Budgeting 101 for Parents

Photo by: Ilya Ilyukhin

Budgeting Made Simple

As you know I’m a speaker and I’m also on tour with my children books. Over the weekend I have the opportunity to speak with a group of teenagers and their parents about budgeting. I had a great time and the teens were very interested.  A few even came to me to ask more detailed questions about budgeting after I was finished speaking.

I recorded this short video with more information about budgeting for you to watch. Watching this video will give you step-by-step instructions on how to create a budget. So grab your notebooks and pencils because you will need them. Like I said before this video is short so you may want to watch it a couple times as you create your budget.

How to create a budget…

1. Write down all your bills
2. Write down all other things you spend money on.
3. Write down savings and things you want to buy
4. 1- 3 is your categories (expenses) 
5. Each month you write down the payment amount due beside each category. Some months that number will be $0
6. Write your total monthly income at the top of the page
7. Add up all your categories.
8. Write down the total after you add up all the categories
9. If your expense total is more than your income amount adjust your category amounts until it matches your income.
10. After adjustments are made PAY THAT AMOUNT
11. Repeat Monthly

Let Me Know

I am thinking about adding videos to my teaching style. Let me know in the comments if you like that video and if you want to see more videos. If there are any financial topics you want me to write on please let me know in the comments below.