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How to Budget When You Have Debt

Have you created a smart budget?

If you have debt, ranging from student loan debt to credit card debt, you may have a hard time creating a budget that allows you to pay off that debt, save and reasonably afford your expenses. Here are some tips for budgeting when you have debt–

Prioritize Your Spending

If you have debt, making sure you make your monthly payments on time and in full shouldn’t be a question. As such, this is your first spending priority. Hopefully, your debt doesn’t take away more than a fraction of your financial income. Once your debt is paid, try to put remaining income (up to 20 to 30 percent of your total income amount) towards savings.

Your necessary expenses, like rent and food, should never total more than 50 percent of your total income. However, if you can help it, try to keep it in the 30 to 40 percent range. If you are spending more than this, you should consider a lifestyle change. Finally, with the remaining 30(ish) percent, you can buy things you like and want/spend money on going out.

Don’t Take on More Debt!

A huge mistake that people make is taking on more debt when they are already in debt. If you have debt, do not take on more debt! This means do not take on more student loan debt, don’t open another credit card and don’t apply for a home loan. Be debt-free before adding onto your financial woes.

How do you deal with debt? What does your budget look like?

Click Here to Start Budgeting 

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