How to create a budget and stick to it.

First thing, you really have to like the whole idea of a Budget plan and strong self-discipline to keep control of the Budget.

I just shared, with my two teenage sons, a very basic budget planning chart. In doing so, I hope they too, will one day sit with their child(ren) and pass the same lesson on.

A budget will literally let you see your personal financial status. Once you put it together, you will find where you can trim spending, set real financial goals, save, invest, etc. What are you hoping to gain from your Budget plan?

-Budget Chart, One Month-

Cash In/Revenue $ 1600.00

Expenses Rent , $ 800.00

Car Payment, $ 350.00

Cable TV, $ 40.00

Telephone, $ 60.00

Internet, $ 40.00

daily, Tim Hortons, $ 60.00

2X, Movies, $ 60.00

Groceries, $ 75.00

SUB TOTAL ................... $1, 485.00

TOTAL (Subract Total Expenses from Revenue) .........$ 115.00

Upon review of the above chart, we can see that there is still some monies left over for savings. We can also see that savings can be further made if we don't go to the movies or buy coffee at Tim Hortons every day, etc.

Also, these are only imaginary numbers used for sampling purposes.

The budget can be set up using single or double incomes. The numbers will be different definitely and I highly recommend that you use TRUE numbers or close estimates of your total expenses. The more real your numbers the more real your Budget. Good luck!

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