Do anyone have any advise on starting a budget and how?

Answer 1

A budget is the way to go, but it isn't neccessary to do so many steps. I personally have followed a budge for 16 years and we own nothing and have everything we want. What I suggest is pay yourself first. Take a specific savings amount out of your check every single pay day. Put it aside... in a no touch account. When it reaches a certain level, divide it in half and pay off a bill. In a few yours, your bills will be gone, you will have a savings and you can attain more goals. NEVER forget to take your specific savings out of each check. Work with what you have left.

Answer 2

I have followed this format very effectively:

To start a budget you need to know how much you are currently spending and making.

The simplest way to do this is to itemize all recurring "non - miscellaneous" bills (mortagage / rent, utilities, college fund, insurances, phone, credit card, etc.). Using a spreadsheet program list these per payment due date. Total this figure which = "non miscellaneous liabilities".

Take your monthly income and subtract your non miscellaneous liabilities to come up with a figure. Hopefully your figure is a positive number to which you can subract any savings income and divide by 4.3. This new figure is what your family can spend on what I call miscellaneous purchases which include food, fuel, entertainment, etc. expenses incurred through the month.

The difference between miscellaneous purchases and non-miscellaneous purchases is that I have more say in the miscellaneous purchases by choosing what and when to buy. The non-misellaneous purchases are more rigid and occur every month with little fluctation as to what is spent.

Once all the data is recorded, you can use a spreadsheet program to "plug" in the data (i usually have a gross miscellaneous number at the beginning of the month) to predict what the coming months have in store for the family from a financial perspective.

Once I can identify financial trends I can make adjustments by how I spend money under the miscellaneous category.

Answer 3

List everything you need to spend money on.

Then a list of what you would like to spend money on

You can also list what you would like to save for.

Then make an income list and write down all your different income streams.

Allocate money to the essentials first.

Then some for saving. Even if it is only $1 or $2. The point is to increase the amount of savings you have

Prioritise the things in the wants list last.

Splash money or petty cash is important. Don't forget to leave yourself a bit a $$ for emergencies like running out of milk or something

And don't shut your self up in the house. Make sure you have an outing in the budget.

Once you have done this a few weeks in a row you will get used to it and won't need to work it out all the time

Answer 4

Get the Dave Ramsey "Financial University" budget program. We started the program less than a year ago and have already eliminated more than HALF of our debt! I swear by his teachings and recommend it to everyone. It is pricey, but it pays for itself in the first month. You'd be amazed at how well it works. Good luck!

Answer 5

Start by keeping a diary of everything you spend for a week or two.

Then use that information, along with your bills to figure out how much you spend, and where you can make changes to improve your situation.

Then you can assign dollar amounts to the different categories such as:
rent, utilities, food, car payment, insurance, medical, gas, credit cards, misc stuff, spending money and savings

Software like quicken or microsoft money can make it easier.

Answer 6

Keep track of everything you spend for at least 2 weeks.

Count cash on hand, write it down and then keep a notebook of where the money went during the day. Do the same for your credit cards and bank/checking account.

Keep these records up for at least two weeks then do it forever. You will see where the money goes. And how much more you need to make.

Good Luck!

Knowledge/truth is everything.

Answer 7

Dave Ramsey's website has two different budget forms you can print and fill out - the quickie budget is one page, the monthly cash flow planning is 3 or 4 pages long and quite detailed.

Answer 8

First: List on a piece of paper everything you spend, each and every day. Do this to the penny. That way you will see where all your money is going. Take out another sheet of paper and list all of your fixed expenses. These are things that never change, like car payments, rent, etc. Then list all of your variable expenses. This is like groceries, clothes, etc. Your list of daily expenses will help with this list. It is important to write things down. Good luck.

Answer 9

Write down your total net income.
deduct from that:
rent
hydro
phone
insurance
taxes
food
groceries and basic essentials
credit card bills etc.
What you have after you paid all your bills and put a fixed amount in the bank for a rainy day is free spending.

Answer 10

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