Budgeting, Part 1


Budgeting: It’s Not Rocket Science (Part 1)…

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A few weeks ago I was able to help a dear friend create a budget.  I really enjoyed helping her and want to help you too.  The system I’m going to share with you is the same one I’ve been using since I was a teenager.  I want this series to be interactive.  So, if you don’t understand something please ask questions.

Before I show you how to create a budget I have a question for you.  How’s your current system working?  Whether you decide to use my budgeting system or another one, I want to challenge you to try a budget for six months (I know that may sound like a long time but I promise it will be worth it).  It usually takes about three months for you to get in the groove and figure out what works best for you.

Task #1: The first step in creating a budget is knowing where you spend your money.  Grab a piece of paper and your checkbook or credit card statements.  Write down all of the purchases that you’ve made in the past three months.  Be as detailed as possible.  If you bought a cup of coffee write it down.  If you got a car wash write it down.  You get the idea.

Next week I’ll show you what to do with the list you’ve made.


Other Posts in this Series

Thrifty T

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14 Comments

  1. Bubbles In My Think Tank
    Bubbles In My Think Tank03-03-2011

    Great post!! Ben did a budget for me and it saved my life…and my wallet! :O)

  2. Thrifty T
    Thrifty T03-04-2011

    Hey Tracie – I'm glad you enjoyed the post. I agree, budgets can definitely be life savers!!!

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