Dr. Judith Gerhart, CFP
Certified Divorce Financial Analyst 
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More on a Good Budget
November 27, 2008
1. Cash expenditure tracking and recording. Cash spending is the biggest leak in most budgets. Cash disappears quickly and if you don’t write down everything you spend it on, you’ll have a distorted look at your spending.
2. A line item for savings so you treat a contribution to your savings account just as you would a bill you owe.
3. Realistic written goals. Budgeting isn’t about tracking your costs, it’s about setting financial goals (saving for a downpayment on a house, buying a new car, getting out of debt, saving for retirement, putting your kids through college, traveling, etc.) and finding ways to meet them. Without goals, your budget is just a pair of handcuffs.
4. Identification of spending patterns you may not have been aware of when you weren’t tracking your spending.
5. Most importantly, internal motivation and a positive attitude!
Posted by Judith Gerhart on November 27, 2008 | Permalink | Post a comment
Topics: Finance |
