Sticking to a
Budget
…and still
enjoying life!
by

Margie Roop, LPCC-S;
CEAP; SAP
 What

is a
budget?
 How do I set one
up?
 What gets
included?
 How do I review?
 Can I make
changes?
 Why do a
budg...
What is a Budget?




A budget is a
template or guide
which displays
monthly income and
expected expenses.
It establishe...
Why do a Budget?
 In

black & white it shows you what you
have to live on.
 In black & white it documents your
spending....
 Income

from all

sources
 Expenses based
on known
monthly bills
 Expenses based
on expected
out-of-pocket
occurrences...
 Paychecks
 Child

support
 Alimony
 Pension
 Dividends on
stocks, etc…
 Cash
transactions
 Refunds
 Settlements
...















Mortgage; rent
Utilities
Food
Gas
Car payment
Lunches at work (if
you dine out)
Entertainment
M...
 Insurance

premiums
 Credit cards
 Vacation
expenses
 Lawn care
 Savings: yes, put
SOMETHING
away!
 Cellphones
 Cl...
How do I set one up?
Just do it!!





Use a template as an
example
Use pencil
Sit down with spouse
or significant oth...
How to set up a budget
Don’t be so hard on
yourself!
 Eliminate

shame &
embarrassment
 It IS what it is!!
 You are bei...
 Lifestyle

out of

control?
 Eliminate
expenses a little
at a time
 If you went out
to movies four
times a month,
take...
 Be

honest!!
 Be open to
feedback
 Include your
spouse or
significant other
 Be proactive;
futuristic
 Communicate
a...
Setting up your budget
Budget sheet
 Many

types of
budget sheets on
the internet
 Forces organization
 Gets you thinki...
Your budget
 Enter

best estimate
for what you’ll
spend per month
(expenses)
 Enter best estimate
for what you’ll
take i...
Budget Review
 Agree

to sit down each month to review
your budget and enter all your expenses
and sources of income for ...
 Remember

to

add:
“Emergencies”
as a line item
 Remember to
budget for
“entertainment”
 Remember to
track and KEEP
al...
Consider your current lifestyle
 Do

you drink too
much? Smoke
cigarettes? Shop
for a hobby?
 Do you exercise?
Eat healt...
How were
you raised?
What were you taught
about money? Many
failed to have any
guidance.
 Turn

on speaker
phone
 Have documents
ready for
discussion
 Have spouse or
significant other
involved
 Have list of
...
Budgeting is your road to
freedom! Good Luck!
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Sticking to a Budget

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Sticking to a Budget

  1. 1. Sticking to a Budget …and still enjoying life! by Margie Roop, LPCC-S; CEAP; SAP
  2. 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. 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. 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. 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. 6.  Paychecks  Child support  Alimony  Pension  Dividends on stocks, etc…  Cash transactions  Refunds  Settlements  ALL INCOME Monthly Income …all sources
  7. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 18. How were you raised? What were you taught about money? Many failed to have any guidance.
  19. 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. 20. Budgeting is your road to freedom! Good Luck!

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