The 3 Steps of Budgeting

Budgeting tips

Budgeting tips

Before you sit down and lay-out a budget for your household, you first must complete these three tasks in order to have a successful and long-term budget.

  1. How you’re spending money now:  You must understand where your money is being spent if you would like to stop that cash-leak.  Even though you do not have a working budget yet, you should have an idea that you don’t have enough money at the end of the month and where that money might be going.  You must identify that spending habit in order to control it in the future.
  2. Evaluate your current spending and set goals that take into account your long term financial objectives:  Realistically evaluate your current spending habits.  If you’re a spend-thrift that buys something on a spontaneous means, be sure to take notice of that.  You must identify your spending habits and either control or use to your advantage in adhering to your budget.  For example, if you’re a spend-thrift that can’t wait to spend money when you have it, start out on a smaller basis.  Pass-up that magazine at the check-out line that would just end up under your coffee table in a few days.  You’ll soon realize that money you would have spent on the magazine is now in your pocket or bank account.  You’re already saving money by just making one simple adjustment to your spending.
  3. Track your spending to make sure it stays within those guidelines:  Be sure to have a type of budget software that you feel comfortable with and is easy to use such as Easy Budgeter.  If you don’t like the software that you picked, then you probably won’t want to update and keep it current.  You need to review your budget to be sure there aren’t any “cash leaks” coming from it.  If you see a leak, just plug the hole and you’ll be back on track.

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John Mills

Independent Reviewer