How to budget during these times By Jack Hester May 16 , 2009
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Wheel of Life
Finances Physical Health
Family
GOD
Career Hobbies
Spiritual
Finances:
I. Where I am Today
II. Where I want to be
Financial Bondage
- Anxiety
- Fear - Worry - Frustration - Wanting more than can afford - Robbing Peter to pay Paul - Paying late fees on bills - Can’t afford Vacations unless paid by Credit Cards - What habits do you want to change? - What do you hope to accomplish? - There is a way out of Bondage - 20% going to credit card is too much - Review in a notebook where your money goes - Your money is controlling you - Needs - Wants - Desires
Personal Financial Freedom
- Paying bills on time - Debit free - Giving to your church - Setting aside money for children’s college - Setting aside money for your retirement - Setting money aside for your vacations and not having to use Credit Cards - Paying charge cards off each month - You control your money - Develop a budget that works
Budget
Monthly Income Earned _______ Unearned _______ Other Income _______ Total Income _______ Expenses Church/Charities ______ Savings Emergency Fund ______ Retirement Fund ______ College Fund ______ Housing First Mortgage Second Mortgage Real Estate Taxes Homeowner’s Insurance Repairs/Maintenance Fees Replace Furniture Other
________ ________ ________ ________ ________ ________ ________
Utilities Electricity ________ Water ________ Gas ________ Phone ________ Trash ________ Cable ________ Food Grocery ________ Restaurants ________ Transportation Car Payment ________ Gas and Oil ________ Repairs and Tires ________ Car Insurance ________ License and Taxes ________ Car replacement ________ Medical Disability Insurance _______ Health Insurance _______ Doctor _______ Dentist _______ Drugs _______
Personal Life Insurance _______ Child Care _______ Toiletries _______ Cosmetics _______ Hair Care _______ Education _______ School Tuition _______ School Support _______
Personal Continued Alimony _______ Subscription _______ Organization Dues _______ Gifts _______ Miscellaneous _______ Recreation Entertainment _______ Vacation _______
Debt Charge Cards _______ Credit Lines _______ Student Loans _______
Total Expenses
_______
Total Household Income _______ Over/Under _______