TRACK YOUR ACTUAL INCOME AND EXPENSES:
An important first step to learning to budget is to track your income and expenses. Preparing a personal budget can be a mystery if the amount of money coming in and out of your pocket is not known. Use the following worksheet to list your daily income and expenses to better understand sources and uses of money. It is suggested that you track income and expenses over the course of one month. Once this worksheet is completed, you will need to categorize the items and create a monthly or weekly budget.
An important first step to learning to budget is to track your income and expenses. Preparing a personal budget can be a mystery if the amount of money coming in and out of your pocket is not known. Use the following worksheet to list your daily income and expenses to better understand sources and uses of money. It is suggested that you track income and expenses over the course of one month. Once this worksheet is completed, you will need to categorize the items and create a monthly or weekly budget.
Example:
Daily Budget Tracking
Date.....Item.........Income........Expense........Balance
2-12....pay check.........$560...............................$560
2-14.......Electric........................-$120............. $440
2-16........gas............................-$30...............$410
2-17......pay check........$350................................$760
2-17......pay check........$350................................$760
TOTAL.....................................................$760
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