“When it comes to money and so many other things in life, understanding your weaknesses and strengths can help you with your future plans.”
Need a little extra money for the holidays? Need money for unexpected bills? Want to save for a down payment on a home?
If you answered yes to any of these, then now is the time to start a personal monthly budget.
Benefits of a Monthly Budget
According to a Gallup Survey, 32% of Americans, or almost one in three, prepare a written or computerized household budget each month to track their income and expenses.
More and more Americans are realizing that planning for the future and their childrens’ futures has become more important than ever.
Here are just a few of the benefits:
- Peace of mind for unforeseen circumstances like unemployment, death, disaster, medical bills and retirement
- Reduced tension between spouses
- Increased saving and retirement
- Ability to save for future purchases or special projects
- Ability to see where you can spend less and save more
- Less stress
How To Create a Monthly Household Budget
Today we live in the age of online balance statements and the opportunity to use free tools to help us manage our money. Basically, you have three options to get started:
- Hire a personal accountant.
- Buy a popular budget software.
- Create a personal spreadsheet for free online.
I tend to opt for number three, as my intent is to save money not spend more. It takes a couple of hours to set up a home budget spreadsheet, but then it is easy to update from month to month. In fact, why not copy a basic version of mine and start using it today?
How do you currently plan your household budget? Let me know in the comments!