What Is Your Money Mgt Style?

Do you live on a strict budget or do you buy what you need and see how it comes out at the end of the month? What are your reasons for your money management style?

How to Make Your Way Prosperous

During these tough economic times, everyone is asking how do I make wise decisions and become prosperous. The answer is found in Joshua 1:8.

“This Book of the Law shall not depart out of your mouth, but you shall meditate on it day and night, that you may observe and do according to all that is written in it. For then you shall make your way prosperous, and then you shall deal wisely and have good success.”

Can it really be that simple? Absolutely!

When you begin to immerse yourself in God’s ways, you begin to think and act like God. He will tell you where to invest (or not invest). He will give you favor, promotion and increase. When we live by God’s Kingdom principles, we will see God’s results in our life. Isn’t that exciting?

Simple Budget Spreadsheet

I have several forms that you can download from my other site that will help with budgeting. After the holidays I expect to be back online and able to add more helpful info.

Paste this link in your browser to print or download free forms.

http://www.overflowliving.com/Simplify_Organize_FreeForms.html

Family Budgeting Part 3

Here’s another important tip to keep in mind when building your budget.

Avoid using estimates whenever possible.

For example, let’s say that I think I spend about $100 a month on groceries. But, if I was to pull out my checkbook, credit card statements and receipts, I would know that I actually spend $800 a  month. If I was to build my budget based on my “gut feel” or what I think, I am going to be way off. And what is the result of such a big miscalculation? Well, it may mean that I spend too much in another area and then find I don’t have enough to pay for food that month. Some of you may have even found yourself in this exact situation which can be very scary and frustrating.

I know it isn’t fun to gather up all of your exact expenses for an entire year. However, the extra effort is going to pay off in the end because you are going to have a much clearer picture of where your money is being spent. In turn, this knowledge is going to help you to make better financial decisions and good decisions are what will put you onto the path of financial freedom!

How do I make a family budget?

Debt can be defined as spending more money than what you have on hand or make through your income. Being debt free is therefore defined as not owing anyone money because you have paid for everything in your possession.

One of the first steps in becoming debt free is to determine what you spend money on. I encourage you to make a list of all of your expenses for the past year. To help you make your list, below are some categories to keep in mind:

Mortgage
Car Payment 1
Car Payment 2
House Insurance
Car Insurance
Health Insurance
Doctor Visits
Prescription Medicine
Over the counter medicine
Groceries
“Eating out” Expenses
Education Expenses (tuition, books, supplies, fees)
Gas for Cars, Lawn Mowers, Snow Blowers
Car Maintenance (i.e. Oil Changes, tune ups, etc)
Parking Expenses
Clothing & Accessories
All Cards & Gifts (Birthdays, Christmas, Valentine’s Day, Just Because, etc.)
Household Supplies (paper towels, napkins, food containers, foils and wraps, plastic bags, cleaning supplies, large storage containers, gift wrap containers, etc.)
Personal Supplies (bar soap, shampoo, conditioner, hair products, feminine hygiene, lotion, deoderant, makeup, toothpaste, tooth brush, etc.)
Vacations (Airfare, airplane food, hotel, rental car, luggage, gifts, momentos, etc.)
Utilities (water, gas, electric)
Phones (landlines and cell phones)
Cable TV
Internet
Purchasing Checks from Bank
Haircuts, Manicures, Pedicures
Tithes and Offerings
Subscriptions (magazines, newspaper, internet)
Entertainment (movie theater visits, movie rentals, car shows, museums, concerts, special events, concession purchases, books, CD’s, DVD’s, etc.)
Recreational Toys (motor homes, snowmobiles, sleds, skis, four wheelers, motorcycles, campers, boats, trailers, maintenance fees, storage fees, etc)

Please note that the little things add up and can really put you over the edge so don’t forget items such as your morning coffee from Starbucks, the daily newspaper you grab from the checkout lane, and your afternoon snack at the vending machine.

Go ahead and work on your list and we’ll re-group tomorrow for the next step.

 

http://www.keepinglifesimple.net/Freedom_From_Debt.html  “Possible solutions to escape the burdens of debt.”

http://www.keepinglifesimple.net/Jobs_and_Money.html  “Find a job that you love and enjoy!”

www.OverflowLiving.com “Learning to live the good life that God planned!”