MONEY MANAGEMENT HELPERS

You’ll find the job of managing your money a whole lot easier if you make use of these helpers:

  • Checking Account. Paying bills by check gives you a permanent record of the payments. You can simply go back over your check register or statement to find out how much you spent for various items in your budget. To make the job even easier, write a budget classification number or letter (for example. “F” for food) on the check register. Your records from previous years can be used in setting up your trial budget. They’ll tell you how much you have spent in the past for budgeted items.
  • Savings Account. Use one or more savings accounts for your regular savings program and for putting money in reserve for future expenses. Many people prefer to put monthly contributions toward vacations, Christmas gifts, and other once-a-year expenses into separate savings accounts earmarked for these purposes.
  • As far as your regular savings program is concerned, there is one rule to follow which will ensure success. PAY YOURSELF FIRST. Deposit whatever amount you budget for savings into your savings account every payday–before you have a chance to spend the money on other things. You’ll be amazed at how quickly your savings grow–and how little you miss not having the money to spend.
  • Record Book. The forms in the back of Personal Money Management, provide you with a record keeping system that will be extremely helpful. First write in the budgeted amount for each category. Later on, with the help of your checkbook, write down the actual expenditures. You’ll be able to see at a glance how your actual expenditures compare with the amounts you budgeted.

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