EVALUATING YOUR BUDGET

If your Total Money Remaining fgure is zero or negative, you have to revise your budget. First, examine your nonessential expenses. Which ones can be reduced? Which ones can be eliminated? Keep working until you can't think of anything else to reduce. Be honest with yourself about what you can and can't give up or reduce. You really don't need a $65 haircut or cable TV, for example. To succeed, however, don't focus on what you're giving up; focus on what you're gaining: eventual economic freedom.

No matter your income level, it’s wise to keep this 30 percent shrinkage in mind. Also, check out the three “Unforeseen Expenses” categories, including discretionary and individual unforeseen expenses. These total $1,600, only about 3 percent of expenditures after payroll deductions. This allocation should remain constant, no matter how your circumstances may change. It features the purchase of a large home, but you may feel like you’re in “the big house” as you try to keep up with the costs of your residence.

Expenses for home maintenance and utilities also have increased accordingly. To compensate for greater housing expenses, this budget eliminates one car and one cell phone while slashing such discretionary items as entertainment, dining out, vacations, clothing, and hobbies. Perhaps most importantly, the emphasis on the residence forces a reduction in annual savings and investments, from nearly $4,000 to just more than $1,100 per year. That could have serious repercussions over time.

As each of our sample budgets shows, the goals you share with our spouse will shape your spending plan. But goals change over time. You may have no immediate interest in starting a family, for example, but that could change a year from now. If it does, your budget and its emphases must change along with your goals. Circumstances change as well. Your income levels will rise or fall, depending on new jobs, salary/benefits changes at current positions, and layoffs. Clearly, changes in budgetable income will affect your spending plan.

If you do have money remaining, you can use it to help get yourself out of debt faster. If cutting or reducing nonessentials isn't enough to get you into a positive situation, you may need to start examining your essential expenses.

Planning to Stay Up-to-Date Setting up your budget is just the beginning of your move to financial freedom. Keeping your budget going takes less work than setting it up, but it requires more commitment.
As the month progresses and bills come in, fll in the actual column for each item and calculate the difference between the estimated amount and the actual amount, noting whether the difference is positive or negative.

Set aside time every month to total the preceding month's worksheet and to review (and update if necessary) your budget for the coming month. You can make seasonal adjustments in order to anticipate times when spending may be higher, or fne-tune entries as you get better at living according to a budget.

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