This is a list of things that you should consider when you are designing your budget before you start trying to fix your credit.
Step 1: Create a Daily Expenses list, which should include everything that you spend for a month, no matter what it is, no matter how small you should keep a list for everything you spend, every day of the week.
Step 2: Debts
- Mortgage or Rent: This should include second mortgages or home equity loans you have to make monthly payments on.
- Utilities: This includes water, electricity, cable, telephone, internet, sewer, trash and any other utilities.
- Transportation: If you have a car this includes loans, insurance, maintenance, and gas. If you do not have a car you should include bus, train or planes that you take on a regular basis.
- Daycare: This includes any payments you make for child or elderly care on a regular basis for your children or any elderly persons in your care.
- Alimony or Child Support: If you pay these out you should list them here.
- Education: Whether you are paying for you or your child's education it should be listed, tuition, fees and books.
- Personal Loans: Loans made to you or to a consolidation company should be listed here.
- Legal Fees: If you pay a lawyer or accountant put them here.
- Medical Fees: any outstanding bills after insurance payments should be listed here.
- Insurance: Include homeowner, medical, dental, life, legal, and disability here.
- Credit cards: Any credit cards you have whether credit cards from the bank or from the gas station or from your favorite store should be placed here.
- Taxes: If you owe back taxes it should be listed here
- Miscellaneous: If you have other bills that do not fit in any of the above categories list them here.
Step 3: Income
- Gross Pay: From your employment whether through an employer or through income you earn through self employment. Dont forget to also list your taxes, social security, union dues and anything else that is withheld from your pay.
- Bonuses: If you make a regular bonus list it here, if you get one on performance only list it after you have recieved it, that way you dont count it as income until it actually is.
- Dividends and Interest: If your bank or stocks you own pay you in Interest payments or Dividends list it here.
- Rentals: If you own property that your rent or lease add them here.
- Trust: if you get payments from a trust fund you should list them here.
- Child support or alimony: If you recieve these payments add them here
- Pension and Retirement Funds
- Social Security
- Public Assistance
- Any other income.
By keeping track of these items you will be able to create a budget that works for you and eventually start working on your building credit goals as soon as possible.
