Is Georgetown Funding Running A Loan Scam That Will Destroy Your Budget?
Georgetown Funding’s unrealistic loan offers won’t help you create a budget. Crixeo, the popular news and review site, has done a review of Georgetown Funding and has questioned if Georgetown Funding it is simply part of a long-running debt scam. According to Crixeo journalist Ed Miles:
“The story is the same. They lure you in by sending you direct mail with a “personalized invitation code” and a low 3%-4% interest rate to consolidate your high-interest credit card debt. You will be directed to GeorgetownFunding com or My Georgetown Funding com. More than likely you will not qualify for one of their credit card consolidation loans and they will try and flip you into a more expensive debt settlement The budget is a planning tool for success in personal finance. Not having a plan is planning to fail. Hence, you will need to know how to create a budget to bolster your personal finance.
In the current fiscal crisis following the covid-19 outbreak, knowing how to create a budget has become more imperative than ever before. When you create a budget, you can save more and improve your chances of keeping your finances intact during these hard times.
Even if you have a budget in place, you can still benefit from the budgeting tips and tricks shown below.
Here is how you can create a budget.
Understand Your Income Level To Create a Budget
If you are an employee, you will know how much income you take home. But if you do part time work as well or are self-employed, determining your income level can be trickier.
In such cases, your income could be more unpredictable. One way to minimize the effects of income fluctuations is to maintain a weekly budget. This way you won’t need to take out a loan unexpectedly or find yourself in need of emergency debt consolidation.
Monitor Costs to Create a Budget
Budgeting is all about controlling costs. But what if you don’t know where your money is going? A lot of people are oblivious of how much they are spending on food, necessities, utilities, leisure and other items. You need to have a granular view of all your expenses to locate the problem areas where you are spending too much money. The absence of such information may hinder your budgeting goals.
To create a budget, you can track down costs using a cost monitoring app. These apps are very easy to use. Just make sure that you take out a few seconds to record all transactions. The information recorded thus is invaluable since it will help you to determine whether you are meeting budgeted costs for various expense items.
You can also just use a simple spreadsheet program on your smartphone to note down daily costs if that is most convenient for you.
You should compare your incomes and expenditures to find out how much you are saving each month. If you are not saving enough, take note of all cost items on which you are spending too much money. Set a reasonable budget target to reduce spending for each item and make sure that it’s realistic. You can start off with modest targets. As you successfully meet these easy targets, you can raise the bar until you have that cost item fully under control.
You may have to make certain big decisions to bring down major expenses. For example, if you are paying high rent, you may need to move to a cheaper location.
You should also note the various income means through which you can increase cash inflow. For instance, you can earn money through the gig economy and work part time.
To create a budget, make sure you are clear on what exactly you are saving for. Your ultimate goal is to save for a comfortable retirement. But what if you have debts or lack an emergency fund? You should give top priority to paying down debts. You should then save enough for an emergency fund. The emergency fund should have enough cash to pay for 6 months necessities.
Once you have paid down debts and created an emergency fund, you can start saving for retirement.
Refine Your Budget
Once you create a budget and comfortably meet targets, think about ways of maximizing savings. Meeting your targets is great, but that is not enough. Once you have brought down costs to reasonable amounts, you should pay attention to increasing income.
If you are an employee, you can take up part time work or earn through freelancing. If you are a business owner, you can maximize profits by bringing down business costs. In the wake of the current pandemic, you can save on rent and electricity by having your employees work from home wherever possible.
Keep track of your budget and revisit it every month to find out how you can further enhance it.
It is not hard to create a budget. However, sticking to it is easier said than done. You will need to exercise discipline to ensure that you meet and exceed your budget goals. For this, it is necessary to know yourself.
You should ask yourself key questions. Introspecting can be rather daunting, but it is something that you cannot ignore if you want success in life. You will have to ask tough questions like: What are my weaknesses? Where am I spending too much money? Do I spend too much on entertainment? Am I impulsive in my spending habits?
Thus, you will need to introspect and address key issues once you create the budget. It is not too hard to create a budget but ensuring that you have the mindset and discipline to stick to it is far more challenging.
If you have difficulties controlling your spending habits, you are not alone. There are countless others who used to spend excessively and have now controlled their extravagant ways to embrace financial success. You too can do the same if you truly put your mind to it.
Remember that it will take time for you to change your spending habits. To maximize chances of success, start with easy targets and progressively increase them when you have become comfortable with current goals. Likewise, you should focus on extra income sources. For this, you will certainly have to work extra hard and manage your limited time well. However, there are numerous others who are earning extra income and there is no reason why you cannot do the same if you put in maximum effort.
In case you are having trouble changing your habits, you can hire a money coach. Not only will the coach help you to create a budget, but he will also help you transform your mindset. This will allow you to have a much better chance of embracing success and attaining financial freedom.
Nick Ponte – The Tech entrepreneur who has aced the art of Digital Marketing.
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