subject: A Balance Sheet Will Sort Out Your Money Worries [print this page] A Balance Sheet Will Sort Out Your Money Worries
So you realize that you and your family could benefit from a little organising when it comes to your income, but maybe your not sure where to start, here we will guide you with a balance sheet to get you started, and stop with those money worries.
The first thing you need to determine is your income and the frequency it comes in. For example, you may be working part time while the children are at nursery and receive tax credits also. Everything you receive as a payment to you is your income. Before tailoring your balance sheet you now need to determine your outgoings.
Outgoings will vary with each household but they could be your rent or mortgage, utility bills such as gas and electric, debts such as credit cards, personal items which include clothing for you and your family, food, travel whether it be using public transport to get to work or your car. If using a car, you should include tax, insurance and fuel. Everything you pay out and that includes that monthly trip to the tanning salon, needs to be on your plan.
This may sound a lot but when you look at the main categories it is very simple and straight forward so don't worry the accountant won't need called in. To help determine these figures look at your previous months bank statements, bills and receipts. This is a great way to figure out how much you have been spending in the past. If for example you can see that you spent more than you feel you really should have on personal care items or entertainment you should reduce the amount you allocate to that category in the balance sheets.
If you would like tips on how to save money on your actual outgoings then visit our money saving link. Once you are happy and most of all comfortable with your plan then you can transfer all the numbers and information into a budget worksheet. We have an extensive range available that can be downloaded for free, you can even print these off and pop them on your fridge or wall for the whole family to see and get involved with.
You can also find many balance sheet templates by clicking the worksheets section of out site. It is here you can also find many others in addition to a monthly or weekly budget such as a Christmas worksheet.
When you start to plan your budget do not worry it is very simple, you should take your time and don't rush as mistakes could be made, for example a bill you forgot to include could have an impact at the end of the month.
It is therefore a good idea to over budget on some items, this provides a back up in case one month your heating bill is higher than usual. You should however be realistic in your budget, don't over estimate too much or try to save too much at the start. It is much better to create a budget that is realistic to your circumstance. If you need further ideas you can look the balance sheet in the author bio. These will give you an idea of how much other households may put into each category, of course this will not match yours exactly but it will help.
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