PUTTING TOGETHER A FINANCIAL BUDGET

Although there is no “typical” budget, because there is no “typical” household situation, Sample Budget is a good model for many to follow. We call it “The Starter” because it can works well for newbies who haven’t yet purchased a home and still are renting. Without that big housing nut each month, this budget can include a car for each spouse, generous discretionary expenses, and substantial savings/investments of nearly $4,000 per year.

A dozen copies (one for each month) is a good start, because you want to work within a budget for at least a year. Even if you can get yourself to that magic 25 percent fgure in less time, youshould live on a budget for a year to help create a budget mindset that keeps you from falling back into the hole that you just climbed out of. Some people live on a budget their entire lives because it's the only way they can keep themselves out of trouble. You may not have to do so, but if it helps, it's an option.
Your worksheet needs to be well organized and easy to read and keep updated. If working with the budget and calculating totals becomes diffcult, you'll give up because you did not ask yourself which are the requirements for a financial budget. This process isserious, so make the effort to create a document that's easy to work with.

Although you'll personalize this worksheet to meet your own needs, some categories need to be a part of everyone's budget. Also, some organizational options may make the budget easier for you to manage. Be sure to do the following:

■ Include a space after each item for estimated expense, actual expense, and the diffrence between estimated and actual.
■ Divide the budget worksheet into essential and nonessential expenses. You may wish to further divide essential expenses into fxed and variable; doing so makes it easier to see where you may need to make changes to the budget or to your spending. (The "debt and expense categorization chart" that you created at the end.
■ After the total for the expense section, list your sources of income and total them.
■ The final entry on the budget is the calculation of money remaining. You subtract your total expenses from your total income to determine what remains. The remainder is called your discretionary income.
And don't forget any debatable items that might not be listed. Also, if you have regular legal or accounting expenses, don't forget to include them.

If you're self-employed, don't forget to list estimated quarterly taxes under Essential Fixed Expenses.After you create your own budget worksheet and make copies of the blank form, plug in fgures. You'll know some numbers immediately, especially the fxed expenses. (The worksheets that you created here, recording your income and assets and where you spend your money, can help you prepare your budget.) Be as accurate and realistic as possible when filling in amounts.
For utility prices, you can phone your local utility companies. They often can tell you precisely what your average monthly costs have been. Utility companies may also offer a payment plan where you pay the average of your annual bills every month rather than dealing with seasonal dips and rises. Averaged payments can make the budgeting process much easier.

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