August was the first month to start my budget. I knew it was going to take me a month or two to get use to being on a strict budget but it was something that had to be done. I decided to go with the Dave Ramsey's idea of getting out of debt. I am going to start his 7 baby steps to financial freedom. So the first thing that needed to be done was to brake everything down from bills to money I need to save for or pay for each month;
Housing:
Rent
Electric
Gas
Water & Sewer
Cable
Loans:
Car Payment
Student loans
Capital One
Other things:
Cell
Car Insurance
Savings
Envelope System:
Gas
Groceries/Household Consumer
Blow Money
Savings
Medical (Co pays, meds)
Cat (Food, shots, litter)
Gifts/Birthdays
Clothes
Hair cut
Cosmetics
Christmas savings
Contacts
Oil Changes
Taxes (Property)
I opened up an excel sheet and plugged away. This is an example of what mine looked like. These are not my real numbers just an example of how I did mine. Everyone’s budget is different. I just threw numbers into this sheet. Goal is to have all your money spoken for.
Income & Expense Items | August | ||
Income | $2,000.00 | ||
Expenses | |||
Housing Expenses | Planned | Actual | Diff |
Rent | $300.00 | 300.00 | |
Electric | $50.00 | 50.00 | |
Gas | $20.00 | 20.00 | |
Water & Sewer | $20.00 | 20.00 | |
Cable | $80.00 | 80.00 | |
Total | $470.00 | $0.00 | |
Loans | |||
Car Payment | $205.00 | 205.00 | |
Student loans | $125.00 | 125.00 | |
Credit Card | $50.00 | 50.00 | |
Total | $380.00 | $0.00 | |
Monthly Bills | |||
Cell | $80.00 | 80.00 | |
Car Insurance | $100.00 | 100.00 | |
Total | $180.00 | $0.00 | |
Gas/Groceries | |||
Gas | $300.00 | 300.00 | |
Groceries/Household Consumer | $300.00 | 300.00 | |
Blow Money | $100.00 | 100.00 | |
$700.00 | $0.00 | ||
$270.00 | $2,000.00 |
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