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Living Within Your Means: Sticking to a Budget |
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You have already created a budget in preparation for your divorce settlement. But now that reality is settling in and your financial status has actually changed, it's a good idea to sit down with pen and paper (or keyboard and monitorthere is software that can help you with this) and parse things out anew. |
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As you did before, compare income and expenses, including such occasional items as tax payments, Christmas gifts, and savings. |
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Now, as you did before, put these two lists side by side. Add each column. How do they match up? Are you ahead or behind? If you're behind, put a star next to the expenses that are optional or that can be reduced. By how much can they be reduced? Is there any way you can eliminate or reduce expenses that are not starred? If you need help with this, consult your accountant or bank manager. |
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| Sample Income/Expense Statement | | INCOME SOURCE | AMOUNT | EXPENSES | AMOUNT | | Salary, net | $2,000 | Housing | $1,500 | | Child support | 2,500 | Groceries | 800 | | Babysitting | 800 | Clothing | 300 | Interest
| 200
_____ | Entertainment | 150 | | TOTAL | $5,500 | House repairs | 150 | | | Car | 100 | | | Heat, elec., water | 500 | | | Children's extra-curricular | 100 | | | Child care | 800 | | | Toys, gifts | 40 | | | Misc. tax | 50 | | | Haircuts | 60 | | | Adult education | 100 | | | Vacation | 170 | | | Misc. | 50 | | | Savings
| 100
_____ | | | TOTAL | $4,970 |
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