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Finance For Dummies

Finance For Dummies offers personal finance information on investing, retirement investing, finance, insurance, credit cards, loans and more. Personal finance education is our goal.

Monday, May 15, 2006

Monthly Budgeting

Have you been keeping track of where your money is going? If not a couple weeks ago I a=gave explicit examples of how to keep a budget in Excel--please refer to here.

You might think you do not need to budget or that it is too much work, but I think you will be surprised and happy with your results once you do it. If you keep alll your receipts from every financial transaction you do you will notice trewns, pork, and behavior that needs modification. If you buy a coffee each day before work at Starbucks and spend $3.50. Imagine after approximately 250 work days in a year how much that will cost ($875.00). the same goes for eating out each day at work. let's say you spend $9 a day for lunch and there are 250 work days. that is $2,250. Now you might be a very busy person and it is necessary for you to eat out each day at work. That is fine, but maybe then you could go 2 times a week to Starbucks instead of 5--there other 3 days you drink the office coffee--now you spend $350 on coffee. $525 is a carpayment or 2 depending on how nice a car you have. It is something to consider.


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