Easy Household Budgeting
A budget is a plan for spending money. Having a budget and reviewing it frequently, prevents us from over spending.
Budgets can also help us identify cash flow problems and fix them.
Setting up a Budget
expenseRegister makes this easy. To create a budget, you can simply pick a template budget with canned expense categories and
the budget setup wizard also helps you allocate budgeted amounts for these categories. Once you have set up a budget, you can
review your budgeted and actual expenses to understand your spending and stay on track.
Below are steps to create a Budget -
Login to expenseRegister. Click on Budget on the left side to go to the Budget page.
To set up a new budget, click on the New button and pick a Budget Type from the types listed. Here, we'll setup a Monthly
Household Budget, so click on that budget type.
In the Monthly Household Budget form, type in a Name and Description.
Check the Primary Budget check box to list the categories in this budget as expense types when you record an expense. This
helps in categorizing expenses.
Next, type in the Total Budget Amount, ex: your monthly pay.
Click the Split button. expenseRegister automatically splits the amount into various spending categories.
Notice how expenseRegister has a category called 'Savings', this is the amount you pay yourself and deposit in a savings
account. But if you have high credit card debts, you should pay off your credit cards before saving any money.
The amounts in the various categories are just defaults, you can change these amounts. Let's do a couple changes to see how
Say for example, you live with a roommate and only need $400 for your Housing instead of the allocated $600. You can simply
change the Housing amount to $400. The extra $200 goes into your Savings category like shown below.
You can create your own spending categories by clicking the Create Custom Categories button. Type in a name and an amount for
this new category. expenseRegister deducts this amount from the Savings category.
Click the Save button to save your budget.
You can always go back to this budget and edit it to add more categories or change the allocated amounts.
That's all it takes to set up a budget. Next let's see how to use this budget effectively.
Monitoring your Spending
To monitor your spending and see if you are doing as planned, go to the budget and click on it. This will show you your
budgeted and actual expenses.
The budget view shows you your budgeted and actual expenses in each category. The charts present a quick and easy
way for you to check if you are on track or if you are overspending.
In the example below, we see that we went a little over budget on Food.
You can click on the actual amount on each category to see a list of the expenses.
You can use this view to track and rectify problem expenses. You can edit your budget with more accurate categories and amounts.
expenseRegister makes it easy to set up a budget and follow it. So… check it out… happy budgeting!