6.3 Your Budget Worksheet

Section 6.3 Your Budget Worksheet  Goals: Identify steps you should take to create a budget worksheet. Explain common problems with budgeting.

Section 6.3 Your Budget Worksheet  Key Terms: Budget worksheet

Budget Worksheets  A budget worksheet is a planning document on which you record your expected and actual income and spending over a short period of time, usually one month. It is a way to compare how you think you spend your income with a record of how you actually spend it.

Budget Worksheet  Step 1: Create a Worksheet  Step 2: Estimate your income  Step 3: Estimate your Expenses & Savings  Step 4: Record your Actual Income & Expenses  Step 5: Calculate the differences

Budget Do’s & Don’ts  Keep your budget simple and workable.  Be sure to estimate the correct amount of flexible expenses. Good record keeping can help.  Do not lump too many expenses under miscellaneous and not a specific category which makes it hard to track your money.  Don’t give up on your budgets because it takes too much time and effort. A good budget takes no more than an hour a week.