A Factory Working, College Grad Getting Out of Debt

Determining a Monthly Budget

I am sure that every one has heard this before:

“You’ve got to make a budget.”

Of course you can save money and work on your savings and emergency fund without one, but in order to be more precise and consistent on this blog, I’m going to make one.   My reasoning is pretty simple:  I need to know what I spend and make in a month in order to determine what I can do to save an emergency fund, and slim down my bills.  It also will help me give a visual of where some unnecessary spending is occurring and thus I can kind of work on controlling those unneeded expenditures.

How am I going to do this?  Simple again.  I am going to keep every receipt this month, keep a record of all of my expenditures on how much and from where, and also keep a record of my paychecks I get in the month of October for a comparison.  At the end of the month, I will post the overall results of my quest.  With this, I can then make the budget for November and perhaps know where I have to shave some fat in order to prepare for my crazy bill month of December.

A little later this month, I will be running a breakdown of how much I pay on my bills and such.  I’m figuring I will do this every month the day I sit down and work on my bills so that you can see a little bit of progress.  However, once I have my budget, I will from here on be posting a monthly budget goal, a mid-month progress report, bill pay breakdown, and finally an achievement report at the end of each month.  The more I post about this budget, the better I think I will be at sticking to it.  Plus, by doing a mid-month report, I will have half of my work already finished instead of having to sit for hours on end trying to figure out if I stayed in budget or not.

Wish me luck!

Count those raindrops!



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