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Creating A Budget That Works
Budgeting is about sacrificing,[link widoczny dla zalogowanych], right? Wrong. Budgeting is about enjoying the results of a well planned financial strategy. If you think of budgeting as the ultimate cut-the-expenses experience, you'll never make it. Depriving yourself completely of indulgences is not something that will provide financial gain; at the contrary, it may very likely lead you to abandon your budget completely just out of frustration for lack of rewards.
Budgeting will also tell you when applying for a loan may be feasible and even advisable. For example, for those with bad credit,[link widoczny dla zalogowanych], applying for a small car title loan may be a perfect method to strengthen or rebuild your credit, if you include the amount of the monthly payment on your budget.
You need to be committed yet flexible when budgeting; the whole idea of budgeting is not about bringing upon yourself severe punishment, but to bring harmony and balance to your finances. Now, here are some practical tips on how to create a realistic budget.
First of all, you will need to know the trend of your expenses and income for at least two or three months. This will enable you to collect the data needed to create your budget. Always start this process at the beginning of the month. Once you gathered sufficient data, jot down your list of recurring expenses and their corresponding amounts.
For each category, average the expenses over the period of time you spent gathering the data. For example: groceries. How much did you spend in December for groceries? How much did you spend in January? Sum the totals of the two months and divide by two. This will provide you the average grocery expense per month. If you kept track of your expenses for three months, sum the totals of the three months and divide by three and so on. The longer the period of time you used to collect the data, the more accurate your average expenses will be.
Follow the same procedure for each expense category. At this point,[link widoczny dla zalogowanych], make a note of all the expenses that happen only once or twice per year. Write them down next to the month in which they occur.
On a separate piece of paper, jot down your annual net income. Again, write down the categories (there will be just a few) and include the amounts corresponding to each category.
Estimate your average monthly income by dividing your net annual income by 12. (Note: if there is any significant income that you receive only once or twice a year, do not include it in this calculation. Remove it from your annual income so that the average will not be affected then add it again only in the month when it will be actually received).
If you do not receive regular income or if you are self-employed, estimate your monthly income based on previous trends,[link widoczny dla zalogowanych], or use your receivables as a reasonable forecasting tool. Remember to be conservative in estimating your average monthly income so you won't be caught off-guard. You can always adjust your budget once you have a clearer picture of the current year's income trend.
Now that you know your monthly average expenses and average income, you can evaluate where you stand and start planning your budget.
Add all the monthly income. Add all the monthly expenses. Subtract the total of your monthly expenses from the total of your monthly income. The result will tell you immediately what your current financial status is and how to plan your budget from now on.
When you set your monthly budget, think about your objective and set realistic goals, including an amount for emergency/unforeseen expenses. Use your budget as your tool to achieve a more comfortable and rewarding life. Remember that by following a budget you're not depriving yourself of opportunities: you're building them.
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