BUDGETING:
You have no choice but to start NOW.
1. Gather your equipment.
-make a spreadsheet from your computer program eg. Microsoft Excel.
OR buy a spread sheet book from any newsagent. Make sure it has at least 12 or more columns.
-if you want to get really serious buy a program for personal money management.
Quicken Personal 2010 is excellent.
Program around $150- money will spent.
2. Gather all bank statements.
3. Gather all receipts.
4. Gather all payslips or records of income.
5. Decide what date you want to start your budget.
-a good way is the beginning of the last financial year.
- or the start of last month.(back dating is no problem).
-The date you choose-
A. Look on your bank statements for the amount of money you have in each account.
B. Find out how much you owe on credit cards and loan accounts for the same date. You can always call your institution and they will give you accurate information on the amount you owe.
This gives you an opening balance to start your budget.
Don't get in a panic if you don't have receipts for past expenses or income statements, just go off your bank statements until you reach the current date.
It's important to get accurate information for this to work.
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