Business Tips Tricks and Enhancement
Another advantage of a budget is that it takes the guesswork out of some purchase decisions. Without a budget, the question, “Can I afford it?,” is often answered based on guesswork and wishful thinking. With a budget, you’ll know right away. For instance, suppose your sofa is getting rather threadbare and you see a really nice one on sale. A quick look at your budget balance will tell if you have the required amount in your household account. If so, you know that you can go ahead and buy it without any worries. If not, you know you’ll have to wait.
You should not think that a budget is a straightjacket that leaves you with no options or flexibility. We all know that unexpected expenses come up and can’t be avoided, such as car repairs or a dentist’s bill. Or perhaps there’s a sale that’s just too good to pass up. You should expect your budget to change over time as your income and expenses vary. I’ll show you how a budget can be flexible enough to let you deal with such unexpected events.
The basis of a budget is a set of categories for your expenses, such as entertainment, insurance, and groceries, and your income, such as salary and interest. When money comes in, such as your paycheck, it is divided up among the various categories. Likewise, each and every expense is charged against the appropriate category. Sounds like a lot of work—and it can be. This is why the Excel template that is part of this chapter is such a valuable tool. By taking most of the drudgery out of keeping a budget, the template lets you have the advantages of budgeting without the hassle—or with a lot less hassle, at any rate!
Let’s take a look at the Home Budget Calculator. Then I’ll explain some ways you can use it to help take control of your finances.
Taken From : Manage Your Money and Investments with Microsoft Excel
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