MAIN MENUIs budget a dirty word to you?
How about changing your perspective? Tracking your personal budget can help you recognize where your money is going and gives you the opportunity to choose where you would like your money to go. Using these personal budgeting tips and tools to keep track of your monthly income and expenses can give you the freedom of knowing you will not be overdrawn this month.
How do I set my personal budget?
Start by answering the following yes or no questions honestly and accurately. If you write the answers on a piece of paper, you can save them and check back in a month or two to see if the answers have changed. Use your notebook to help organize your personal budgeting tips.
- I know the exact amount of income I receive each and every month.
- I know what my monthly expenses are.
- I know what I purchase with my cash each and every day.
- My monthly budget includes items that are not paid monthly.
- My budget includes money for enjoying life.
Time to crunch the numbers
Find your monthly bills for the past 3 months. Find the yearly and other non-monthly bills you have paid in the past 12 months. Don't have the bills? Then, look in your check registry. Don't keep a check registry? Time to start one.
GO, find the information right now! We will wait for you.
And, while you are looking, see if you have receipts for the cash that you spend daily.
Personal Budgeting Tip
If you do not have cash receipts, get a very small notebook to carry with you and keep track of your personal cash expenses for the next 7 days.
Now what?
Use our personal budgeting worksheet tool. Complete all the appropriate boxes, then click the button to tally your monthly income and expenses and calculate your net. Is the number positive or negative? Are there any categories that surprise you?
Personal Budgeting Tip
Print the personal budgeting tool a second time. Complete the boxes the way you would like to see them. For the next month, refer to this second budget prior to making each purchase to see if you are spending your money the way you want it spent. You can also using Quicken as your personal budgeting software debt elimination tool.
Now that you have a personal budget, visit the online savings account page to see how to earn more interest on your savings. Easily manage your savings account online!