Many people are wanting to start living within their means and living on a monthly budget. This is a very smart move considering the state of our economy. However, most people do not know where to begin when creating a budget.
When you begin taking control of your finances and working with a budget, you must first find out where you are now in your financial life. This is a very important step in creating a budget. Below are the three budget worksheets you can use to find out where you are financially today.
Budget Worksheet #1 – Income Tracking Worksheet– On the income tracking worksheet you will want to write down all your income and they dates they are receive. Do not record random monies on this worksheet. Only include regular income such as paychecks, child support and alimony.
Budget Worksheet #2 – Expenses Worksheet – On this expenses worksheet you will want to write down what you think you spend in each category. Categories should include utilities, food expenses, and insurance just to name a few. This is just an estimate of what you think you spend each month.
Budget Worksheet #3 – List of Creditors Worksheet – This worksheet is for you to list all the companies and people who you owe money. They should include any credit cards, pay day loans, and family and friends. You should list the creditor’s name, address, total amount due, and how many months you are in default (if any).
By filling out these three budget worksheets, you will get a visual picture of where you are in your financial life.
And if you would like a free chapter of our “Finacial Solutions” Workbook along with these three worksheets just go to http://www.financialsolutionsadvisors.com and sign up for our free newsletter. You will also receive helpful budgeting tips along with money saving ideas.
By: Rhonda Percell – Financial Advisor with REM Financial Solutions
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