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Sticking to a Budget


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The basics: the road to freedom!

The basics: the road to freedom!

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  • 1. Sticking to a Budget …and still enjoying life! by Margie Roop, LPCC-S; CEAP; SAP
  • 2.  What is a budget?  How do I set one up?  What gets included?  How do I review?  Can I make changes?  Why do a budget? Budgeting is GOOD! You will see yourself setting and achieving your goals.
  • 3. What is a Budget?   A budget is a template or guide which displays monthly income and expected expenses. It establishes limits of spending based on the monthly income & expenses.
  • 4. Why do a Budget?  In black & white it shows you what you have to live on.  In black & white it documents your spending.  In black & white it shows where the money is going (bills & out-of-pocket)  In black & white it shows if you are getting ahead!
  • 5.  Income from all sources  Expenses based on known monthly bills  Expenses based on expected out-of-pocket occurrences  “Expenses” based on planned savings What do I include in a budget?
  • 6.  Paychecks  Child support  Alimony  Pension  Dividends on stocks, etc…  Cash transactions  Refunds  Settlements  ALL INCOME Monthly Income …all sources
  • 7.             Mortgage; rent Utilities Food Gas Car payment Lunches at work (if you dine out) Entertainment Medical expenses Dry cleaning Babysitting Hair appointments Pet expenses Monthly Expenses …..I never thought about that one!?
  • 8.  Insurance premiums  Credit cards  Vacation expenses  Lawn care  Savings: yes, put SOMETHING away!  Cellphones  Clothing  School supplies More Monthly Expenses ….does it ever end?
  • 9. How do I set one up? Just do it!!     Use a template as an example Use pencil Sit down with spouse or significant other Do it when you have a few relaxed hours This weekend!!    Pull out bills paid from previous month Pull out pay stubs from previous month List all normal monthly living (operating) expenses
  • 10. How to set up a budget Don’t be so hard on yourself!  Eliminate shame & embarrassment  It IS what it is!!  You are being accountable  You are now in control! It’s your first step towards financial freedom!  Financial freedom is admitting where things got out of control & your willingness to make it right!
  • 11.  Lifestyle out of control?  Eliminate expenses a little at a time  If you went out to movies four times a month, take it down to twice a month  Gain cooperation of other family members Setting up the budget …..go easy at first!
  • 12.  Be honest!!  Be open to feedback  Include your spouse or significant other  Be proactive; futuristic  Communicate appropriately-no blaming! Setting up the budget
  • 13. Setting up your budget Budget sheet  Many types of budget sheets on the internet  Forces organization  Gets you thinking about what it takes to run a household! Receipts  Look at your monthly receipts on expenses  Look at your monthly receipts for income
  • 14. Your budget  Enter best estimate for what you’ll spend per month (expenses)  Enter best estimate for what you’ll take in each month (income)
  • 15. Budget Review  Agree to sit down each month to review your budget and enter all your expenses and sources of income for the month  What was different? Did you over-spend?  Remember to include “savings” as a line item!  Can you account for any excess $  Do you know what happened if you overspent?
  • 16.  Remember to add: “Emergencies” as a line item  Remember to budget for “entertainment”  Remember to track and KEEP all receipts and proof of income Tips I never thought of THAT?!
  • 17. Consider your current lifestyle  Do you drink too much? Smoke cigarettes? Shop for a hobby?  Do you exercise? Eat healthy?  Bad habits COST YOU!!
  • 18. How were you raised? What were you taught about money? Many failed to have any guidance.
  • 19.  Turn on speaker phone  Have documents ready for discussion  Have spouse or significant other involved  Have list of questions ready  Be transparent! Ask for help; our customers can call LifeServices EAP: 1-800-822-4847 Free private 45-minute phone consultation!
  • 20. Budgeting is your road to freedom! Good Luck!