Budgeting 101

Leave a comment

January 15, 2013 by Victoria

I have never lived within a budget. I had the whole “It’s mine, I spend it” mentality.

After attending a 16 hour fiscal management training for work it dawned on me:

“I am treating their money better than I treat my own.” 

All these savvy budgeting techniques, I could forecast their next fiscal year…. But not the two week period between each pay check? As much as I learned during the training, what resonated with me was that I really need to “get my life”

On the train ride home I furiously scribbled the first draft of my budget. When I saw on paper how much of my money had been fluttering away- I knew I had to do something and fast. I created a workable budget, put it into excel, and chose a responsible friend, to keep me financially accountable. This is someone I trust, who I could be transparent with and who would nag me if I spend over budget.

Creating the budget is the easy part, sticking to it is the challenge. 

Here are some tips to creating your own budget; contact us if you would like us to send you a template in excel.

1)    Be honest about your revenue

  •  Salaried? List what you bring home AFTER taxes
  •  Hourly? List what you make on average, not a period that is filled with OT hours.


2)     Revenue line should be steady and consistent income only. Create an additional line for bonus revenue (tips odd jobs gifts)


3)    Pay yourself first! 

  •  Your very first expense line should be the minimum amount you are putting in your savings account. If this is 5 or 10% make sure it is an amount you can pay consistently.


4)    Include debt/bills In your expenses

  • You may need a specific debt recovery plan, but the total debt amount should be visible somewhere, as a constant reminder.

Remember your goal is to make budget, or even come under budget. But the best way to do that is make a realistic budget in the first place. Be honest and also be willing to revise your budget to reflect what’s actually happening.

Feel free to contact me if you need any more information or support- happy budgeting!

– ❤ V



Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

Enter your email address to follow this blog and receive notifications of new posts by email.

%d bloggers like this: