Gerald Simonelli has over 20 years of experience in administration and management. As a pastor in his hometown in Illinois, he helped organize fundraisers that collected millions of dollars for parish and community improvement. Currently, Gerald Simonelli is pursuing a career in professional event planning and management. As both an event planner and fundraising activist, Gerald Simonelli is an expert when it comes to budget. In the past, he helped a local parish get out of a twenty year debt within 3 months. Being so good with budgetary concerns, Gerald Simonelli offers some budgeting tips to people who may have trouble saving.
Start with the 50/20/30 rule. 50% of your income should go to fixed costs, like rent, utilities, and car payments. 20% should go to payments to help you secure a financial future. Savings accounts, paying off credit card debt, and emergency funds all fit into this category. The final 30% goes towards daily expenditures and other flexible spending. This can include groceries, dining out, gas, shopping, hobbies, etc.
Estimate low for income, and high for expenses. If you’re rounding out numbers, it’s always best to work with the lower figure for you income, and the higher for your expenses. That way, any discrepancies will end up in your favor.
Utilize saving options. If you have the extra money to save each month, open a savings account where it will gather interest. If you work for a company that offers 401(k), you should absolutely invest, as companies will usually match the amount you save every year. Some states offer IDA programs that match your savings towards a home or business if you agree to attend financial education sessions.