Personal Budgeting During Tough Economic Times

I am a single mother struggling to keep up the tough times we are all living in at present. With three children, my income seems to shrink very month. My income is almost $27,000 a year. Six months ago, my mortgage and credit card bill created a large debt for me which I am currently trying to recover from. I am now budget planning to help me out of these crucial circumstances.

I learnt the value of money when my husband left me for another woman. At that time, I lived in a rented apartment, jobless as I had no sold degree, and I had three young children to take care of. My youngest daughter, Penny, was only 7-months old at that time. When he walked out on us, he went away to Mexico so that I could not force him legally for any financial support for my children. I had to scrape the petty amount of savings I had to raise my children and pay my bills.

With a job as a concierge, my finances still cannot support my family. To break the debt cycle, I have taken a few steps which are essential in budget planning. I keep a track if the money I spend and make a monthly budget. I control my spending by using coupon and going to sales to buy important items needed at home. I avoid using the credit card and ensure I pay the monthly interest on the debt. And every month, I am trying to save at least $100 so that there is money ready when any miscellaneous expenses arise.

Personal budgeting has worked for me. It is covering my expenses equivalent to the amount of income I am earning. And above all, it makes me feel in control over my money, over what is coming and going from my home!