{"id":839,"date":"2020-09-14T11:37:46","date_gmt":"2020-09-14T18:37:46","guid":{"rendered":"https:\/\/www.internationalcs.net\/blogs\/main\/?page_id=839"},"modified":"2020-09-14T11:38:29","modified_gmt":"2020-09-14T18:38:29","slug":"yuyas-personal-bookkeeping-and-budget-prep","status":"publish","type":"page","link":"https:\/\/www.internationalcs.net\/blogs\/main\/yuyas-personal-bookkeeping-and-budget-prep\/","title":{"rendered":"Yuya&#8217;s Personal Bookkeeping and Budget Preparation Service"},"content":{"rendered":"\n<p><strong>HELPING WITH YOUR PERSONAL BUDGET AS YOUR PERSONAL BOOKKEEPER.<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>A BUDGET is a financial plan that takes income and expenses into account and provides estimates for how much you make and spend over a given period of time.<\/li><li>What does a personal bookkeeper do?<\/li><li><strong>Bookkeeper<\/strong>. This person may provide concierge services for your&nbsp;<strong>personal<\/strong>&nbsp;finances, including paying your bills, balancing your checkbook and looking over your credit card statements. A&nbsp;<strong>bookkeeper<\/strong>&nbsp;may or may not have special training.<\/li><\/ul>\n\n\n\n<p>As personal finance all of your expenses fall into three overall categories:<\/p>\n\n\n\n<p>1.- Fixed expenses.<\/p>\n\n\n\n<p>2.- Periodic Expenses.<\/p>\n\n\n\n<p>3.- variable Expenses.<\/p>\n\n\n\n<p><strong>Fixed Expenses<\/strong><\/p>\n\n\n\n<p>Fixed expenses are the easiest type of expense for which to prepare, because they come in at both a consistent interval and amount. For example, expenses like your rent or mortgage, your car insurance, and your internet bill are fixed.<\/p>\n\n\n\n<p><strong>Periodic Expenses<\/strong><\/p>\n\n\n\n<p>Periodic expenses are similar to fixed expenses. They still occur in predictable intervals, albeit much less frequent, and they can tend to vary in their amount.<\/p>\n\n\n\n<p>Automotive expenses like regular oil changes, or your annual registration are great examples of periodic expenses. Additionally, if you are a business owner, quarterly taxes are likely one of your biggest periodic expenses.<\/p>\n\n\n\n<p><strong>Variable Expenses<\/strong><\/p>\n\n\n\n<p>You can break variable expenses into two sub-categories:&nbsp;<strong>necessary<\/strong>&nbsp;and&nbsp;<strong>discretionary<\/strong>.<\/p>\n\n\n\n<p>The necessary portion of variable expenses are things like gas for your car, your electric bill, and your monthly food budget. While they might not be a consistent amount, or occur at a predictable interval, they are still necessary.<\/p>\n\n\n\n<p>The discretionary portion of variable expenses are things like recreational spending. For example, buying a new pair of shoes that you didn\u2019t technically \u2018need\u2019, would be considered a variable, discretionary expense.<\/p>\n\n\n\n<p>However, regardless of whether a variable expense is necessary or discretionary, part of what makes it variable is that you can control it in some way with your<strong> Expenses.<\/strong><\/p>\n\n\n\n<p>&nbsp;Of an individual other than those for business or investment purposes.&nbsp;<strong>Personal expenses<\/strong>&nbsp;are not deductible unless specifically allowed under the tax law.<\/p>\n\n\n\n<p>Two examples of deductible&nbsp;<strong>personal expenses<\/strong>&nbsp;are medical&nbsp;<strong>expenses<\/strong>&nbsp;and&nbsp;<strong>personal<\/strong>&nbsp;property tax paid on&nbsp;<strong>personal<\/strong>-use property.<\/p>\n\n\n\n<p><strong>The 3 Types of Expenses: Summary<\/strong><\/p>\n\n\n\n<p>The more you understand these 3 types of expenses, the better you can financially prepare for them. To review:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Fixed Expenses<\/strong>&nbsp;occur in predictable amounts and intervals. In most cases, they occur on a monthly basis.<\/li><li><strong>Periodic Expenses<\/strong>&nbsp;are similar to fixed expenses, but they occur much less frequently. (i.e. quarterly or annually)<\/li><li><strong>Variable Expenses&nbsp;<\/strong>can be influenced by your financial behavior and decision-making. Additionally, they can be divided into 2 sub-categories: necessary or discretionary.<\/li><\/ul>\n\n\n\n<p><strong>STARTING WITH YOUR BUDGET<\/strong><\/p>\n\n\n\n<p><strong>We Will need these five steps to start you in a healthy budget:<\/strong><strong><\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\"><li>Bank Account.<\/li><li>Establish a Bookkeeping System<\/li><\/ol>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\" start=\"3\"><li>Categorize&nbsp;<strong>Your<\/strong>&nbsp;Expenses.<\/li><li>Establish a budget.<\/li><li>Software for Invoicing and Payroll.<\/li><\/ol>\n\n\n\n<p><strong>Will Assembling Your Budget as this:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\"><li>Housing (25-35 percent) &#8230;<\/li><li>Transportation (10-15 percent) &#8230;<\/li><li>Food (10-15 percent) &#8230;<\/li><li>Utilities (5-10 percent) &#8230;<\/li><li>Insurance (10-25 percent) &#8230;<\/li><li>Medical &amp; Healthcare (5-10 percent) &#8230;<\/li><li>Saving, Investing, &amp; Debt Payments (10-20 percent)<\/li><\/ol>\n\n\n\n<p>Will need to follow these simple steps<strong>&nbsp;to Creating a&nbsp;Budget&nbsp;You&#8217;ll Actually Follow:<\/strong><\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\"><li><strong>STEP<\/strong>&nbsp;1: MONEY IN. List your sources of income for the month. &#8230;<\/li><li><strong>STEP<\/strong>&nbsp;2: MONEY OUT. Next, look back over your last few months of bank statements to help you list all of your monthly expenses. &#8230;<\/li><li><strong>STEP<\/strong>&nbsp;3: ASSESS THE SITUATION. &#8230;<\/li><li><strong>STEP 4<\/strong>: Using and Maintaining Your&nbsp;<strong>Budget<\/strong>.<\/li><\/ol>\n\n\n\n<p><strong>Not everyone has&nbsp;the&nbsp;same fixed&nbsp;expenses, but here are&nbsp;a few&nbsp;of&nbsp;the&nbsp;most common examples:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Mortgage or rent payments.<\/li><li>Loans (student loans, car loans, home equity loans)<\/li><li>Insurance (car insurance, health insurance, life insurance)<\/li><li>Daycare.<\/li><li>Tuition.<\/li><li>Utilities.<\/li><\/ul>\n\n\n\n<p><strong>Expenses<\/strong>&nbsp;of an individual other than those for business or investment purposes.&nbsp;<strong>Personal expenses<\/strong>&nbsp;are not deductible unless specifically allowed under the tax law. Two examples of deductible&nbsp;<strong>personal expenses<\/strong>&nbsp;are medical&nbsp;<strong>expenses<\/strong>&nbsp;and&nbsp;<strong>personal<\/strong>&nbsp;property tax paid on&nbsp;<strong>personal<\/strong>-use property.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>HELPING WITH YOUR PERSONAL BUDGET AS YOUR PERSONAL BOOKKEEPER. A BUDGET is a financial plan that takes income and expenses into account and provides estimates for how much you make and spend over a given period of time. What does a personal bookkeeper do? Bookkeeper. This person may provide concierge services for your&nbsp;personal&nbsp;finances, including paying<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-839","page","type-page","status-publish","hentry"],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.internationalcs.net\/blogs\/main\/wp-json\/wp\/v2\/pages\/839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.internationalcs.net\/blogs\/main\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.internationalcs.net\/blogs\/main\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.internationalcs.net\/blogs\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.internationalcs.net\/blogs\/main\/wp-json\/wp\/v2\/comments?post=839"}],"version-history":[{"count":3,"href":"https:\/\/www.internationalcs.net\/blogs\/main\/wp-json\/wp\/v2\/pages\/839\/revisions"}],"predecessor-version":[{"id":843,"href":"https:\/\/www.internationalcs.net\/blogs\/main\/wp-json\/wp\/v2\/pages\/839\/revisions\/843"}],"wp:attachment":[{"href":"https:\/\/www.internationalcs.net\/blogs\/main\/wp-json\/wp\/v2\/media?parent=839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}