October 13, 2009

Budgeting: Finding out what you REALLY spend


In the first post, I had you set up just the basic budget, now we're going to delve a bit deeper.

For the next month, I want you to spend as you normally would, but don't spend anything without getting a receipt for it. In order to get a true idea of your finances, you have to get a true idea of what you're spending.

So money doesn't go out without a receipt coming in....for everything. This includes purchases made on credit cards, after all, that is technically money you're spending.

At the end of every day, go home and put these receipts in a box. Or you can add them up every day. Both ways work.

At the end of the month, add up all your receipts. Subtract the amount from your previous total. Do you have money left over? Are you in the red?

In the next budgeting post, we'll discuss planning out reachable financial goals.

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