During a recession, jobs and money can be hard to come by.
Most people set out to find ways to make some extra income during these tough times.
However, the people that usually do the best during a recession are the people that know how to budget the money they are already making.
Creating a budget during a recession is not a difficult task.
In fact, it is no different than creating a budget during any other financial period.
Here is how to create a simple budget and keep track of it during tough economic times.
First, you need to get an accurate picture of how much you are making each month.
Is your income each month consistent or does it vary? If it varies you may need to do a bit of estimating in your budget.
Next, you need to figure out where your money is being spent.
Go ahead and list all the categories you are spending money on.
This list should include things such as bills, groceries, your car, your home and utilities.
Create the list by reviewing your last two months of bank statements.
After creating this list you'll need to spend some time analyzing your spending patterns.
Are there things on that list that you could have gone without? Could you have used coupons to lower your monthly grocery bills? How about cutting back on some of the channels on your cable bill? What about cutting your minutes on your cell phone bill? Once you have everything written down on paper, it will be easier to see exactly where your money is coming from, where it is going and where money can be saved.
A recession will not last forever, but your budget should.
By creating and sticking to a budget you will be much better off financially in any economic situation.