June 1st, 2009 | 
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Ayee asked:
Since many people make financial resolutions for the New Year, I was just wondering…
Since many people make financial resolutions for the New Year, I was just wondering…
How many of you actually have a budget? How do you budget – do you use software, spreadsheets, pen and paper?
Do you use your budget just to track spending, or do you actually compare your spending to your budget and make decisions based on those numbers?
I religiously track my spending, and I have a cash flow plan, but I’ve never considered myself a strict budgeter.
How about you guys?
Jazmine Gavia
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spend some, save some, give some.
As long as I can pay the bills I”m happy.
No budgeting.
Failing to have at least some budgetary ideas is the same as not having a business plan.
Failing to plan is a plan to fail.
We don’t set rigorous budgets but rather set % of profits for budget fields. How else can you figure out what advertising is working, if your payroll or expenses are in line with your revenue etc…?
I think budgeting is a must. It not easy to do – needs lots of discipline (just as any on-going endevour). To help you allong the way – see if you can get some sort of finance software. There are few options in the market.
I have been using a Personal Finance Software package by Australian business Parcus Group – Personal Finance Associate.
The product is simple & easy to use. For AU$29 it costs, you get budgeting, financial planning templates as well as advanced features that typically cost lots more as separate software packages such as investment real estate calculations and some value based shares valuations.
For anyone interested in budgeting but also their own wealth creation this product is worth a look. Their website is
I’ve been using a budget since 1994, and it’s the most useful financial tool I’ve ever seen!
Mine is set up in Excel. I estimate the inflows and outflows for the year, and I update the amounts as necessary. At the end of the year, I go over the totals and see where the spending problem areas are to be addressed in the next year.
I think budgets are the easiest way to pay off debts earlier. Since starting a budget, I’ve never had a car loan last the duration of the loan (the most recent was paid off 3 years early!), and I’ll have the house paid off 12 years early! That’s exciting!