If you’ve ever struggled with finances then you’ll probably agree the most annoying advice you can hear is:
Just make a budget!
Although budgets are quite effective your typical household budget can vary quite a bit throughout the year. This can make successful budgeting rather frustrating! Luckily, there is a resource to help step up your budget planning.
Budgeting with Convert Units
Let’s assume that you accepted a new job making $36,000. Congratul-but wait! How much is that a month, week, day or hour? Do months with national holidays affect your income? How about vacation time?
Now normally to answer these questions you would simply make calculated estimations. But budgets work best when you can get as precise as possible. So, we suggest inputting your information into convertunits.com.
We inputted the info for our example above and found these results.
- Month-$2769.23 or $3000
Hopefully you noticed that the figures are all over the place. That’s because you need to know exactly how many hours you work at a given time period. For example, in a previous article we discussed that if you get paid bi-weekly you are going to have a couple months where you receive three paychecks. Hence, some financial calculators compensate for that and will determine your true monthly take home pay at $2769.23. That’s a difference of $230.77 compared to the $3000 general estimate! Even holidays, as enjoyable as they are, can interfere with your budget if you don’t get paid for those days off.
Create Precise Budgets
There are many factors that affect that your salary. And simple ballpark estimates are not productive when planning your finances. By using the salary converter tool at convertunits.com you can prepare more precise budgets and better control your money.We're Social! Connect with us: