How to live within your budget-Create a budget worksheet

Watch Thursdays in November at 6:40 am for more on how to create and stick to your budget. http://extranet.wcia.com/Graphics/BasicBudgetWorksheet.pdf Moneymakers expert Susan Abbott says it`s hard to live within your means, if you haven`t prepared a budget on paper. Abbott says anyone who`s making and spending money has a budget, even though it may not always be the same. WHY IS A BUDGET SO INTIMIDATING? Overwhelming task. Don`t know where to start. Will take hours and hours of time we don`t have Q2: WHAT ACTUALLY IS A BUDGET? A spending plan or cash flow. report 2 types of budgets, actual and projected Everyone who has money coming in and going out has an actual budget, it`s just not in writing · Written budget has income and expense numbers written on it What is a budget? Written down Tracks income and expenses Can be by hand, or on computer · Keeps you apprised of what comes in and goes out each month · Some people use software programs or create spreadsheets Q3: YOU HAVE AN EXTENSIVE WORKSHEET WITH ALL EXPENSES THAT SHOULD BE BUDGETED.. WHAT ARE SOME THINGS THAT SHOULD BE INCLUDED IN YOUR BUDGET? take out, coffee, drycleaning. Even the little things. Q4: HOW CAN WE GET STARTED? Starting a budget Begin with best guesses of expenditures Use monthly figures Don`t forget annual or quarterly expenses This week: jot down your "best guesses" in the estimate column. No Peeking - don`t run get your checkbook or paystubs! Use "monthly" figures. For income, if you`re paid weekly multiply by 52 and divide by 12, paid bi-weekly (every other week) multiply by 26 and divide by 12, paid semi-monthly (twice each month) multiply by 2. For expenses, be sure to allow for annual or quarterly expenses, convert to monthly expense. Add up Estimate Column, total income, expenses and calculate monthly cash flow. For next week: Have ready this same sheet, 2 or 3 months of paystubs, your checkbook, credit card statements and other bills and receipts. We`ll be checking how close our best guesses were by calculating an "actual" budget!