Perfect Budget

Somebody asked me the other week “what is the perfect budget?” That’s an excellent question and there really is no right or wrong answer. Just as, individually, we’re all different, so too are our hopes and dreams, our lifestyles and our needs and wants.

So, what might be the perfect budget for one person might not necessarily work for somebody else. Even though we might work at the same place as our friend, and earn the same money each week, because our home lives are very different so too our budgets will be different.

There are many factors to consider in a budget: how much debt do I have? How much are my weekly, monthly and annual bills? How much income do we receive each week? What are our financial priorities? What savings would we like to put aside for the future? What will our needs be in a years time? In five years time? In a decade? Possibly the biggest question we must ask ourselves is: do we have enough income to sustain the life we’re leading now and into the future?

Sadly, for so many of us, we don’t have an income problem but a spending problem. The perfect budget has many facets. It has a portion to repay our debt as soon as possible, without choking the finances. There is also a portion for day to day bills which enables us to pay these accounts on time without stress. And, of course, there is also a portion that puts a little aside for ‘rainy days’. So many of us have no savings and therefore have to borrow money for the times when disaster strikes.

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Household Budget Expense Layout

More and more folks are taking action to manage their income in a more productive manner. It has become more and more difficult for the average person to make certain their bills are paid and their household is taken care of. If you are seeking a way to achieve more control over your hard-earned money, you might consider using a household budget expense layout. It is not as difficult or intimidating as one might think. All you need is a calculator (or excel program on your computer) and a willingness to take an honest look at your finances.

Begin by making a list of all your expenses for a two-month period. List all mortgage or rent payments, utilities, credit card debt, gasoline, food, clothing, gifts and donations, entertainment, grooming, regular medical expenses, medical and household and personal supplies, and any money that goes to savings. Round any amount under a dollar to the next highest dollar. Be sure to record everything you spend money, no matter how small. Make certain that every member of the family participates.

Once you have done this for two months, take a hard look at all the expenses and determine if there is anything that is not really needed and can be eliminated. Our society has encouraged wasteful spending, and a little here and a little there can really add up.

Next, look at all expenses that are paid occasionally-once or twice a year-such as insurance, property taxes, etc. By adding these expenses together and dividing by 12, you know exactly how much you need to set aside each month in order to have the money available to pay for these occasional expenses. As you can see toward the bottom of column one, this amount is included in the monthly expenses. It is wise to set up a separate bank account for this so that you are not tempted to use it for something else.

Once you have decided the amount you will spend, you are ready to create your household budget expense layout. You can use Word and create a table if you prefer to do your own calculations, or you can go to Excel, which will do all the calculations for you.

You'll want your heading to be personalized with your name, so that you take ownership every time you look at it. Make a space beneath the heading to insert your net monthly income (what is left after taxes and deductions are taken). This will keep the bottom line in clear view.

Set up the first column with the names of all your expenses, and the next column will list the amount allotted to each expense. Remember to add as a monthly expense the money that you are putting aside each month for your occasional expenses.

If you include the total for all your expenses, and have that subtracted from the net monthly income, your household budget expense layout will tell you exactly how much money, if any, you have left each month. Keep a monthly expense sheet that lists all the items on your household budget expense layout and enter each amount as you pay it. Include blank rows so that you can write in additional expenditures. It is now up to you to keep within your budget guidelines so that you avoid going deeper into debt, and make certain your financial needs are met.

One way that I found to meet-and exceed-my financial needs is by working in my own home-based business. My household budget expense layout now looks dramatically different-especially the section that tells me how much is left over after paying the bills. After considerable research, I found a company that guided me every step of the way. I no longer have to worry about "stretching" every dollar to try to balance my budget. I am more relaxed and happy, knowing my finances-and, more importantly, my family-are well taken care of.

Learn to Budget Money in 4 Easy Steps

Before you can learn to budget money, you need to know what a budget actually is. Dictionary.com defines a budget as an estimate, often itemized, of expected income and expense for a given period in the future.

Basically this is the money you have coming in and the money going out to pay bills such as your mortgage, lights, water, and credit cards. When you learn to budget money, it will be easier to see how much money you have left over. It's amazing how effective a budget can be when you put it on the computer or on a piece of paper.

When you set up a budget, you will have a better understanding of how much money you spend each month, you will know how much you can spend, and where all of your money is going. This will also help you to know which bills need to be paid with each check. You will be able to prevent late fees and finance charges when you set up your budget. Another thing you will be able to do is set up a savings account with money you have left over.

Here are the steps that I use to step up my own budget. Use these four easy steps to learn to budget money for yourself.

Gather your bills Gather all your bills for the month. This is a crucial step in you want to learn to budget money and control your spending more effectively. You will need statements so you have the amount you owe, the balance, and the date it's due. You will need this information so you know how much you need to pay and when the bills are due are due. You can then decide which check they will need to be paid with.

• Gather your pay stubs
You will need to know how much your checks are and the date you will receive them. You should have this information for the entire year because it's a good idea to set your budget up for the year.

• Organize Your Bills By Due Date
The third step to learn to budget money is to put your bills in order by due date, starting with the one due at the end of the month on the bottom and work your way to the beginning of the month on the top. If you have bills that you don't receive statements for, use a file card and list the business name, monthly payment, balance, and due date on the card.

• Add The Information To A Spreadsheet
Once you have the bills in order you can start adding them to your spreadsheet. You will need to remember that you have to incorporate the bills into each check. So if your check is $500, you will need to include the bills that are due before the next check that total around $500. You will also need to include groceries, gas, and any extras that you have. If you are not familiar with using spread sheets, you should consider taking a quick course on the topic. Spreadsheets are practical and helpful tools you can use to learn to budget money.

Once you are done with your spreadsheet, you will have a great start to your budget. You will need to review it again. Look at the left over dollar amount for each check. If you have extra money you can either leave it in your check book or you can add a line and put it in a savings account.

Creating a budget is important for anyone. It gives you an idea of the money you are spending and it will help you make sure you pay all of your bills each month.

Finalizing and Sticking to Your Personal Finance Budget

As you go through each month, be mindful of every dollar you spend, every check you write, and every time you use your debit card or go to an ATM machine. Cut up your credit cards, or use them only in emergencies. Refer to your budget regularly to make sure you're staying on track. If you find that you have overspent in one area, try to compensate by reducing in another area.

If your kids ask for things that you haven't budgeted for, remind them why your family is trying to spend less. If they're older, maybe they can earn the money they need for what they want.

Review the budget with your family members, and post it in a visible location so everyone can see it maybe on a bulletin board in your kitchen or family room or on the refrigerator.

Carry a small notebook or some other small record-keeping device with you for writing down everything you purchase with cash, a debit card, or a credit card each day. Keep all your receipts as well. You'll need this information at the end of each month when it's time to evaluate how well you're doing.

Checking your progress each month

To live on a budget, each month you must compare your actual monthly spending to what you budgeted. Here's how:

1. On your monthly budget, add a column to the right of each dollar amount that's labeled "Actual."
2. Compile all your spending records for the month (check registers, bank statements, receipts, the information in your spending notebook) and all your income records to figure out your actual expense and income numbers.
3. Record these amounts in the appropriate places in the "Actual" column of your budget for the month.
4. Calculate subtotals and grand totals for the month.

If you spent more than you budgeted on something, or if your total spending exceeded what you budgeted, try to figure out why you spent more.

Here are some possible explanations:

- You overlooked a living expense or debt when you developed your budget.

- Your budget isn't realistic. It's too bare bones, so it's impossible for you and your family to live on it.

- Your family didn't try hard enough to live according to your budget. Making a budget work takes a 100 percent commitment from everyone in your household.

You were hit with an unexpected expense that month. For example, you were working late at the office, so your childcare expenses increased, or your car broke down and you had to spend money to fix it.

Some of your expenses increased for reasons beyond your control. The cost of gas went up or your insurance premium increased, for example.

Your income dropped. Maybe you had to take a cut in pay, your sales commissions were lower than usual, or a client didn't pay you.

Depending on your conclusions, you may need to revise some of the numbers in your household budget. If you have to increase the amount of an expense, try to decrease another expense by the same amount. If you have to revise your budget to reflect a decrease in your household's monthly income, try to offset the decrease with budget cuts as well.

If your monthly comparison shows that some of your expenses were lower than what you budgeted, don't revise your budget right away. Wait a month or two to see if the changes are permanent. If they are, put the extra money toward your high-interest debts, focusing first on paying off the debt with the highest rate of interest. Do the same if your income increases permanently.

Building and Sticking to a Budget

A budget is nothing more than a written plan for how you intend to spend your money each month, how much you'll contribute to savings and retirement, and so on. A budget helps you live within your means. It doesn't have to be scary. When you're drowning in debt, a budget is your financial life raft.

Over time, if you stick to your budget and follow the rest of the advice in this book, your financial situation will improve. But even when your financial outlook is rosier, you should continue to manage your money by using a budget. Otherwise, you may get careless about your spending or begin using credit too much, and your debt may creep up to dangerous levels again.

Build up your savings so you have money to fall back on if you're hit with a big unexpected expense, if you lose your job, or if you have to take a pay cut.

Purchase big-ticket items with minimal use of credit. Help make your family's financial dreams come true: a new home, a great vacation, college educations for kids, a comfortable retirement.

Developing a budget and making it work is something that you and your spouse or partner should do together. After all, you're both spending your family's money. It's a good idea to involve your kids in the process, too. Sit down as a family and talk about why your family needs to live on a budget and what budgeting involves.

Share your current income and spending figures with them, let them know how much less your family needs to spend each month, and ask your kids for budget-cutting ideas, including things they are willing to give up. Also discuss any budget cuts you plan to make that will directly affect
them.

At the end of each month, sit down as a family and compare your budgeted spending to your actual spending. Celebrate if your family's spending is in line with its budget by doing something inexpensive together maybe ice-cream cones for all or a picnic in the park.

When your comparison shows that your family spent more than was budgeted, talk about why you went over budget and what all of you can do to ensure that it doesn't happen again. When your children feel like an important part of your family's financial team and understand that you value their input, they will be more apt to pull with you, not against you. They'll also be less apt to resent changes that may affect them.

You may be making up the difference between your total monthly income and your total monthly spending by using credit cards, getting credit card advances, borrowing money, writing hot cheques, paying bills late, or not paying bills at all. Stop doing those things! They're only driving you deeper into debt.

Deal with your budget shortfall instead by reducing your spending. Review your budget, looking for expenses you can trim or eliminate. Focus first on your discretionary spending because those are nonessential items.

For example, cable TV is not an essential expense. Likewise, you may be able to find a cheaper Internet provider (or go to the library when you need the Internet) and cancel some of your memberships.

If your deficit is small and most of it is due to waste and fluff, you may be able to move your budget into the black just by eliminating non-essentials. But maybe not. Instead, you may have to go through several rounds of budget cutting and do some serious belt-tightening before your household's total monthly spending is less than its total monthly income.