Your Next Step _ Any time of the year is a great time to take inventory of your current financial position. Check out Virtual Envelope resources including our Personal Finance book and corresponding Budgeting Worksheets and put Virtual Envelopes to work for you. At our blog, you'll find a whole host of articles that will help you get started. If you need one_on_one coaching, we can help you with that too with our personalized Budgeting Coach. It will be well worth the investment of your time.
Tip _ Track you spending _ Tracking your spending for 30 days before creating a budget will give you the concrete numbers of how much you spend in each expense category every month. Many people are surprised to see how all the little purchases at up at the end of the month. By knowing how much you typically spend in each expense category you can now plan those expenses for the next month in your budget. _ Tip _ Plan for periodic expenses _ When creating a monthly budget that actually works you will need to plan ahead for periodic expenses such as car insurance (if not paid monthly), yearly car registration, gift giving, school shopping, and insurance deductibles just to name a few. If you estimate these expenses for the year and then divide by 12 you will get an amount that you can save each month for these expenses.