Here’s some tips for getting started, maintaining your budget, and the uh oh scenario.

Getting Started

• Gather documents. Getting all your bills in one place and looking at your credit card and bank statements can help you figure out how much you are spending.
• Take time to write it. Budgets should not take hours upon hours upon hours, but it should take a decent amount of time. Five minutes won’t cut it.
• Get it in ink. Write it. Type it. Tattoo it on your skin. Shave it into your neighbor’s Shih Tzu. Just get it down. It’s hard to stick to ideas that are in your head. If it’s on paper, it is easy to refer to, and it is easier to map out. By keeping your budget on your computer, you can easily tally expenses and reuse the template for next time. I’d recommend using The bÜdg. However tools like Excel, or accounting programs can also do the job.
• Don’t count on money you might receive in your income. So Grandpa usually sends three birthday cards filled with cash because…well, sometimes he forgets. Your friend owes $20 for that bet when you said you could suck a Cheerio up your nose and cough it out your mouth. If you count on the money and you don’t get it, you’re screwed. Add iffy money as it comes along.
• Understand the difference between needs and wants. You need to pay the rent. You want to buy a round for those hotties at the bar. You need to pay your car insurance. You want to go to Vegas for one sweet weekend. You get it.
• Remember the long term. You can put expenses off, but it’s just going to be more painful in the end. Debt that doesn’t look bad today won’t always look good years from now.
• Send some money to savings. There will always be something that you want to buy, and a time will always come when you need some money. You will be happy to have that little love nest when the time comes.
• Set realistic goals. You can’t budget out for more than you make. This is not something that will multiply money that is not there. If you don’t have much to start with, it might be a little much to budget for the newest game system, a flat screen T.V., some furniture, and a brand new car. This is not the Price Is Right. You have to pay actual money for these things. Start with something small and work your way up.
• Be patient. It might take some time to figure all this stuff out. Take your time with it. It will save you from having to add forgotten expenses later.