Alright, lets talk about figuring this budget thing out. Please read my last blog to get caught up. Write down your income. This is your take home-after taxes (which I fear are on the way up) income. Lets say it is $4,000 per month. Add up all of your non-discretionary spending. Lets say for mathematical ease it is $2,000. That leaves you $2,000 to spending as you please.
Go to http://www.quicken.com/ and sign up for the free budget planner. Under the goals tab you can set all of your discretionary spending limits. Be sure that one of your categories is for a withdrawal to your savings account. If you see it as an expense you will always have money to save. Whether it is $10 or $100, it is super-important that you save something. Use the data obtained from your two months of monitoring your expenditures to make this as accurate as possible. This will update every time that you log on and view your account.
On a side note you will have to add your applicable bank accounts and credit cards (shame on you for having them) to quicken. This is safe and quick (pardon the pun).
From time to time you will have to edit transactions to ensure that they are being tagged to go into the correct category. Again, quicken makes this easy, and the best part is it is all free.
Now you can track your spending like the big banks and mortgage institutions should have done. It is imperative to stay on your budget. If you do not you will not save money.
The most important part of all of this is you. You have the power to replace your current situation with a more prosperous one. God Bless.
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