There are three basic elements to every household budget; Total Income, Total Expenses, and Cash Surplus (or deficit).

If your result is negative then you must either increase your income or decrease your expenses.
A typical budget includes the minimum following expense categories;

1. Housing Cost; Rent, Mortgage, Home Repairs, Property Tax, etc.
2. Utilities; Water, Sewer, Garbage, Electricity, Phone, Oil/Gas
3. Food Cost; Groceries
4. Transportation; Auto Payment, Auto Maintenance and Repairs, Parking, Gas, Tolls, Bus Fare, etc.
5. Health Expenses; Co-pays, Prescriptions, Office Visits, Lab Work, Over-the-Counter items, Vitamins, Glasses, etc.
6. Personal Items; Hair care, Dry-cleaning
7. Entertainment; Cable/Satellite TV, Dining Out, Movies, etc.
8. Financial; Credit Cards, Store Cards, Personal Loans, Secured Loans, Medical Bills, etc.
   Miscellaneous

Now for the moment of truth – using the Budget Worksheet Instructions, complete the interactive Budget Worksheet.

Are you ready for the upcoming holidays? Although November 28th is the traditional kick off of the holiday season, decorations of all kinds are already flooding the retail stores and catalogues of gift ideas are being delivered by the truckload to our mailboxes encouraging us to get in the “spending mood” earlier and earlier every year. That means you have to budget your holiday spending earlier too.

We at American Financial Solutions have created a special “Holiday Budget” Worksheet so you can keep your Holiday spending in check, ensuring you have a wonderful holiday that you don’t regret after the New Year. Look at the categories we have included so you don’t forget to budget for the things we sometimes forget like postage, wrapping paper, decorations, holiday travel, and entertainment expenses.

Here are some handy tips to help you with your holiday budget planning this year:

• Plan your shopping trips. Know where you are going and what you intend to buy when you get there will save you time, avoid traffic, conserve fuel, and leave more time for the things you would rather be doing during the holidays.
• Do your research! If you know you want to buy a particular product, check the internet to find out if anyone has it on sale. Find out when the retailers near you are having there largest sales. Check your local paper for coupons that give a big discount as well!
• If you are hosting a holiday feast, turn it into a potluck! That way everyone can enjoy each person’s favorite dishes.
• If you find your budget really tight, focus more on spending time with family and friends. People don’t usually remember what gifts they received, but they do remember time spent with family.
• Homemade goodies like cookies and fudge are always a good idea instead of traditional wrapped gifts. They can also be delivered early and be enjoyed throughout the holiday season.

And finally, use our holiday budget worksheet to set up a holiday spending plan that will help you get through the holidays intact.

Additional budget and financial information can be found on our website at www.myfinancialgoals.org .

Here’s to another happy holiday season.