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The Basics of Budgeting
A Family Budget Doesn't Have to Hurt
By Debora Geary
Amy Mauel of Watertown, Wis., is her family's official budgeter. Her tracking system is fairly basic – literally on the back of an envelope. "I keep a list of all of our bills, including the due dates," Mauel says. "I also keep a list of when my husband and I get paid. These are hung up at my computer desk. As soon as a bill comes in, I write the check and get it ready to go. On the back of the envelope, I write the date that the bill is due. I keep a piece of paper on top of the stack of bills to keep track of the running total. I keep all the bills together in a specific place so I can mail them out on payday." The important thing about Mauel's system is that it works for her.
If you'd like more help figuring out how to track your finances, spend some time with Michelle Jones, the founder and managing editor of BetterBudgeting.com. Jones has compiled a great Web site with practical budgeting tips that will help even the most budgeting allergic people get started.
"Having a good understanding of how much money is coming in and how much is going out is the first step to budgeting," Jones says. She has designed a simple budgeting worksheet, available free on her Web site, that makes this first step surprisingly painless.
Spending smarter is a process of figuring out where you spend your money each month and how you might save in those areas. Here are some practical tips from moms on how to do just that: