Many people have a difficult time dealing with a budget for the whole tax year. If they do have the determination to prepare an annual budget, ultimately many get bogged down and do not follow through and analize the financial information it provides for the family.
If you do not have a budget, why not prepare a budget for the month of October since September is already underway.
To prepare a simple monthly budget for October, begin with listing the monthly amount of each individual income item and total the income. Then list all the expense categories you can think of that you spend your income on for the month.
Expense items might be:
House Payment (Usually includes property taxes and insurance)
Rent
Utilities(gas, and water)
Car Payment or Payments
Credit Card Payments by card
Gasoline Expense
Car Maintenance Expsnse
Pet Care Expenses
Child Care (If wife works)
Health Insurance
Auto Insurance
Food
Eating Out
Entertainment
Computer Expenses (Ink, Paper, etc)
Internet(WIFI)
TV
Personal Expense Items (by person in the family separate line items)
Tithing
Lawn Care (Water, mowing)
Home Repairs
Hair Care
Savings
Total all of the Expenses
Subtract the Total Expenses from the Total Income
If the income exceeds the budgeted expenses then make a decision as to what expense items might need to be increased or put the difference in savings. If the total expenses exceed the total income then adjustments will need to made in some of the expense items otherwise you will not have enough income to pay all of the items.
The first week of November enter the budget on an Excel worksheet in columns and put Oct. Budget as the heading. The next column title “Actual”, enter the amounts you spent for each category and enter the actual income figures for the month. Then Subtract the line items in the actual column from the budget column and see how you did.
Budgets are not cast in stone they can be adjusted and amended until they work for you.
Good luck with a monthly budget.
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