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A Different Kind of Financial Budgeting

By Chavezance Subscribe to RSS | March 29th 2012 | Views:

How easy is it for you to have a conversation about your financial budgeting?

Financial budgeting is the art of tracking your income and expenditure so you can better manage your finances. It is an extremely important activity, and you need a budget whether you’re living paycheck to paycheck or you’re earning a six-figure income. With good financial budgeting you can rein in your spending and even discover some unseen money problems that might free up even more funds that you can put to good use.

In your financial budgeting, you need to be mindful of ways in which the average American family wastes money. For example, the average person will buy new when used will do – why not look for deals on auction sites, or drive around the neighbourhood in case there’s a garage sale on?

No matter what your family’s income is, there are three crucial components that need to be included in the groundwork for your financial budgeting:

Tracking income. Record your monthly income. This includes salaries, additional income from side businesses/jobs, child support, bonuses, commissions – anything that increases your bottom line. Add up all these income sources to establish your total monthly income. Use the budget template on to record your family’s income and amend the fields to fit your household pay schedules.

Tracking expenses. Try making a record of every single thing you buy for one month. You’ll be amazed by how expensive your “little” habits like coffee or cigarettes can be. Try the Calendar Budget Tracking Calculator for an eye-opening illustration. Whether you’re planning to make a deposit on a new home, setting up a college fund for your children, or saving for that trip to the Caribbean, budgeting and keeping track of your expenses helps you to understand where your money goes so you can better plan your financial goals.

The Bottom Line. You should now have all the information needed to create your budget. Go ahead and add up all your monthly income and then do your expenses. Take away your total expenses from your total income and you’ll have either a positive or a negative number. Well done if you have a positive number – you’re spending less than you earn. Don’t worry if your number is negative – the point of financial budgeting is to recognize deficiencies and figure out how to address them.

So many of the obstacles we come across in meeting the needs of our families can be tracked to poor financial budgeting. Calendar Budget is the perfect financial budgeting tool that will equip you to make better money choices for your family. Use Calendar Budget to track your income and your expenses EVERY time you get paid, and your bottom line will thank you for it!

Chavezance - About Author:
CalendarBudget improves your financial productivity by using Budget Manager which helpful to plan easily and create A budget Planner to track your expenses, your incomes and your savings.We offer best Budget Software Programs that fits into your requirements and adhere to budget constraints.

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