When times are rough, you’re probably watching your money a lot more.  You’re going to watch where it’s going, who it’s going to and I don’t blame you!  Frankly, you should be watching your money all the time and not just now.  When it comes down to making an expense sheet for your household, here are some tips that you should follow in order to succeed with your budget.

STEP ONE:  The first that you want to do is mark down EVERY dollar you spend for the next 45 days.  If you spend $75 on groceries, mark it down.  If you send Verizon $50 for your phone, mark it down.  I think you get the point.  Carry around a little notebook and mark down every dollar you throw to someone.  Even if you spend a penny, mark it.

STEP TWO:  The next step that you want to take is mark down every bill you need to throw money at each month.  If you have a mortgage, you’re going to have to pay this regardless of your situation.  Obviously, if you’re going to go out and buy a video game, this is optional, so don’t mark that one down.  Mark things down like your phone, utilities, mortgage, etc.

STEP THREE:  Now, you’re going to know how much you have to pay each month.  After your expenses are paid, this will leave you with your leisure money.  Now, I would recommend you save at least 10-15% but that’s my personal opinion.  You want a cushion for the future and you want to retire, right? 

STEP FOUR:  Let’s take that leftover money and now you have to distribute it equally over the 4 weeks in the month.  Let’s say you have $600 leftover after all expenses and debts are paid for the month.  This leaves you with about $200 per week.  If you take my 10% strategy, you’ll have $540.  This is your money and you can do whatever you want.  You can spend it, save it, donate it or put more of it toward bills.

Below, I’ve created an easy to use spreadsheet that you can print out to use yourself –

EXPENSES YOU HAVE TO PAY

TOTAL AMOUNT PER MONTH

 

 

Mortgage

 

Mortgage Insurance

 

Auto Payment

 

Auto Insurance

 

Food and Groceries

 

Health Insurance

 

Utilities (Gas, Electric, Trash)

 

Cable Bill

 

Internet

 

Phone Bill

 

Credit Card Bills Totaled

 

Additional Debt

 

EXP TOTAL

 

 

INCOME MADE PER MONTH

 

Salary at Full Time Job

 

Other Income

 

Dividends, Interest, ETC

 

INC TOTAL

 

 

LEFTOVER CASH

 

INC TOTAL – (minus) EXP TOTAL

 

x Savings (10% you choose)

 

LEFTOVER / 4 Weeks

 

 

 

This is just a simple worksheet but it should give you a better idea.  When you get down to the leftover category, you have to still factor in other things like gasoline and other little expenses.  Stick to a budget like this on a monthly basis and you’ll be doing great with your money!