Wisconsin Saves Fun Tip: Creating A Budget, Track What You Spend
The Wisconsin Office of the State Treasurer proudly teams up with WWBIC (Wisconsin’s Womens Business Initiative Corporation) for “Wisconsin Saves.” Each week, we will share with you a savings courtesy of WWBIC. Now that we’ve armed with 5 Strategies to Save Money, it’s a great time to examine CREATING A BUDGET! Here’s how:
Do you know exactly where all of your money goes each month? Do you know how much money you have left to spend this month? Are you saving towards an emergency fund each month? If you answered -NO – to any of these it may be time to get your finances in order.
The first step to saving more efficiently is to keep track of what you spend and budget. There are many different ways to do this, try a few out and choose the system that works best for you. The key to saving more successfully is to find a system that works for you and to stick with it.
Keep Track of What you Spend
We pay for the items we need in many different ways – we spend cash, credit, debit, and we even auto-pay bills. It’s important to have a system in place to capture all this spending.
Luckily, there are digital tools to help you keep track of your spending. Look for free tools that will group all your spending in one place. Take a look at a couple months of spending. Total up everything you spent and divide your spending into large categories –housing, food, utilities, entertainment, shopping, savings, and everything else. Click here for a sample budget worksheet.