Money saving minute #006: Your Household & Personal Budgets

How are you at budgeting your finances?  Budgeting doesn't mean giving up what you enjoy, it means knowing where you money is going.  Click play to learn more or read the text from the video below.



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Money saving minute #006: Your Household & Personal Budgets (text from video)
     
Some people are very good at budgeting yet others need a little help.  Either way, having a budget in writing is helpful.  Below this video is a link to download an Excel workbook to help put your personal budget in writing. 

For those of you that are good at working with a budget this workbook will help you stay on track.  It will also help you achieve your saving goals by helping you track where you money is going.  Also, when two or more people are working within the same budget having a spreadsheet like this set up will help to avoid those little misunderstandings that lead to money arguments.

For those that are not so good at budgeting, or those that are confused as to how to start a budget, let’s talk budgeting 101.  Budgeting does not mean going without.  Budgeting simply means knowing where you money is going. 

Step one, download the workbook.  It’s free so it will fit into your new budget.  Step two, take a look at all of the categories but don’t fill in any numbers yet.  Step three, for the next 30 days carry a small notebook with you and track your spending.  Write down every purchase from grocery shopping to your lunchtime vending machine soda to the five dollars you put into the football pool.  Step four, gather up all of your bills as well as your last two paycheck stubs.  Step five, make a list of all of the non-monthly expenses that come up such as buying birthday gifts, vehicle registration and planning for your medical deductable.  Step six is to take all of this data and start building your budget.  As you are entering in your information look for things that you can do differently to help you save money but be realistic.  If changing a spending habit looks good on paper but you truly don’t have any intention of changing that habit then there is no sense in writing it down.  Finally, for those that struggle with budgeting due to impulse buying, check out Money Saving Minute #002, The 30 Day Rule.
 
This has been money saving minute number zero zero six.  It’s your cash and watching the The Money Saving Minute each week will help you keep more of it.  Click to the right to subscribe so you don’t miss any money saving tips and click the facebook button below to share this with your friends.