What does it take to be successful in managing your money? Almost 8 years ago, our family began a life changing journey with our money. Based on the results, I feel I can answer that question from our own experience. The truth is that having a working budget every month is the key to winning with your money. If you develop the skill of budgeting, you will unlock all the potential of your income. With that in mind I would like to answer 7 questions you might have about doing a budget.

1. 7 Budgeting Questions7 Budgeting Questions
José R. FigueroaJosé R. Figueroa
October, 2013October, 2013
www.figueroafinancial.comwww.figueroafinancial.com

2. 1. Is having working budget absolutely1. Is having working budget absolutely
necessary to manage your Money?necessary to manage your Money?
Yes. A working budget
is fundamental to your success.
If you can’t control your money via a
budget, you can’t build savings, you
can’t pay-off debt, you can’t plan for
the future.
October, 2013 27 Budgeting Questions - www.figueroafinancial.com

3. 2. Can I budget even with a limited
income?
The reality is that whether you
make $40K or$400K, you need to
do a budget.
A budget gives your income more
muscle because when you know
where every dollar is going, you
will avoid wasting money.
And, when you stop wasting
money, you can begin to live on
less than you make.
October, 2013 37 Budgeting Questions - www.figueroafinancial.com

4. 3. Is Budgeting Hard?3. Is Budgeting Hard?
Not really. The mechanics of setting
a budget are simple.
It’s a matter of simply listing all your
income on one side of the column
and listing all you planned expenses
on another.
Make sure you “spend” every dollar
on paper first. This means, allocate
your available income to a spending
category.
October, 2013 47 Budgeting Questions - www.figueroafinancial.com

5. 4. I am not good numbers, what tool4. I am not good numbers, what tool
should I use?should I use?
You can use something as simple as a
yellow pad and pen or something more
involved such as an Excel spreadsheet
or a computer program such as
Quicken.
Today there are also tools on the
Internet such as Mint.com or YNAB.
Use the tool that fits you, but make
sure you use something!
For me, an Excel spreadsheet has
served me well for the last 7 years.
October, 2013 57 Budgeting Questions - www.figueroafinancial.com

6. 5.5. Do I have to prepare a Budget every
month?
The answer is yes simply because every
month is slightly different.
For example in one month you might have
more birthday celebrations than others
(for us June is a big one). Also things such
as registration or inspection fees for your
vehicle are not due every month.
And of course Christmas expenses are
very different than say Easter expenses.
The more you carry on the practice of
doing a budget, the easier it will be to
manage the differences every month.
October, 2013 67 Budgeting Questions - www.figueroafinancial.com

7. 6. Does doing a Budget take a long time?6. Does doing a Budget take a long time?
No. It might take you longer the first
few times you do it as you gather
information on your bills and get a
hold of historical data on your
spending.
But after the first few months, it will
become a routine.
For example, after 7 years I spend
less than 20 minutes drafting our
monthly budget.
October, 2013 77 Budgeting Questions - www.figueroafinancial.com

8. 7.7. I hate talking about money, can’t I just
leave it to my spouse?
No. If you are married, you both need to
be involved in money discussions and
decisions. You each have a vote.
One of you maybe more naturally inclined
to handle the mechanics but you both have
to be in the game.
You are building a life together, surely you
can handle money together.
And if you are single, you need someone in
your life who loves you well and who will
tell you the truth. That person should
review your budget to give you direction
and ask the tough questions.
October, 2013 87 Budgeting Questions - www.figueroafinancial.com

9. October, 2013 97 Budgeting Questions - www.figueroafinancial.com
“A budget is people telling their
money what to do, instead of
wondering where it went”.
John Maxwell

10. About the AuthorAbout the Author
José R. Figueroa is a Personal Finance
Coach/Blogger @ Figueroa Financial:
Help and Hope for Your Finances.
He is also the author of the e-books
7 Principles for Financial Success and
Not Mine, Not Yours, But Ours now
available @ Amazon.
October, 2013 107 Budgeting Questions - www.figueroafinancial.com

11. Figueroa Financial: Contact InformationFigueroa Financial: Contact Information
Website: www.figueroafinancial.com
e-mail: jose.figueroa310@gmail.com
Facebook: www.facebook.com/figueroafinancial
Twitter: https://twitter.com/FigueroaFin
Linkedin: http://www.linkedin.com/in/jrfigueroa
Google+: https://plus.google.com/u/0/b/111459341392513036380/111459341392513036380/posts
Pinterest: http://pinterest.com/jfigueroa310/financial-coaching/
October, 2013 117 Budgeting Questions - www.figueroafinancial.com