Do you need help with how to prepare a budget? Most of us don’t want to admit it, but we do need help. Here is a budget that I set up for myself that will give you a good idea of how to prepare a budget.

Expenses

Rent – $450 per month due on the 5th of each month

Car payment – $139 every two weeks or $295 per month

Electric bill – $40 a month (roughly) due on the 19th of every month

Gas bill – $59 a month (roughly) due on the 14th of each month

Car insurance – $158 a month due on the 20th of every month

Health insurance – $50 a month due on the 1st of every month

Gas – $55 a week or $240 a month

Food – $35 a week or $152 a month

Cable bill (including internet) – $80 a month due on the 25th of every month

Child Support – $75 a week or $325 a month

Car repairs – $50 a month

Oil changes – $10 a month

Haircut – $25 a month

Entertainment – $150 a month

Savings – $166 a month

Tithing $250

Now since I am a server and bartender I make cash on a regular basis and it is a bit hard for me to predict how much I am going to make each time I work. This budget is set up on a $2,500 take home income. This is considered a low income month for me and my bills that I have to estimate are high estimations.

This allows for some extra at the end of the month so that I can save more money and maybe buy something nice for myself. I stick to this with discipline and I use a system of envelopes. I have a bad habit of spending money if I know I have it so what I do is I allow myself a spending amount each week for little things.

This is usually around $15. Then, every night when I get home from work I take what I have earned and I put it into envelopes. I have one for each category. At the end of the week I make adjustments if I made more than planned for that week. Usually these adjustments are paying off a bill sooner than needed or saving more money.

By doing this I am able to stay within my budget and cover myself if a bad week does come into effect.

Now if you get paid by check, then you will have a much better idea of what you are going to make. I suggest that you set up your budget based on your average work week, if you don’t get 40 hours, and if you work overtime only ever budget for 40 hours. Treat overtime as extra and save some of it, use some for entertainment, and save some more.

Preparing a budget is not hard, but you will have to be disciplined to stick to it. Learn how to prepare a budget and you will be very happy you did.

Are you someone that spends money like it is going out of style and you know this is going to get you in trouble? Maybe it already has gotten you into trouble and you are just to the point where you can no longer take it anymore. There are ways to get yourself out of those debts and you can use a budgeting program to help you get back on track. Here are some tips to help you right off the bat with your budget.

First, you need to be able to admit whether or not you are good with money. If you really want to prove this to yourself, just do one simple test over the next month. Every single time you make a purchase, whether for 10 cents or $1,000 get a receipt. Save all of these receipts in a shoebox for one month. At the end of the month add these up into categories like food, drink, gas, bills, rent, needs, and wants. You will see where you really spend your money and how much. This will open your eyes.

Second, now you will realize that you need a budgeting program to help you get on track. You probably have some discipline and you can build on that. You need to make sure you use a budgeting program and always plan for less income than you will probably make and more expenses than you will probably have to pay. This will allow you to over and under exaggerate, which means your budget will be better for you at the end of the month.

Last, if you cannot do this on your own get some professional help. Especially if you are working on getting out of debt because having a professional on the team can only help you get there faster and easier. They will set up the plan for you and tell you where your money needs to go instead of leaving you blind to figure it out on your own.

In today’s world it can seem almost impossible to have freedom from debt. But you can live debt free with a little discipline and knowledge in the right areas. You need to learn some real world skills that can give you the most out of the money you make. Many of us make enough money to live a comfortable life.

First thing you need to do is make a list of all your debts: mortgage & auto loan, credit card and other personal loans. Prioritize your debts. Decide the debts that you want to pay off first. Some financial experts say freedom from debt is possible. But recommend paying the debts that have higher interest rate while making minimum payments on the rest. While there are others who suggest going from the smallest debt to the largest one, because this helps to give you a sense of accomplishment that can help you stay with the plan.

The next step is to list down all the priority expenses such as phone, electricity, food, clothes and other non-priority expenses such as entertainment, gym, dinner at restaurant & etc. Then record down your monthly income. Decide how much money you are left with at the end of each month to pay towards your debt. Are you charging your purchases instead of paying in cash or debit card? How often do you use your credit card on those insignificant purchases when you could have just as easily used cash or even your debit card? This raises your balances and costs you more money in interest. Use cash, check, or a debit card and save yourself some money. Then freedom from debt is possible.

You need to make a budget. Many people feel that budgeting is just a waste of time, but in all actuality budgeting will show you exactly where your money is going and benefit you greatly. It will stretch your dollars further and help you keep track your spending. Budgeting is a very useful and should be used in your home every month. You will be surprised by how much you spend and you will be even more surprised by how much you save if you set up a reasonable budget that the whole family can live within. Freedom from debt is possible. All you need to do is make a list of all your debts. Decide the debts that you want to pay off first. You need make a list of your priority and non-priority expenses and set up a reasonable budget that the whole family can live within. It’s a great feeling when you can live free of debt. You can do it, you just need to get started and the rest will be easy.

One of the most basic and most important ways to build net worth, is to save more money each month. Increasing savings requires a budget.

A budget allows you to see where you are overspending and to take corrective action. The most important part of a budget is constant review and discipline!

Now it’s your turn to determine your budget. Having a written budget is very important as it prevents you from “cheating”. You can create a plain budget on a piece of paper, or you can create a spreadsheet to do all the calculation for you. In the resources below, a free budget spreadsheet is provided.

The basic budget should include a “Planned Budget” and “Actual Budget” (where you document what actually happened). As you consistently review your budget each month, you will discover ways to save even more money.

Here are some basic instructions for filling out a Budget Worksheet:

Fill out the first column on the spreadsheet labeled “Planned Budget”. This is your GOAL to achieve each month. This column will represent the amount of money you hope to spend in each of the given categories.

Fill out the “Actual Budget” as the month progresses. This will help you see where you are overspending.

Compare the Planned Budget to the Actual Budget at the end of each month. As you focus on saving money, you will surprised at the many different areas in which you can cut back your spending!

Also, note on the Budget Spreadsheet that some of your expenses are “Necessary” and others are “Discretionary”. Try to eliminate as many discretionary expenses FIRST, and then look to other categories to save even more.

You should continually assess where your budget is each month and you will notice your net worth increasing.

For a free budget calculator and a continuation of this article, see the resources below.

There are two types of people in this world when it comes to money, those that plan and plan well, and those that fail to plan and never plan. There is nothing wrong with not being good with your money. It is a talent that not all of us are blessed with and the problem is that a lot of people struggle to admit that they are horrible with money. This is one of the things that causes marriages to fail and this is one of the things that makes it hard for someone to be willing to spend their entire life with a single person. It is not that they cannot manage money, but that they will not admit that they are not good at it. Here are some things to consider if you are not one of the budget planners in the world.

First, when you know you cannot manage money and you know you are more likely to spend than to save, then you need to admit this to yourself. This does not mean that you cannot save money, it just means that you need to have more discipline than most or some sort of system that works for you. Some people have to get a savings account that is online and will only allow you to get access to the money in it if you are willing to transfer it to another account and that usually takes a few days. This works for some and others have to have a partner that can manage the money and let them know what they can and cannot spend. This could be a spouse or it could be a professional financial adviser. Either way you need help and do not be afraid to admit it.

Second, budget planners are actually a little bit rare. It is like those with incredible athletic ability. Some people just have a talent for managing money and knowing how to keep themselves and others disciplined when it comes to spending that money as well. If you are not good at this, then another option other than having someone do this for you is to take some classes and learn the proper ways to manage money. You can become one of the budget planners, however, if you have absolutely no desire to be good at budgeting or managing money, then you need to go ahead and turn that job over to someone else so that you have one less thing to stress you out.

Last, it is like accounting, some people just have the brain for being a bean counter and every family needs someone with this type of talent or at least someone that can say they are not good with money. If you are the one that is not good with money, but you know your spouse is not good with money either, then you need to convince them that you need to hire a financial adviser to help you both out so that your family does not fail because of money. Money can be a great servant, but an absolutely horrible master and this is something you must remember. You need to take control and if that means you need professional help with your money, then so be it.