In our home we are getting ready for the New Year. Last night my husband and I sat down and looked at all our bills and our business bills and put them on to a spreadsheet called a budget. The word budget may make you stressed and overwhelmed. A budget is your families financial life line and helps to get you and your spouse on the right page for future.
- Gather your bills and financial records
- I used Excel but there are free worksheets online
- List all our bills, the amounts and due date. Make sure you are honest about your debt. We divided all our bills by the weeks in the month and I am going to put that amount away each week.
– We are going to start to track our spending. We each have a little notebook we will write anything we spend, even a gumball. This way we can see the so called leaks in our budget. We have decided to get a reciept for all our transactions as to not forget to track.
– This week we also started our saving account through ING DIRECT We have finally started an emergency fund. Our goal is to put $10 a week away until we get $1000. Through all our financial struggles I have realized we don’t have at extra and we all need that cushion. I have always thought when we get our debt paid down then I will start saving, well this year my debt doubled due to my husband’s closed business. Another Valuable Lesson; one step at a time, $10 a week.
– Now we have the budget filled out, tracking spending and our saving started now what? You need to know your total income and subtract your expenses. For us it was negative, Then you look at all the expenses you’ve track and you cut the expenses you can, like eating out, the quick trips to the store that cost you $60. and like my daughter soon became aware of $4 latte.
When you have all your expenses and income tracked you like me will finally have the blinders off. The budget that I was so resistant to have because I thought it was to restricting has made me feel I am finally in charge of my financial future.
Have a blessed day and happy budgeting!