Skip to main content

Mansfield Magazine

Budgeting Tips From MISD's Financial Services Director

Sep 20, 2016 05:11PM ● Published by Melanie Heisinger

How does one go about organizing their finances? How important is balancing a check book, and do people still do that? What is the best way to be realistic about their spending? 

We were able to get in touch with Mansfield ISD's Monica Irvin, RTSBA, CPA, Director of Financial Services, and get a few financial budgeting tips.


5 Tips from MISD's Financial Services Director

1.        A person should begin by writing down their “net” check amount.

This is the amount after taxes; your “bring home pay,” as sometimes we don’t realize the deductions that will be coming out of our paychecks. 

2.       Make a category for savings and start now. 

Making that the first thing out of the paycheck is so important; getting in the habit of putting back a little something for later.  

3.       Then subtract out fixed expenses such as car payments. 

Other examples include rent, insurance, utilities, etc.  What is left is your discretionary spending; these are the wants, not the needs…there is a difference. 

4.       Estimate the discretionary expenses. 

Track your discretionary expenses by putting them into categories such as groceries, household items, dining out, etc. and do this for every little purchase. I personally even go so far as to organize my grocery store purchases into categories so it make recording and tracking easier. 

5.       Evaluate.

See how much you are spending on each category to see where you stand compared to your income. If there is a shortfall, look at the categories and determine what could be cut back on.  Maybe eat out less, drive less, get a cheaper car, comparatively shop for the best deals, shop clearance racks, etc.  You can look for ways to earn extra money.  You should not ever impulse buy as you might fall short on a fixed expense.  Instead, sleep on it, evaluate the budget and see if there is room for this discretionary expense.

Like what you're reading? Subscribe to Mansfield Magazine's free newsletter to get regular updates



Embed this content on your website

Embed
Life+Leisure, Today business finance Tips
  • Community Book Drive

    01/20/2018
    08:00AM

    Clean out your closets and check your shelves for those books you no longer need. Donate them and...


  • Mansfield Christmas Tree Collection

    01/20/2018
    08:30AM — 11:30AM

    Residents can drop off their old Christmas Trees at the City of Mansfield mulch site during this ...


  • Winter Walk began years ago as a grand opening celebration to the Walnut Creek Linear Trail and h...


  • Salvador Dali at the Arlington Museum of Art

    01/20/2018
    10:00AM — 05:00PM

    Dali was always much more than one of Surrealism’s leading figures. A virtuoso, gifted with dazzl...


  • Brunch Time!

    01/20/2018
    10:30AM — 11:30AM

    Zoologists of all ages are welcome to observe our resident critters tackling their Brunch every S...


  • Frozen

    01/20/2018
    02:30PM — 04:30PM

    Come watch Frozen at the Farr Best Theater and enjoy a family-friendly winter wonderland adventur...


  • Open Mic Night: Fingerprints

    01/20/2018
    05:00PM — 06:00PM

    Well, there's no microphone...but there is a microscope! We're going to study our fingerprints! L...


  • Stargazing with Astronomers (All Ages)

    01/20/2018
    07:00PM — 09:00PM

    Star light, star bright, come explore the stars tonight! We will explore the night skies with a...


  • The Las Colinas Symphony Orchestra will ring in the New Year with good cheer as we feature award ...


  • FORT WORTH STOCK SHOW AND RODEO

    01/20/2018
    08:00PM

    Since 1896, the Fort Worth Stock Show and Rodeo has been drawing in cowboys and cowgirls from all...


  • Community Book Drive

    01/21/2018
    08:00AM

    Clean out your closets and check your shelves for those books you no longer need. Donate them and...


  • Celebrity Chefs 2018

    01/21/2018
    06:00PM

    Mid Cities SOS presents an evening of culinary magic and chef's auction.


  • DFW Solar Awareness Day

    01/22/2018
    12:00AM

    Hello! We are putting together a day for solar awareness in the DFW area! Talk to your friends...


  • Community Book Drive

    01/22/2018
    08:00AM

    Clean out your closets and check your shelves for those books you no longer need. Donate them and...


  • Community Book Drive

    01/23/2018
    08:00AM

    Clean out your closets and check your shelves for those books you no longer need. Donate them and...


  • Home School Nature Class

    01/23/2018
    01:00PM — 03:00PM

    Join us for science and nature related lessons and guided investigation of Oliver Nature Park. Le...


  • Official Ribbon Cutting: Dirty Job Brewing

    01/23/2018
    04:00PM — 08:00PM

    The Mansfield Area Chamber of Commerce welcomes Dirty Job Brewing with an official ribbon cutting...


  • FORT WORTH STOCK SHOW AND RODEO

    01/23/2018
    08:00PM

    Since 1896, the Fort Worth Stock Show and Rodeo has been drawing in cowboys and cowgirls from all...


  • Community Book Drive

    01/24/2018
    08:00AM

    Clean out your closets and check your shelves for those books you no longer need. Donate them and...


  • Home School Nature Class

    01/24/2018
    01:00PM — 02:00PM

    Join us for science and nature related lessons and guided investigation of Oliver Nature Park. Le...


  • FORT WORTH STOCK SHOW AND RODEO

    01/24/2018
    08:00PM

    Since 1896, the Fort Worth Stock Show and Rodeo has been drawing in cowboys and cowgirls from all...


  • Community Book Drive

    01/25/2018
    08:00AM

    Clean out your closets and check your shelves for those books you no longer need. Donate them and...


  • NEW YEAR / NEW ART

    01/25/2018
    11:00AM — 06:00PM

    Starting 2018 With NEW ART waiting to be SEEN Giddens Gallery of Fine Art presents an All...


  • The 2018 Women’s Alliance Health & Wellness event “Achieving Your Healthiest Self” will be Thursd...


  • FORT WORTH STOCK SHOW AND RODEO

    01/25/2018
    08:00PM

    Since 1896, the Fort Worth Stock Show and Rodeo has been drawing in cowboys and cowgirls from all...


  • Step out for your health and a good cause at the 5th Annual MANSFIELD RUN WITH HEART! Choose from...


  • Community Book Drive

    01/26/2018
    08:00AM

    Clean out your closets and check your shelves for those books you no longer need. Donate them and...


  • Plates for a Purpose

    01/26/2018
    10:30AM — 01:00PM

    The Second Annual Plates for a Purpose will build on the success of last year's event and feature...


  • Home School Days: Habitat Hunt

    01/26/2018
    11:00AM — 12:00PM

    lementary to Middle School students will learn about which animals live in which habitats, and ho...


  • Home School Days

    01/26/2018
    11:00AM — 02:00PM

    These supplemental Science lessons are great for any kind of home school or unschool student! Aft...


  • NEW YEAR / NEW ART

    01/26/2018
    11:00AM — 06:00PM

    Starting 2018 With NEW ART waiting to be SEEN Giddens Gallery of Fine Art presents an All...


  • Home School Days: Animal Babies

    01/26/2018
    01:00PM — 02:00PM

    Middle to High School students will compare & contrast the physical traits and parenting techniqu...


  • FORT WORTH STOCK SHOW AND RODEO

    01/26/2018
    08:00PM

    Since 1896, the Fort Worth Stock Show and Rodeo has been drawing in cowboys and cowgirls from all...


 

Image title
Mansfield Area High School Sports

Community Champions