Spencer W. Kimball: "EVERY family should have a budget."
I'd say his advice would be good to follow, wouldn't you?
Starting a budget can seem daunting, but it need not be. Here's how to get yourself started.
CHALLENGE: Track your expenses for a month.
You need to know where all your money is going. I think the best way to do this is to use a credit card for ALL my transactions. That way, you can see EVERY transaction online or in your statement. I also like to use Quicken because you can automatically download all your transactions directly from the web, then categorize each transaction. At the end of the month, Quicken will give you a report of the total you spent in each category. Another good program is Money.
The problem with using cash is that you have to keep track of receipts. Also, paying in cash or check is becoming less practical in our world of online payments, automatic bill-pay, etc.
Come February, I'll help you start creating your budget. Good luck!
