Taking A Budget From Bad Word To Blessing, Part III

[Jenifer Madson]

You've adapted a phenomenal attitude around your budget, and have identified the areas of self-care to include with the "gotta’s" of your life—now what? It's time to create a comprehensive outline of your financial obligations and get the key people in your life involved in the process.

If you and a partner are already working together on this, bravo! If you're going it alone, or are single, find some means of support. Working with a coach, or a group of friends who want to keep each other accountable will greatly increase your chances of staying on target with this financial tool.

Putting your income and expenses on paper involves some effort; so don't get discouraged if it takes more than one meeting to complete. What's most important is to take your time, be thorough, and, if working in a group, to give others the chance to do the same.

Take Several Minutes, and gather the following:
• Pens/Paper/Budget forms (www.afinancialminute.com/personalbudget.pdf)
• Bills—upcoming and recent past (the last 90 days should do)
• 3 month's worth of credit card statements, bank statements, check registers, investment statements, and paychecks (this is to average your income and expenses)

Make Several Minutes:
Fill in the budget form with averages from the information above. Budget for personal goals, as well as upcoming celebrations, travel, gifts. Be sure to also include a savings and investment category. Spend as much time as you need to cover all the bases for income and expenses.

Make a Few More Minutes:
Get the bottom line of your budget by balancing your expenses against your income.

You may be in the red, based on your current situation. Take a deep breath—we'll cover strategies for increasing your income and decreasing your expenses, to help you meet your goals.