Many people think that they do not make enough money to to create an emergency fund. Many living paycheck per paycheck, it is hard, but not impossible, to set at side a raining day fund.

The first thing you need to know is your monthly income and expenses. Do you have a fixed income or it varies every month? While some expenses are fixed, other will vary every month, but we can determine an average amount based on past bills.

Every time you go to the store or online, think twice before buying that item. Is this item a need or a want? Do I really need it? Can I survive without it or can I postpone the purchase for a few months?

Do I really need this?

Remember that our needs are different than our wants. You need transportation to go to work. Do you need a car or can you take public transportation? If you need a car, do you need a luxury car? Maybe not. Cars lose 30% or more of its value once you drive them out of the dealer. It is a big investment and in many occasions, we buy more than what we actually need.

The Budget

There are different technologies and tools to help you track your money. You do not have to use all of them, but the one that you feel more comfortable using. Also, personal financial software like Quicken can help you money all your transactions by connecting the software to your financial institution accounts. You can use smartphone apps like Mint, Clarity Money- Budget Planner, Daily Budget Original, Mvelopes, Spendee, EveryDollar, and many more. Alternatively, you can use spreadsheets to create your own budget and track your finances.

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