How to Create and Use a Budget

In that it is the holidays, I know that we have had a time when and and where creating and using a budget definetely was easier (I almost had to chop up my credit card just to stop me from using it!) so this blog post is for those of us who are like me and could use the reminder on how exactly to use and maintain a budget, especially in this season when everyone seems to be spending way too much money on who knows what. (Scrooge's side of the story is starting to make sense...) Anyway, here are my thoughts and pieces of advice on how exactly to create and actually use a budget! 1) Estimate your monthly income List sources of income that may include your paychecks, child support, pay from gig work (a holday gig...?), social security income, etc. 2) Identify and estimate your monthly expenses Things like your rent or mortgage, cell phone bill, and garbage bill. Next, identify your variable expenses (this is different dollar expenses every month) like groceries, eating out, gifts (especially during the Christmas season), clothes, and gas. 3) Compare your total estimated income and expenses, and consider both your priorities and goals Now compare your total estimated income to your total estimated expenses. If your expected monthly income is greater than your expected monthly expected, then you expect a surplus. That is great! 4) Track your Spending, and at the end of the month, see if you spent what you planned (fingers crossed!!) Make up a steady system to record all your spending for the month to see if you are staying within your budget (gulp!). 5) Stick with it! Tracking spending, blocking spending leaks, adjusting your sure budget, and saving money becames a habit over time (though you should always check up on yourself, trust me). Set yourself up for ongoing success by-- -Setting realistic and possible expectations and goals. -Making up a budget and tracking system that is easy to use and truthfully maintain. -Automatic saving (that happens when you don't even think about it, it's second nature) and investing by setting up recurring transfers to saving or investment accounts. -Using set strategies to reduce impulse purchases and build a steady sel-discipline that you can trust. https://dfr.oregon.gov/financial/manage/pages/budget.aspx

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