Financial concerns can quickly become overwhelming. Often, situations snowball to the point where we feel out of control and powerless.
At EAP we can help strategize ways to best deal with such issues and begin working on solutions together. After an initial assessment we may refer you to a community resource that can help you.
Read our tips on budgeting (below) and fill out our sample budget as a start. We can also recommend legal resources and assist you in creating a realistic budget for yourself. Whatever the case may be, we can listen and offer suggestions and /or referrals.
Tips On Budgeting
- Determine your monthly take-home income
- If you are paid bi-weekly, multiply your net pay per pay check by two to determine monthly income.
- Include other sources of income (e.g. alimony, child support, interest income, etc.).
- List your estimated expenses.
- Tracking actual expenses
- Small purchases such as lunch, movies, etc. are easily overlooked. Keep a small notebook and jot down small expenses if you have a bad memory. That way you will not forget to account for the smaller expenses that can add up.
- Compare income and expenses
- By comparing revenues and expenses you will be able to determine whether your monthly expenses exceed your monthly income.
- If your monthly income exceeds your monthly expenses, you are managing your money responsibly.
- If your monthly expenses exceed your monthly income, you may need to use additional strategies to better manage your money.
- Other Tips
- List priorities; make a list of wants and a list of needs.
- Track miscellaneous expenses; jot them in a small notebook.
- Be realistic; an overly strict budget may be difficult to maintain.
- Be prepared to minimize unnecessary expenses.