Do you have a budget?

Do you have a household budget? Our budget is my plan (similar to a roadmap) of how we intend to spend our money. I am amazed at the number of people who do not have budgets or any idea how much they spend in specific categories. Unless you have an endless supply of money, I believe budgets are essential to reach financial goals.


Below is a sample list of the categories that I have included in our budget for 2009:

401(k) contribution

Medical and dental insurance

Mortgage (includes taxes and ins.)

Food (Groceries and Eating Out)

Electric

Water

Sewer

Cable/Internet

Telephone

Life Insurance

Car insurance

Gasoline

Gifts

Christmas

Vacations/Traveling

Clothing

Copay/Prescriptions

Haircuts

Aiden’s 529 College Savings Plan

Mike spending money

Sara spending money

Golf Membership (Mike)

Car Maintenance/Repair

Vehicle Maintenance/Repair

Charitable giving

I challenge each of my readers to make 2009 the year that you take responsibility for your finances and start living within your means. If you'd like help setting up a budget, please let me know.