The coronavirus situation has created a number of new challenges for our society. Among other things, many people are now facing the reality of a reduced household cash flow. If you're accustomed to operating with a set budget for your monthly expenses, you've no doubt seen how it affects your efforts to make ends meet, but if you've never really put it down on paper, now may be the time to get started. While it might seem like a daunting task at first, once you have a budget in place you'll find how it makes everything easier, and maybe even wonder why you didn't do it sooner.
In a sense, a budget is an organizational tool, as well as a way to plan and track your expenditures. It can help you save for a purchase you want to make, and also help alleviate the uncertainty of whether or not you can afford something. By following the plan you set out, you can avoid making a purchase before you're ready.
Budgeting also lets you take a complete look at your finances, seeing how much comes in each month and how much goes out, and thus helping you manage any shortfalls or surpluses. Once you get a realistic vision of your financial picture, you may be surprised how much or how little something costs each month or how much you are spending on one thing. But that's ok -- this is the knowledge you'll need to create your own budget and the incentive to stick to it.
Take a look at America's Credit Union's Budgeting e-Book -- it has everything you need to plan your own household budget, manage your monthly bills, set aside money for savings, and much more. Budget worksheets are included to help you organize your expenses, and the entire e-Book is available in a FREE downloadable pdf version so you can have your own copy.