If you are wondering how to budget your money, preparing and maintaining a household budget is a great solution. Household budgeting helps you keep track of your monthly income and expenses, look for ways to save money and increase your debt payments. Learning how to budget is relatively simple.
Creating A Budget
- Write your monthly income at the top of the page. Download this free excel budget template.
- Then, write down everything you spend money on each month. Check your bank statements and credit card bills for items you may have missed. Bring a notepad with you to write down your purchases throughout the day so you don’t forget anything.
- For yearly expenses like insurance or property taxes, divide the annual cost by 12 to include a monthly cost for these items.
- Once you have everything on paper, try to find ways to cut your expenses or increase your income. For more tips on how to do this, see our article on Personal Finance & Budgeting: Tips on Budgeting.
To learn how to improve your money management, check out our article Tips on Saving Money. Or, for a totally different approach to budgeting, read How NOT to Make a Budget. It might sound crazy, but it works!
Online budgeting is another option for keeping track of your finances. You can prepare your budget online with CalendarBudget. Track and forecast your spending in an easy-to-use calendar format. Plan ahead for major purchases, financial goals, and debt reductions with account balance forecasts. Get a free, one-month trial of CalendarBudget.