Setting Budget Goals & Organizing Your Finances

Money Saving Monday

 

It’s a new year and a new you, right? One of the most popular New Year’s resolutions (next to loosing weight!) is to save money. While it is great to set financial goals, something must be done to implement them.

According to financial expert David Bach and author of “Start Over, Finish Rich”, the key to getting your finances in line is to “find your money”. Although sometimes it is less stressful being in the dark about your debt and where your money goes, it is not beneficial. Bach suggests an easy way to organize your finances is to make a file folder system with 14 categories. Basically you break down your bills and expenses into categories. Then you file your paperwork and receipts as they come in. Financial organization is something I need to tackle! I am a stacker (it may be genetic, my mom is a stacker too!). My bills and paperwork are stacked to be filed later…although the paperwork rarely gets filed! You can read more about his system at Today.

If you are into tracking your finances online, try Mint or Wesabe. They are free and offer budgeting tools and they can analyze your spending. If you want to track your shopping saving and spending you might want to try the free excel savings tracker we shared yesterday.

As for myself, I have a lot of work to do in the financial organization department! I have set my weekly shopping budget at $100 ($40 a week for January for the Pantry Challenge!). However, I would like to track our monthly spending better. I just set up a Mint account…very easy! Mint has already started tracking my spending and I have spent $4.97 of my weekly budget!

When setting budget goals, remember that your goals should be tailored to meet your families needs. Your budget goals do not have to match mine or Amee’s.

How do you plan on organizing your finances for 2010? Are you tracking your spending? Do you have a weekly budget?

Renae Sig



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