Sticking to a Budget

33 %
67 %
Information about Sticking to a Budget
Business & Mgmt

Published on February 12, 2014

Author: margieroop



The basics: the road to freedom!

Sticking to a Budget …and still enjoying life! by Margie Roop, LPCC-S; CEAP; SAP

 What is a budget?  How do I set one up?  What gets included?  How do I review?  Can I make changes?  Why do a budget? Budgeting is GOOD! You will see yourself setting and achieving your goals.

What is a Budget?   A budget is a template or guide which displays monthly income and expected expenses. It establishes limits of spending based on the monthly income & expenses.

Why do a Budget?  In black & white it shows you what you have to live on.  In black & white it documents your spending.  In black & white it shows where the money is going (bills & out-of-pocket)  In black & white it shows if you are getting ahead!

 Income from all sources  Expenses based on known monthly bills  Expenses based on expected out-of-pocket occurrences  “Expenses” based on planned savings What do I include in a budget?

 Paychecks  Child support  Alimony  Pension  Dividends on stocks, etc…  Cash transactions  Refunds  Settlements  ALL INCOME Monthly Income …all sources

            Mortgage; rent Utilities Food Gas Car payment Lunches at work (if you dine out) Entertainment Medical expenses Dry cleaning Babysitting Hair appointments Pet expenses Monthly Expenses …..I never thought about that one!?

 Insurance premiums  Credit cards  Vacation expenses  Lawn care  Savings: yes, put SOMETHING away!  Cellphones  Clothing  School supplies More Monthly Expenses ….does it ever end?

How do I set one up? Just do it!!     Use a template as an example Use pencil Sit down with spouse or significant other Do it when you have a few relaxed hours This weekend!!    Pull out bills paid from previous month Pull out pay stubs from previous month List all normal monthly living (operating) expenses

How to set up a budget Don’t be so hard on yourself!  Eliminate shame & embarrassment  It IS what it is!!  You are being accountable  You are now in control! It’s your first step towards financial freedom!  Financial freedom is admitting where things got out of control & your willingness to make it right!

 Lifestyle out of control?  Eliminate expenses a little at a time  If you went out to movies four times a month, take it down to twice a month  Gain cooperation of other family members Setting up the budget …..go easy at first!

 Be honest!!  Be open to feedback  Include your spouse or significant other  Be proactive; futuristic  Communicate appropriately-no blaming! Setting up the budget

Setting up your budget Budget sheet  Many types of budget sheets on the internet  Forces organization  Gets you thinking about what it takes to run a household! Receipts  Look at your monthly receipts on expenses  Look at your monthly receipts for income

Your budget  Enter best estimate for what you’ll spend per month (expenses)  Enter best estimate for what you’ll take in each month (income)

Budget Review  Agree to sit down each month to review your budget and enter all your expenses and sources of income for the month  What was different? Did you over-spend?  Remember to include “savings” as a line item!  Can you account for any excess $  Do you know what happened if you overspent?

 Remember to add: “Emergencies” as a line item  Remember to budget for “entertainment”  Remember to track and KEEP all receipts and proof of income Tips I never thought of THAT?!

Consider your current lifestyle  Do you drink too much? Smoke cigarettes? Shop for a hobby?  Do you exercise? Eat healthy?  Bad habits COST YOU!!

How were you raised? What were you taught about money? Many failed to have any guidance.

 Turn on speaker phone  Have documents ready for discussion  Have spouse or significant other involved  Have list of questions ready  Be transparent! Ask for help; our customers can call LifeServices EAP: 1-800-822-4847 Free private 45-minute phone consultation!

Budgeting is your road to freedom! Good Luck!

Add a comment

Related presentations

Canvas Prints at Affordable Prices make you smile.Visit http://www.shopcanvasprint...

30 Días en Bici en Gijón organiza un recorrido por los comercios históricos de la ...

Con el fin de conocer mejor el rol que juega internet en el proceso de compra en E...

With three established projects across the country and seven more in the pipeline,...

Retailing is not a rocket science, neither it's walk-in-the-park. In this presenta...

What is research??

What is research??

April 2, 2014

Explanatory definitions of research in depth...

Related pages

Sticking To A Budget - Living on a Dime

In response to a Living on a Dime story about budgeting, Yvonne writes: My problem is not setting up a budget but sticking to a budget. Gas costs what it ...
Read more

Top 8 Ways To Stick To Your Budget | Investopedia

If sticking to your budget is tougher than you thought it would be, here are some strategies to keep you going in the right financial direction.
Read more

Better Money Habits – Making and Sticking to a Budget

Learning how to budget your money is an important step in reaching your financial goals. Discover how to make a budget with this Better Money Habits video.
Read more

32 Hacks for Sticking to Your Budget - Lifehack - Tips for ...

In January, we asked you for your tips about living within your means and keeping to your budget, with the chance to win a db clay wallet. You gave us 144
Read more

Tips for Sticking to a Budget -

Want to know how to stick to a budget? Sticking to a budget isn't easy, but it can be done if you use the right tools and motivators. But realize that to ...
Read more

15 Ways to Stick to your Budget | AccountNow Prepaid Cards

Sticking to a budget can be a difficult task. It takes work, dedication, and discipline. But once you get the hang of it, budgeting becomes second nature.
Read more

5 Tips for Sticking to a Budget -

Whether you’re starting a budget because you want to or need to, it is never an easy task to undertake. Some people just don’t like planning and others ...
Read more

Sticking to a Budget - Catholic Vantage Financial

Sticking to a budget isn’t the easiest task in the world. It seems as if there is always some temptation that breaks the bank. While these temptations ...
Read more

How to do a budget | ASIC's MoneySmart

How to do a budget. The ins and outs of budgeting. The best way to take control of your finances is to do a budget. This is a simple tool that helps you ...
Read more

How Do I Set a Budget I Can Stick To? - MONEY

There are three basic steps to setting a budget: identifying how your money is being spent; evaluating those expenses to see how they mesh with your ...
Read more