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Guidelines in Preparing Your Personal Budget:

Updated on February 11, 2010

 

Guidelines in Preparing Your Personal Budget:

1.  Establish your goal/s

2.  List down your income including unexpected items like gifts of money.

3.  Enter all your week's expenses: the fixed and variable expenses. Include an amount for your savings.

4.  Add your expenses and compare them with your income. If your expenses exceed your income, decide which item/s to forego or earn extra income.

5.  Record your expenses and your spending every week. They reflect your spending patterns.

6.  Make an assessment of your plan. Compare what you actually spent against your plan. Did you underestimate or overestimate some of your expenses? Did you miss out on some necessary expenses? Did you include some unnecessary items? Deficit spending can put your plans in jeopardy. It can eat up all your savings.

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