Budgeting Worksheet Tip : Pay_off Debt _ Not surprisingly, most people want to budget to pay_off their debt. Try to find a budgeting worksheet that actually helps you do that! A really good budgeting worksheet should have some capability to organize those debts and give you some options on how to pay them off as quickly as possible. The worksheets themselves can't pay_off the debt, you still need to do that part! But the worksheet should allow you to shift money around on paper (computer screen) so that you can see the financial impact on your budget. Giving up a small amount of spending in your discretionary categories and applying some of that money to your debt load will dramatically improve your financial situation. Before you know it, you'll be able to apply that extra money to your new goals _ without going into debt!
You should be able to document your income, expenses, and (hopefully) savings every month. If your income minus expenses is a positive number, you can relax a little. You still may want to work on your budget so you can save more for an emergency or retirement. If that number comes out negative, you could be in big trouble. Spending more money than you make means you must rely on credit. In turn, this means you are setting yourself up for more trouble because those credit card payments will get higher every month.