Caribbean Credit Bureau Ltd.

Make Credit Work for you!


Jul 192020

Have you ever wondered where did the money go? Most of us have or are still going through that dilemma and maybe it is simply a matter of us, not budgeting.

A budget is an outline of income and expenditure for a set period which can serve as a financial plan and should be re-evaluated periodically. No matter your financial position, a budget can always serve some purpose.

By going through this process, it puts things in perspective with a bit more clarity than you may have had before. It helps identify where and how your hard-earned money is being spent. It can also highlight the possibilities available to you, identify and warn of potential financial problems, outline whether you can take on additional debt or whether you can maximize your savings.

By planning and knowing your current financial position, the budget helps to keep individuals focused and making informed and intentional decisions for their spending. For those with families or in relationships, this may also help facilitate those daunting financial talks by simplifying things into basic figures and presenting a visual aid.

Here are a few tips for helping you along the way:

Start with the most important expenses, those staples in your life, and no I do not mean the coffee. The basic amenities, Shelter, Food, Transport, and Utilities should be set out.
Save those receipts! Check your receipt for the last couple of months to get a better idea of how much you are spending and incorporate those expenses into the budget. Remember, you may have to revisit these to begin to reduce some of the amounts if your budget is in the red. 

Continue to think about all other expenses you may have missed and remember, when budgeting you may want to establish separate savings funds for major expenses that you know are coming throughout the year. For example, the upcoming insurance payment, car maintenance, or back to school shopping may be tough to tackle with one month’s budget, therefore, have a separate fund from your regular savings to address these incoming expenses to make them more manageable.
Record your spending, still keep those receipts, and track your progress.
Reevaluate and be realistic.

Let your savings account be that a savings account and keep a checking account for expenses outlined in your budget.


Budget in the Red 

  • Reduce Expenses and Eliminate Unnecessary Expenses
  • Prioritize Bills
  • Find New Source of Income
  • Stick to Budget

Budget in the Green

  • Work on Savings Plan – 3 months of wages
  • Set up bill payment calendar to keep on track
  • Work on Eliminating Debts
  • Stick to Budget 


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