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Getting Started with a Household Budget Today! The first step in creating a household budget is to set aside a half hour or so of your time that can solely be devoted to working up a good budget. If you are married, talk with your spouse about creating a budget during the work week and then plan a specific time for the upcoming weekend to sit down together and start your budget. Remember, when creating a budget with your spouse, always compromise so that each person in the relationship feels that they are not the only one that is making a sacrifice. Always keep in mind that there are going to be monthly expenses that are going to have to be eliminated or reduced so that the cycle of living paycheck to paycheck can be broken. This is where the compromising between you and your spouse begins! If the budget is only for you, be honest with yourself about where your money really goes every month. Things like gourmet coffees, sodas and cigarettes add up quickly! If you smoke a pack of cigarettes a day and stop off before work and get that daily coffee, your probably spending $125 - $150 per month right there...So keep expenditures like these in mind when it comes time to estimate your Monthly Living Expenses. We have divided our Online Budget into 3 main categories:
If you are not using our Online Budget Software, get a pencil and some paper and start off by writing down and adding up your Monthly Household Income. Next, think of all your Monthly Fixed Expenses and then write those down and add them up. These are expenses like Mortgage/Rent, Child Care, Loans, Car Payments, Utilities, etc. The next step is to write down your Estimated Monthly Living Expenses. This is where you have to put your thinking cap on and estimate what certain items cost you on a monthly basis. These items are things like food, gas, entertainment, cigarettes, alcohol, hobbies, gifts, etc. If you buy a soda every day, multiply the cost of that soda by 30 to get the monthly cost. Now that you have written down your Monthly Fixed Expenses along with your Monthly Estimated Living Expenses, add these two totals together, and then subtract your Total Expenses from your Monthly Household Income...Now you will see how much (or how little) money you have left over each month. Divide your Monthly Surplus by 4.3 to get an accurate Weekly Surplus. Now that you've made a budget, there is only one thing left to do...STICK to IT! With our Online Budget Software, you can login anytime and add or delete monthly expenses so that your budget is always current. To register with budgetBucks.com, click here! |
