It is time to record your fixed, variable, and periodic expenses in the first column of the Expense Worksheet; do not worry about the other columns at this time.
This worksheet will help you to identify expenses that can be reduced and prevent impulse spending. The process may be time consuming, but it is vital to gaining control of your finances.
After you have calculated the total of your existing expenditures, add your income information. For this, it might be helpful to refer to your Income Worksheet.
Subtract the amount of your total monthly expenses from the amount of your monthly net income. If your expenses exceed your income, rest assured that there are ways to balance the budget.
Keep your Expense Worksheet handy — it will soon become your roadmap to financial wellness.
For more information, read what author and certified personal finance educator Dr. Taffy Wilkins Wagner suggests regarding documenting your spending.