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The Budget Workbook

by Chad Utrup

87 pages; Black coil; catalogue #02-0616; ISBN 1-55369-803-7; US$15.00, C$24.00, EUR15.60, £10.90

A no-nonsense guide to helping individuals understand and track their personal finances. Examples and easy-to-use templates guide the user through a simple methodology of budgeting for their short and long-term goals.

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about the book      about the author      Table of Contents and excerpts      catalogue info

About the Book     The Budget Workbook is a no-nonsense guide to helping individuals understand and track their personal finances. Many self-help budgeting tutorials have been made available over the years, however The Budget Workbook provides a working template and example format that makes it easy to understand.     The idea behind The Budget Workbook is to capture all income and expenses that an individual or family may have, now and in the foreseeable future. Instructions and examples walk the user through the detailed completion of the templates with their personal information and then assist the user in understanding the overview or summary of these details. Once completed the user should have a much more knowledgeable understanding of their financial status and be able to use the templates for future planning. Included is an overview of the methodology, instructions, two (2) examples and two (2) blank templates for use.

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About the Author     As the author of this self-help guide in personal budgeting, I truly hope it helps you as much as it has helped me and my family in understanding our finances. This is not a new methodology in budgeting nor is it designed to promote individual wealth, it is merely a tool that can be beneficial in understanding and tracking your money.     Several years ago my wife and I could not understand where all of our money was being spent. After many failed attempts of capturing our financial transactions on a tablet of paper, I determined it just could not be done effectively unless we used a more formal and consistent method. By the end of the second month of using the templates that I had created we were able to understand exactly where all of our money was going. As a result, we were able to change our spending habits in order to accommodate additional purchases, activities and savings plans. We have been using this format for over 7 years now and have found it to be very effective and hope that you do as well.

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Table of Contents and excerpts

Contents

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INTRODUCTION

    This workbook is designed to assist you in budgeting your money. This workbook is not going to guide you on how to spend or save your money, rather it will teach you how to track it so you understand your finances better than you do today. By understanding where you spend your money, you will be able to make informed decisions related to your financial future.
    Throughout this budgeting workbook commentary is provided which will answer most of your questions. A few examples have been provided which should help you relate to your own personal situation. These examples will also provide you with the proper guidance in completing the workbook and the level of detail required to utilize the workbook most efficiently.

    This workbook should be used as a basis or a template for the above mentioned reasons. It can be used to develop an electronic version as well as be used in manual form. In manual form you can use the provided blank templates to track your income and expenses. While an electronic version may be quicker for calculations, the methodology is exactly the same.

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Example A
HOUSEHOLD ITEMS COST

    John estimates that he spends approximately $115 on groceries or food per month so to be conservative he enters $125 per month. Toiletries and cleaning supplies are purchased when he buys groceries so those costs are included in his budgeted number for groceries.
    Although the postage cost per month is minimal it is important to capture all costs. An estimate for one book (20 stamps) is budgeted for each month. John makes two (2) trips per month to the dry cleaners at approximately $20 per trip.
    John has a dog and knows for certain that he spends close to $40 per month for dog food and treats. John has decided not to budget for the kennel because he has friends who watch the dog for him while he is away. His dog is scheduled for an annual checkup at the vet which costs $75 per visit.

Example A
SUMMARY

    After reviewing the income and expense sections of the workbook, John went back and completed the Budget Summary section as the final step. The Budget Summary section provides John the "overview" of his finances and below is what he has come to understand.
    John has always felt that his apartment and his car were his most costly items in his financial situation. However, John did NOT realize how much he was spending on leisure and entertainment activities.
    After going through his costs and completing the workbook John has a much better understanding of his finances. By reviewing his budget summary he sees that at his current level of income he can maintain his lifestyle and still be able to save some money for the future. However, John also knows that any adjustment to his lifestyle and the budget will need to be updated to reflect such changes. Perhaps he will not be able to afford any major lifestyle changes or perhaps he can save even more money for the future.
    This example has shown a situation where someone has enough income to cover all of his/her living expenses and social activities. In a situation where income is less than costs, there will be negative numbers in the "ending balance" section of the Budget Summary. This would give the indication that expenses are more than income and put you in what is called a negative cash position. If this is your situation be certain to go back through the budget in detail to make sure each section is accurate and numbers are correct in the Budget Summary. If everything is correct and you still show a negative cash situation in the "ending balance" section of the Budget Summary, it is recommended that you take a look at your expenses and make changes to your living conditions or spending habits. Remember that those sections of the workbook that can impact your financial situation the quickest are discretionary spending items such as Household Items, Leisure/ Entertainment Activities and Special Projects. One key question to ask yourself is "what are my true necessities that I cannot change?"

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Catalogue Information

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