1 of 3 -August 2 – August Savings Challenge! Money Coming & Going – Sorting it all out #Budget

11One very important part about saving money is understanding how much money you have coming in each month and how much money is going out. Most people refer to it as a budget however lots more consider it a nightmare!

Now I’m sure your thinking; it’s easy for her….. she’s CouponNannie…… yeah like most people in the world. I am very good at helping others however I struggle at times with following my own advice ! I am going through all the steps of the challenge with you!

I hear all the time “I don’t know how to do a budget” …….. Yes you do; you just don’t want to do it as you know when your done it you will be scared ๐Ÿ™‚

Often people struggle with making a complete budget and once they complete a budget……how to adjust it, figure out where to cut costs. You first need to be able to asses your needs. To begin your budget you need a piece of paper and a pen or pencil, You need 3 Columns


  • Column 1ย  Expenses that are fixed Amount & Required – These expenses could include Rent/Mortgage, Car Payment, Support Payments, Insurance Payments. Eg. Each month you know that your Rent is $700. It’s due the same time each month and the same amount.
  • Column 2 Expenses that are non fixed Amounts & Requiredย These expenses include lights/heat, phone,groceries, medications, etc These are expenses that happen every month but the amount varies. Eg. This month the light bill is $70, next month the light bill is $100.
  • Column 3 Required/Everything Else –ย This expense includes ever other thing you spend money on that includes, fast food, bank fees, interest charges,

Take the time and write as many things as you can think of under each column! Don’t worry there will not be as many at the end ๐Ÿ™‚

Flip the page over! You don’t want money out on the same page as money in right now ๐Ÿ™‚

  • Column 1 Income that are fixed Amounts & Reliableย  These would include Family Allowance, Pay Checks, EI Payments, Social Assistance or Disability Payments. Income you know the date it’s coming and exactly how much it is. It’s Reliable! If you are receiving support payments either child or spousal ONLY list in this column if they are consistent and regular!
  • Column 2 Income that are flexible Amounts & reliable These would include commissions from a job, eg selling Avon, GST, support payments if they are irregular
  • Column 3 Income that is random– Income tax refund, money from online surveys, gift, lotto winning, bottle deposit refunds etc

Now that your head is spinning ๐Ÿ™‚ Get up; have a stretch, look away for a minute, go to your happy place ๐Ÿ™‚

Now you need to label yourself ๐Ÿ™‚ When it comes to following a budget are you:

  • Disciplined – You can simple reference the budget and stick to it!
  • In Progress- You use bottles, envelopes, to help manage and sort funds to help keep you on track
  • HELP – You love the idea of the 2 above but you just can’t do it……. HELP HELP HELP

I’m going to make a HUGE assumption here but chances are if your reading this your In Progress or HELP.ย 

Take the time and check amounts of your bills, your expenses. That means go check and see how much you power bill is, go check and see how much you paid in bank fees last month, how many late fees on bills did you pay, how much interest on credit cards did you rack up.Write it all down!!

If you don’t have any idea how much is coming in or where it is all going….you cannot move forward!

Tomorrow We’ll tackle the next part of the budget! ๐Ÿ™‚

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