Part One – Track Your Expenses

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This is Part One of my five-part, eight-week series onThe Beginner’s Guide To Budgeting.

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If starting a budget seems overwhelming, let’s go old school for a moment, shall we.

1. Get out a sheet of paper and a pen or pencil.

2. Now write down EVERY amount you spend as soon as you can after you spend it, for an entire month and what you spent it on. Every. Single. Penny.

That’s it. The first step towards budgeting your money is to track every cent that leaves your bank account/wallet.

You will have entries for your mortgage/housing, insurance, auto payment, etc. I call those Fixed Monthly Bills (FMB) those that are due every month like clockwork. And then you will also have entries for things you need to purchase every month, you know, like food to eat and Kleenex to blow your nose with, that stuff. Those are referred…

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