Budgeting

According to Practical Money Skills for Life ...

"We all know what budgeting is. But why is it important? For one thing, a budget helps get you from one paycheck to the next without running out of money. But that's just the beginning.

The fact is, without a budget most people find it impossible to truly live within their means. Only 40 percent of Americans use a budget to plan their spending. But 60 percent of Americans routinely spend more than they can afford in at least one area of their lives. That's no coincidence.

A budget helps you reduce your spending in some areas so that you can increase it in others. Usually this means trading short-term comfort for long-term goals. Spending less on clothes and more on home repairs. Less on restaurants and movies, more on the college fund or 401(k). Whatever your goals are, you need a budget to help you meet them. Without it, you'll be running in place.

The end goal of a budget isn't to punish you, keep you home on Friday nights, or make you miserable. It's to help keep your dreams and long-term goals at the front of your mind. It's to help you live within-and even below-your means."

This same resource offers an online budget calculator that you may find useful.

The AICPA offers this page on budgeting basics.

Here is a neat resource called 66 ways to save money that you might want to incorporate in your budget.