In addition to the physical and emotional impact, a cancer diagnosis can have a devastating financial impact on the lives of people who have had cancer and their families by reducing the amount of money available for general living expenses, such as rent, food, and public services. In this article, we offer some tools to plan, manage and understand one’s finances, to contribute to face these difficulties.
How To Manage Finances
Planning A Budget
A budget shows the forecast of incoming and outgoing monies. Drawing up a monthly budget is an essential step in maintaining day-to-day finances. Even if the total expenses differ from the initial forecast, the fact of making an estimate allows to detect possible problems and from there to plan strategies to follow.
Preparation O.F A Monthly Budget In 3 Steps :
- Enter the usual income from all sources (monthly). These are your total income.
- Write down everything you spend (regularly); you can estimate the expenses of the previous months, and classify them into different categories (rent, food, utility bills, leisure, etc.). This is your total expense.
- Subtract the total cost from the total revenue. This will give you the balance. This is the amount you have saved each month.
The elaboration of a budget can be useful to determine if at the end of the month the expenses are adjusted to the forecast, and thus help maintain control of finances. If the expenditure is higher than the income, it may be necessary to make some changes so that the situation is sustainable in the long term (either increasing revenues or reducing expenses).
Planning, managing and understanding finances are vital to improving the personal economy. Next, we offer you a summary list of the basic tips to follow:
Classification of your issues: cancer has many financial effects. You may have several problems in your mind that must be solved first.
Income: Checking your savings, investments, and salary will help you plan your budget.
Expenses:if you try to reduce non-essential costs as much as possible, you will notice an improvement in the economy.
Budget: Having a monthly budget can help you manage your daily finances.
Payment management: it is essential to track your invoices and bank accounts. If you can not manage your financial affairs, ask someone you trust for help so you can lead them.
Loan: Ensure you have thought about different alternatives previously procuring cash. Continuously pick the most sparing kind of advance.
Also, you can counsel a few assets and money related guide for individuals who have had a malignancy in this article.