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Most people
say they don't have the discipline to budget and save
their money, but it can be easier than you think.
If mention of the word "budget"
makes you groan, think of it not as some nasty chore
or way to deprive yourself but as spring cleaning. One
good financial cleaning and you may have your money
life in order for years to come.
Having a good budget is particularly
important if your life situation is changing because
of a marriage, divorce, new baby or any other event
that alters your finances dramatically. But every household
can save with a smart budget.
Your Cash Flow
The crux of budgeting
is knowing your monthly spending needs and habits. Creating
a budget means tracking your personal cash flow -- that
is, how much money comes in and how much goes out.
Adding up your monthly income
is easy, but tallying up all your spending takes a little
more effort.
First, collect all your bills,
your credit card statements, your checkbook register,
and receipts for your groceries, gas or anything else
you buy with cash.
If you haven't been keeping
good records, you may have to keep track of every dollar
you spend for a month before you draw up an accurate
budget. Track your expenses by making entries in a notebook,
or use a money management program such as Quicken or
Microsoft Money. Those programs make budgeting easy.
They really are worth the investment and often can be
found discounted at computer retailers or bookstores.
by Kerry Hannon Article
on ivillage.com
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