How do I set up a budget?

Watch the video. The outline is below.

• The Zero balance budget

• No dollar left behind

• What is it?

• Budgeting method that subtracts your expenses from your income

• The philosophy is that you have no money (zero) left over at the end of the month.

• Having $0 is a good thing at the end. Negative dollars is a bad thing.

• Steps

•

• Write down your monthly income

• This is your biggest tool for financial freedom.

• Write down all sources.

• Job

• Part time job

• Refereeing youth soccer

• Write down your monthly expenses

• Everything!

• And I mean everything

• Rent, water, cable, etc

• Write down your seasonal expenses

• Property taxes

• Insurance

• registration

• Subtract your expenses from your income

• Math.

•

• What do you do with the answer to your equation?

• If $0 or negative- find things to cut or reduce from your monthly expenses.

• Remember I said to write down all expenses.

• All spending should be planned out

• No coffee from a coffee shop unless its in our budget

• If it is- cut these types of expenses

• Reduce spending in other areas

• Cable package?

• Make more money

• Extra hours

• Extra job

• If positive (this should always Be the answer)- put the money in an account.

• Savings, investing, etc.

• Extra tips/rules

• There is no extra money.

• All funds must be accounted for and assigned to an account

• Have a goal

• Be consistent

• Involve the whole family