How to Create a Budget in Quicken Home & Business 2008

You can create a budget using Quicken Home & Business 2008. This will give you a place to put your financial goals in writing. You will be able to follow the particular spending categories of your choice. A budget is a handy tool to use in keeping track of your money. You will need additional time to create your first budget and all of your expense and income amounts. The budget can then be modified to fit your needs.

Instructions

1. Open Quicken Home & Business. Click on “Budget” that is located in the “Planning” menu. This should open up in the “Setup” tab. if it does not, click on it. Select “Manual” to allow you to insert your own amounts and then click on the “Create budget" button. This will open your income tab.

2. Select categories for your income. If prompted, name your budget or use the default “My Budget” and then click on “OK”. Click on “Choose categories.” This opens a listing of all of your income categories. You can click on “Mark all” to select all or you can pick only specific ones you want. Highlight a category and then “OK.” You can select several at one time. The categories will be listed in your income section.

3. Fill in the income details for your budget. Pick one of the income categories listed. Choose how you would like your budget calculated between exact figures for monthly or quarterly, or on average amounts. Supply the sum in the “Amount” field and then click on “Apply” to place it into your income tab. Repeat this process for each category or account listed in your income tab. To begin estimate these amounts, if you are not sure what sum to use. You can always make modifications to them later.

4. Supply additional details and inspect your budget. Follow the same procedure previously detailed for the “Expense” and “Savings” tabs. To see the finished budget, click on the “Summary” tab. This gives you an overview of your finances. There are several links and help topics to learn more about constructing a budget. You can then add or remove any categories you want or make other alterations to it.

5. Create a budget automatically. To quickly make a budget you can select “Automatic” in place of “Manual” in the Setup tab. Quicken will generate a budget derived from existing information you have previously entered. You can then add or remove any categories you want or make other alterations to it.

Tips & Warnings

• If you have been using Quicken Home & Business before setting up your budget, you can find average amounts to use. Click on the method (average, monthly or quarterly) you desire and then click on “Analyze” to see the average amount you have spent on this category. You can then use this amount in your budget.

• It is common to make several changes to your budget, until you get used to it.