Now that you’ve cleared away those holiday bills, it’s a great time to organize your finances for 2020. Many of us find that we spent more than we planned. Before we get too far into the new year, we can take a look at the money we get each month and the expenses we need to pay.
Whether you decide to use software for your tablet or PC, an app or your phone, or pencil and paper, create a spending plan that will work. Consider the costs that stay same. Some of these include rent, car payments, or child support. Next take a look at those that may come only at one time a year or periodically like car tabs or insurance payments. If you want extra cash for special events like holidays or birthdays, add those to the list, too. Then list the expenses that change month to month – fuel for a vehicle, food, clothing, school-related expenses, etc. Costs for items like heat, electricity, gas, cable, phones and trash pickup might be the same each month or might vary by use. Recent bills can help to get an estimate for expenses that change monthly. Remember to add money spent for eating out and entertainment like movies or games.
Not sure about any of your expenses? Try tracking where your money goes for a month to get an idea. As you go through the month, write down what you’re spending – whether it’s paying a monthly bill, or buying groceries, fast food, or a stop at a vending machine.
Planning now can help you see where you’re money goes, what you can change, and what might be more challenging.
For paper and pencil planning, the Family Living Account Book can be downloaded at no cost here, or from WSU Publications (EB0544).
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