Budgeting 101

Budgeting 101 is a six part article series that has been created to give readers the solid fundamentals of creating a budget.

1) Prepare before you budget - You want to make sure you do it right the first time.  Prepare before you budget and avoid mistakes that might deter you from trying again if you happen to fail the first time. In this step you’ll want to establish financial goals and identify dreams that revolve around those goals.

2) Learn from Budgeting Resources - What better way to get motivated then to listen to success stories or be a part of a personal finance community that will help you thrive to be financially fit.  Educate yourself and you’ll benefit in the long run.

3) Formatting a Simple Budget - When first starting off, you’ll want to make a simple budget that is easy to read and simple to follow.  This article gives you a list of expenditures and incomes that you’ll most likely be adding to your budget.

4) Finding your Budget Style - Everybody is different and it’s up to you to find out what you like and what you dislike.  Personally, I love simple budgets that I can make using a pen and paper.  You might like a more advanced approach but you won’t know what you like until you’ve tried it.

5) Tracking your Budget - Tracking your budget/expenses is a key ingredient to budgeting.  You have to be able to see what you are spending your money on and where you’re spending your hard earned cash.

6) 12 Things to Remember when Budgeting - Remember that budgeting shouldn’t be a chore, it should be a lifestyle.  You aren’t doing it because you have to, you’re doing it because you want to.

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Comments

4 Responses to “Budgeting 101”

  1. Carnival of Personal Finance #150 on April 28th, 2008 5:03 am

    [...] Financial Learn writes a budgeting primer. [...]

  2. Carnival of Net Worth #2 on April 30th, 2008 1:44 am

    [...] Benoit presents Budgeting 101 posted at Financial [...]

  3. Carnival of Money, Growth and Happiness #43 | Credit Card Lowdown on May 4th, 2008 7:38 am

    [...] Benoit presents Budgeting 101 posted at Financial [...]

  4. ideal4investors on May 4th, 2008 8:51 am

    Great list. Making a simple budget plan is the hard part, especially for those who are self-employed or with non-steady income.

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