, I always had a job to help me pay for tuition, apartment rent, utilities, and food. So, let’s get started and think this out together. You want everything in your budget. Whether it’s your personal or business finances, you have to have a plan in place for your success and you need to learn to budget your money. What are the eight questions you need to answer to build your budget? 1)Are you withholding enough money from wages to pay for taxes? 2)How much money do you earn each month after taxes? 3) How much is your rent or mortgage payment each month? 4) How much is your power bill, gas bill, water bill, sewer bill, telephone, cell phone and insurance for my apt/house, self and for the car each month? 5) How much does it cost to put gas in the car each week to go from home to work and then return home? Multiply the total amount by 4. 6) How much does it cost in groceries each week? Multiply the total amount by 4. 7) How much will it cost for entertainment and new clothes per week? Multiply the total amount by 4. 8) Are you budgeting for unforeseen consequences such as family emergencies, loses not covered by insurance, emergency travel and other events? Include an amount per week and multiply by 4. All your expenses need to be included in your budget. Once you have written down your total amounts for your bills/expenses per month you subtract them from your monthly pay check that you will be receiving after taxes. The amount that is left is the beginning of your rainy day fund to invest for your future to eventually buy a car, house, or business. The concept is to spend only what you have and to stay on budget. You cannot buy frivolous things that you do not need and cannot afford. You have to stay within your budget. By having your budget plan in place you will know exactly how much money you have left over every month to begin saving for your future. Remember you cannot spend what you do not have. By following these steps and learning how to budget your money you will become financially successful. Madeline Frank, Ph.D. is an Amazon.com Best Selling Author, sought after speaker, business owner, teacher, researcher, and concert artist. She helps businesses and organizations "Tune Up their Businesses". Her innovative observations show you the blue prints necessary to improve and keep your businesses successful. She writes a monthly newsletter "Madeline's Monthly Article & Musical Tips" and a monthly radio show "Madeline's One Minute Musical Radio Show". She has just published her new book "Leadership On A Shoestring Budget". If you need a speaker contact Madeline at: mfrankviola@gmail.com