[counselors]

Recording Income & Expenditures:

It is a good habit to record your daily expenditures, which can be conveniently done by recording the receipts and bills in a note pad and writing total daily expenditure. Sum them up at the end of the month.

At a regular interval take a look at your expenditures. There are some expenditures of once in a month some are becoming due after 2 moth’s period and some quarterly, six monthly or annual in nature. While budgeting, provision has to be made for the periodical payments of quarterly, half yearly and annual bills by dividing such anticipated amounts by 3, 6 and 12 and include them in your budget of monthly expenditures on prorated basis, and make payment when they fall due.

Prioritize Your Expenditures:

Account for all of your bills and the money you spend throughout your daily routine.

This can be done by saving copies of all your receipts and paid bills, then recording your total daily expenses in a notepad. One or two times a month take a look at your expenses. Your daily expenses would include anything paid out of pocket except for your regular monthly expenses.

Be sure to include quarterly, semi-annual (each six months), and yearly expenses. Prorate these by dividing the quarterly expense by 3, the semi-annual expense amounts by 6, and the yearly expenses by 12 before adding them to your monthly budget.

House Hold Budget:

A house hold budget can be made by using a spread sheet on your home computer and monthly expenditures can also be recorded and monitored.

For illustration following details can be copied on spread sheet and modified as per the need for use as budgeting technique:

S.No.. Gross Monthly Income Expenditure Head Month 1 Month 2 Month 3 Average Exp.
1. Mortgage Installment / Rent
2. Insurance
3. Provision for Taxes
4. Car Fuel/Maintenance
5. Groceries
6. Budget for seasonal clothes
7. Restaurant Dining
8. School Fees
9. School Transportation
10. Personal Care Expenditure
11, News Papers/Magazines
12. Gifts
13 Pocket Money for Children
14. Miscellaneous Expenses
15. Other Payments

Electricity Bill

16. Car Installment Payment

17 Credit Card Payment
18 Cable Internet

19 Car Insurance

20 Telephone Bill
TOTAL AMOUNT
Saving Planned
Following the house hold budget you can plan your savings, which shall help you meeting unplanned necessary other family expenditures

For a friendly consumer credit counseling advice log on at Debt Settlement, Debt Negotiation Services & Debt Consolidation - CuraDebt, CuraDebt.com