![]() ![]() Credit card debt is an easy trap to fall into. Be sure to record all transactions, including ATM/Visa Check Card transactions, checks, and deposits. Keeping an accurate checkbook register also allows you to review where you spend your money. The balance in your checkbook is a critical number in money management because it allows you to know exactly how much money currently you have to save or spend. Personal Budget Spreadsheet (Excel file).Having a budget will allow you to control your money rather than your money controlling you. ![]() ![]() Ask yourself if each expense is a "want" or a "need," and try to minimize spending on the "wants." Most importantly, once you create a budget, stick with it. Look for non-essential expenses that you can reduce and recalculate. If the result is a negative number, your expenses are exceeding your income. If the result is a positive number, then you are living within the limits of your income. Subtract your expenses from your Net Income, calculated in Step 1. Save your receipts and take the time to add up all of your expenses for a month. Create a Personal BudgetĪ budget is your roadmap for spending and is a tool to help you achieve your financial goals. This number ultimately determines what you can spend each month. Know all your sources of income after deductions, like income taxes and 401k, are removed. Tips to Manage Your Money More Effectively 1. ![]()
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