On a Budget: Pro tip #1 - Using a bank statements
15 January, 2013
'On a Budget' is most effective at summarising your budget when it has a fuller picture of your transactions. One of the quickest ways to fill out most of your budget's items is to use one of your bank statements as a reference point. Start your biggest monthy income (your wage or pension etc.) and then for each item simply enter the category, value and how often and name them if you feel it's necessary. This makes things much easier than trying to remember every single transaction and will give you a fairly good baseline to estimate your budget with. You might need to add a few transactions that don't occur on every statement, such as quarterly or yearly transactions.
Don't forget that one monthly statement might not have your typical income/outgoings especially around those festive periods!
Once you have all of your transactions added to your budget your should be able to see where you spend the most and how much certain things add up. By using 'On a Budget' to summarise your income and expenses in this way you should be able to assess your financial health and act to make it better.