First steps in budgeting – the notebook exercise
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No idea where your money is going? Here is a simple – and hugely revealing way to work that out….moneyTV’s Lisa Dudson tells us how to do it.
Email This Post
Email This Post
No idea where your money is going? Here is a simple – and hugely revealing way to work that out….moneyTV’s Lisa Dudson tells us how to do it.
April 1st, 2008 at 2:32 pm
In this electronic age I think a notebook is a little old-fashioned and not always accurate.
However ,this is what I have done for the last few years. I use internet banking to download my monthly transactions (in a CSV format) and then load into a spreadsheet (or cashbook). It is then a simple matter of coding the transactions to GROCERIES. MORTGAGE, MEDICAL, CLOTHING etc.
For this to work use EFTPOS, INTERNET banking for most transactions (as the bank transaction has the retailer name). Set up Direct Debits for regular bills like phone. I get cash for pocket money / descretionary money out once a week.
The spreadsheet can be used as a tool to calculate an accurate budget.
Cheers