Dan Dahlen


I am your Wisconsin home loan specialist for life, NMLS #278204 and I work for Inlanta Mortgage, Brookfield WI. I offer all types of lending products from conventional, FHA, 203k, VA, USDA and more. I also offer first time home buyer seminars and well as credit guidance for those that may have had some credit troubles in the past. Buying or refinancing, I want to be your, as well as your friends and families, home loan specialist for life. Contact me for all of your home loan needs.


Thursday, August 23, 2012

How are you at budgeting your finances? Budgeting doesn't mean giving up what you enjoy, it means knowing where your money is going. Click play to learn more or read the text from the video below.
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Money saving minute #006: Your Household & Personal Budgets (text from video).
     
Some people are very good at budgeting yet others need a little help.  Either way, having a budget in writing is helpful.  Below this video is a link to download an Excel workbook to help put your personal budget in writing. 
 
For those of you that are good at working with a budget this workbook will help you stay on track.  It will also help you achieve your saving goals by helping you track where you money is going.  Also, when two or more people are working within the same budget having a spreadsheet like this set up will help to avoid those little misunderstandings that lead to money arguments.
 
For those that are not so good at budgeting, or those that are confused as to how to start a budget, let’s talk budgeting 101.  Budgeting does not mean going without.  Budgeting simply means knowing where you money is going. 
 
Step one, download the workbook.  It’s free so it will fit into your new budget.  Step two, take a look at all of the categories but don’t fill in any numbers yet.  Step three, for the next 30 days carry a small notebook with you and track your spending.  Write down every purchase from grocery shopping to your lunchtime vending machine soda to the five dollars you put into the football pool.  Step four, gather up all of your bills as well as your last two paycheck stubs.  Step five, make a list of all of the non-monthly expenses that come up such as buying birthday gifts, vehicle registration and planning for your medical deductable.  Step six is to take all of this data and start building your budget.  As you are entering in your information look for things that you can do differently to help you save money but be realistic.  If changing a spending habit looks good on paper but you truly don’t have any intention of changing that habit then there is no sense in writing it down.
 
Finally, for those that struggle with budgeting due to impulse buying, check out Money Saving Minute #002, The 30 Day Rule.
 
This has been money saving minute number zero zero six.  It’s your cash and watching the The Money Saving Minute each week will help you keep more of it.  Click to the right to subscribe so you don’t miss any money saving tips and click the facebook button below to share this with your friends.

2 comments:

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  2. That's some good advice Dan. After 39yrs of not knowing how to save a penny but well versed in how to spend it took me by surprise when I wrote up my first workable budget. One thing I learned was that it's 80% behavior and 20% knowledge. We sabotage ourselves with our bad habits and it takes time to fix. Just like a diet, you don't gain weight over night so you shouldn't expect to lose it over night either. I've been working my Dave Ramsey budget for 11 months now and while I'm good a writing that budget and planning it all out I still struggle with my behavior. It's 90% better but not quite 100%. So some keys are to stick with it, don't give up!! Use cash (you spend more when you use plastic than when you use cash). Don't be afraid to ask for a discount when you do go shopping. Ask at gas stations for a cash price over the credit price. Look at scratch and dent items for larger item like refrigerators. I recently bought a brand new stainless steel fridge for my kitchen at 50% off. It was a scratch and dent, got them to add the sale discount usually only afforded to the full price appliances in addition to a military discount. Free shipping and installation. If you don't ask you will not find deals like that! I also highly suggest people find a class like Dave Ramsey. It helps to work it with others in your same or similar situation. I can't speak for others out there but I swear by www.daveramsey.com Financial Peace University. It's turned my life around and we're nearly completely out of debt except for the house!

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