A budget is useful for keeping track of your income and expenses, as well as for determining how much you can save for your financial goals. Your budget should ideally include all you receipts and disbursements.
HOW OFTEN SHOULD I CHECK MY BUDGET?
That's really up to you. But remember, the more often you check your expenses, the better your chances of sticking to your budget and saving enough for your special project. Your budget should ideally include all your receipts and disbursements. Naturally, you can change your budget if there's been a change in your life, like getting a raise, receiving an inheritance, or having to cover an unexpected expense.
FAMILY BUDGET OR PERSONAL BUDGET?
If you and your spouse pool your finances, then you should prepare a family budget. But if each spouse pays his or her share of the expenses separately, then a personal budget would be in order.
The project you're planning also has an impact on the type of budget you prepare. Buying a home will probably call for a family budget, while buying a new wardrobe is a more appropriate goal for a personal budget.
To determine how much you can save monthly, complete this table by entering your monthly expenses.