This sounds good in theory but in practice I have found that it involves a lot of tedious time-consuming work to maintain. I would start off motivated and after a few weeks find myself falling behind and eventually give up. This encouraged me to come up with an automatic budget for the lazy
I came across the idea of “Pay yourself first” mentioned in many finance books some time ago and decided to take this approach to budgeting. Paying yourself first refers to taking a percentage of your income from your paycheque as soon wholesale jerseys as you get it and putting it towards saving / investing. Moving the money out of your transaction account takes away the temptation to spend it. This is much like the way payroll taxes are taken before you get your pay.
The first thing I did was determine a percentage of my income that I wished to save. A minimum of 10% seemed like a good place to start. I created a scheduled transfer of the funds to a separate bank account for savings. Most banks have the facility to setup periodic payments between accounts within the bank or external accounts.
Next was to create a list of cheap football jerseys all my periodic expenses Mortgage, Insurance, Car, Utilities, subscriptions etc… I made a simple excel spreadsheet with columns for name, yearly, quarterly, monthly and weekly. I used this to calculate my expenses down to a weekly amount. In the calculations I added in a small buffer to allow for variations.
Once I had worked out what needed to be put aside each week to cover the periodic expenses I created a second schedule to automate a transfer to a dedicated bank account for expenses.
This does not wholesale jerseys cover expenses part way through their cycle, when first setting this up you can add bills as they come in or calculate how much cheap mlb jerseys you should have aside already.
This simple process helped me simplify budgeting to a point that I always had the important things covered and did not have to worry. When a periodic expense came in the money it would be paid from the dedicated account. No shock when a large utility or insurance bill came in.
The remaining money each week was for my variable expenses Food, Entertainment, Clothing etc.
Once every 6 months or so I review the excel spreadsheet and cheap jerseys compare the periodic expenses to the recent bills and adjust amounts accordingly.
I have found that this simple automatic budget works well for me and have added to it over the years.
If you have a similar system or a completely different one please let me know what works for you!