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Having A Personal Budget

Updated on August 25, 2011

Budget, Just Do It

Budgeting should be a good and positive word to get you motivated to streamline your spending. With the New Year or any time of year, this resolution to create a budget will be the best thing you could do for yourself.  It is amazing the number of people that do not budget. All income levels can have this problem of not budgeting and keeping track of where their money is going. They wake up one day and wonder why they are having issues paying bills.  Every month I use Excel to manage my monthly expenditures and I even use Excel for my grocery list. I keep at least a years worth of my spreadsheets so I can pull up what was going on a year ago. This comes in handy when I pull up August and see that my car registration will be due or in October I pay less in utilities. So why is it that people do not make a budget? Some are lazy and do not want to take the time to do it. Others lack money skills to put their budget together and what to tackle first. 

Budgeting Is Easy As 1, 2, 3.

What does one need to do? Get your bills out for the month along with other expenditures such as groceries, meals out, and do not forget to figure in the payments that come once a year. Organize your bills and take that information,enter it into a spreadsheet. Using the “auto sum” of the column ( I use Excel) you want added up to keep track of the total expenses that will be incurred that month. I do the same thing with my grocery list and I keep a copy to pull up each week. The main reason for sitting down and making a budget is you know where you stand. Nothing worse than getting towards the end of the month and realizing there no money in the bank.

Learn to live within your budget. Going outside your budget will lead to financial problems and you may really too much on your credit card. Getting into credit card debt is easy, getting out of it is even harder. If you use your credit card, pay it off as soon as possible. For some using their credit card is for emergencies or large dollar items. Teaching your children the value of money is important and saying no to an item that is too pricey is something, as a parent you must do. As a parent you are doing them a disservice by buying them things you cannot afford. This goes for everyone in the household to know that high dollar items may need to be saved for in order to buy it. A good way to do this is get an envelope and write on it what you are saving for. Each week put some money into that envelope and when you reached the amount you need go out and buy that item.

There is so much more one can do to economize from clipping coupons, to buying off brand items, and looking for bargains when an item is needed. Recycling cans and plastic at places that give you some money back is a good way to put a few extra dollars in a savings account or for that high dollar item you are putting money into an envelope for. Checking around for a good savings account that offers a nice percentage on the money you deposit is a good idea. With the Internet it is very easy to check out who has the best deal.

Doing a budget can help alleviate the stress of keeping track of monthly bills and will save you time. With the many stresses in life this is one that can be managed. For many, money issues are very stressful and any help is much appreciated.

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    • eddiecarrara profile image

      Eddie Carrara 7 years ago from New Hampshire

      Nice hub, some good tips, I like the tip about the envelope, I have 3, each envelope is has a purpose , one for investing, one for saving and one for tithing and it's unbelievable how much you can save.