Determine Your Basic Needs Costs

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Instructions

Determine Your Basic Needs Costs

1. Here's a list of suggestions of things that you simply must spend money on every month (not just the things you really want, but the things that you are legally obliged to pay). As you read, try to calculate as precisely as possible how much you spend monthly on each one:
   
   * Rent or Mortgage
   * Food (amount for meals at home, unless you never cook)
   * Utilities (heat, air conditioning, water, electric)
   * Phone Bill
   * Cell Phone Bill
   * Cable Bill
   * Car Payments
   * Gas or Transportation Costs
   * Health Insurance (if this is automatically taken out of your salary, don't include it)
   * Car Insurance
   * Student Loan Payments
   * Other Loan Payments
   * Credit Card Payments
   * Child Support or Alimony
   
   Feel free to include anything you else you think should be on the list. But the point is to budget for things for which you definitely have to put money aside.
   
   Once you have the list, add up all the numbers, and then divide by four.
   
   The Rule: This is the amount that you must put aside from your paycheck EACH WEEK. If you have a checking account, a good strategy is to open a separate, "secondary" checking account (ask your bank). Then you can transfer the exact amount into that account as soon as you get your paycheck. When you pay the bills, you just write the checks from that account and you know you'll always have sufficient funds.

Next: Allocate Funds for Your Nest Egg And "Wants" Costs

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Resources

• Get more information from MoneyMinded.com
• Check out Money Central budget tips

[dhoni]

on 7/5/2009 The Indian Union Budget 2009-10 has been presented in the parliament today by finance minister Mr.Pranab Mukherjee. Get all updates & highlights on sify.com
http://sify.com/finance/budget/
http://sify.com/finance/budget/