Tip Of The Month
Budgeting Tips
June 2009
1. Get the whole picture: Gather all credit card and checking account statements for the past year, all cash receipts for the past month, all charity contribution receipts, and all pay stubs.
2. Use this information to create an estimate of what you spent last year.
3. Determine your monthly take-home income from all sources.
4. Determine your monthly expenses.
5. Group expenses into categories, such as Utilities, Credit Cards, Food, Cash, etc.
6. Subtract your expenses from your income.
7. If you have more income than expenses, focus on putting money into savings.
8. If you have more expenses than income, look for things you can cut out. Try to cut enough out to allow you to have extra money at the end of the month.
