Developing a Monthly Budget

Budgeting sounds very boring, doesn’t it?  The fact of the matter is, if you don’t have a budget, you can quickly find yourself in financial ruin.

Dave Ramsey says the definition of a budget is:

“Telling your money where to go instead of wondering where it went.”

That is exactly what a budget is!  The reality is that in order to achieve your financial goals you have to have in mind how much of your hard earned money is going out the door in each category of your life.

I strongly recommend Dave Ramsey’s website on developing a budget and tons of financial advice.

Below is an Example of what a Family Budget may look like:






Pool maintenance:

Alarm co.:

Car Insurance:


Life Insurance:

Credit Cards:



Kid’s Braces:

House Maintenance:


Hair cuts:






So, you would simply fill in each applicable category.  If the total exceeds your monthly income, then an adjustment is necessary.  If you have more money left at the end of the month after all your bills are paid, then allot more in the savings category.  You can never have too much savings!

All of this is easier said than done, but once you exercise the self-discipline to implement a monthly budget, you will love the results!  Telling your money where to go instead of wondering where it went is a beautiful thing!

Of course, the goal is to eliminate debt and save toward things you really want – say a house, a vacation, a car, etc.

Happy budgeting and here’s to a prosperous New Year!

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