How to Set Up a Budget

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When setting up an individual budget, it helps to make a spreadsheet of liabilities and income, with the goal being to make sure that there is enough income left after bills are paid. Find out why record keeping is so important when setting up a budget with help from a registered financial consultant in this free video on money management and financial advice.

Part of the Video Series: Money Management
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Video Transcript

This is financial adviser, Patrick Munro, talking about how to set up an individual budget. What an individual should do if they want to get a budget is set up a spreadsheet of liabilities which means bills, of course all of your bills on one side of a column and your income on the other side. The goal here is to make sure that there is enough income left after you pay your bills and the resulting difference of course is your access income or what is called discretionary income. Record keeping is important to running an effective budget for an individual and it is always helpful to make sure that you have a storage cabinet or a place where your bills can be kept in a chronological order so that they can be paid in a timely fashion. This is important when you are doing a budget. Living within a budget of course is a matter of willpower. A lot of people are challenged when emergencies come up so make sure you always have an emergency fund available for you to bring your budget back in to line when those emergencies do pop up. This is financial adviser, Patrick Munro, talking about how to do a budget for an individual.

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