CREATE THE BUDGET WHEN DEALING WITH YOUR PERSONAL FINANCES

Once you’ve reached a working understanding of the goals of your life, it’s time to start applying those to your monthly budget.Before we consider some examples of a monthly budget, let’s review some of the assumptions.
The general structure of goal setting is to establish immediate goals, intermediate goals, and long-term goals.

■ Immediate goals are goals that you expect to accomplish in the next few weeks, such as fnishing your budget, get
ting started on paying debts, and making necessary adjustments to your spending.
■ Intermediate goals need to be set at regular intervals every six months, for example. At these intervals, you can review your accomplishments and reassess your direction. But, as always, there should also be a specifc goal, such as "Pay off credit card X by this date."
■ Long-term goals are the ones that take you to the end of your debt problems and beyond. These goals might include getting to a point where you have no credit card debt, followed by having your debt in the 25 percent range, possibly followed by paying off your mortgage and/or building future wealth.

You can always adjust the dates if you don't accomplish everything you planned by a given date - or if you're paying off debts faster than you expected. These time goals aren't carved in stone, but rather are goalposts - you try to get the ball between the posts, but it doesn't always happen. However, without goalposts, you'll never know whether you scored.

First, successful budgeting begins with precise knowledge of your monthly income. This may seem painfully obvious, but our experience suggests that people often begin from incorrect income estimates. If, for example, you and your spouse each have a job with an annual salary of $36,000, you could get at your monthly income by taking the combined gross income of $72,000, dividing by the 12 months in the year, and arriving at budgetable monthly income of $6,000, right? Wrong. What you’ve arrived at is a gross figure that doesn’t allow for payroll deductions.

Typically, your employer deducts federal, state, local, and Social Security taxes from your pay. Your contribution to health insurance is also deducted, as are any union or professional association dues. The net income after all these deductions can be dramatically less than the gross figure.

Actually, you have two choices here. You can begin with the gross salary figure and include a category for “Payroll Deductions” in your budget, or you can simply base your budget on the actual income you receive each month. Either approach will work. The key is making sure you begin with the right income figure.

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