When immigrating to the United States, it is essential to learn to manage personal finances and adapt to new terms in another language.
Regardless of income, it is always very useful to establish a budget so that you can determine a strategy to pay rent, health insurance, debt payments, food and other basic needs. A budget will help you plan what you'll do with every dollar that comes into your account, plus it will help you achieve financial freedom with less stress.
First, it's important to know what your income is after automatic tax deductions, life and health insurance payments. Later, you can choose the best system to make your budget.
One option to start setting a budget is to apply the 50/30/20 rule. This rule, which consists of 50% of the income being able to cover basic needs such as food, rent, services, transportation; with 30% expenses are covered for certain tastes and needs that are expendable; and finally 20% is savings or to pay debts.
Another option that requires more discipline and control is to determine an exact amount for each category for a month. That is to say, put a limit on the expenses of food, entertainment, rent, among others. In this way you can avoid making extra expenses in each category during the month and adjust your expenses in a more efficient way.
To evaluate or monitor your monthly budget, they can support you with tools such as apps related to taking care of personal finances or even from the app of your bank or financial institution.
To evaluate or monitor your monthly budget, they can support you with tools such as apps related to taking care of personal finances or even from the app of your bank or financial institution.
