Using a Budget at Home & Work

Video Transcript

Hi! My name is Lynn Loughmiller and I have been asked to talk a little bit about budgeting. When I was first married, we started budgeting and it was just a very simple type of budget that we used. We created envelopes and when I got paid, we would cash the check and put money in these separate envelopes. We would pay utility bills and other bills first and money that was left over we would budget into different accounts. The reason I liked this budget so much is that we had budgets for dating and budgets for just our own personal, even if it was only $10, it was nice that I knew that I had $10 out of my paycheck to spend on whatever I wanted to. That was kind of fun. We had a budget for dating because we always knew on a monthly or weekly basis there was at least some money we could use to date or do something fun and if we didn't have that budget, we wouldn't have had that extra money because we would have used it for all of these other things where money kind of disappears when you don't know where your money is. So that was a great introduction to budgets. As I got into the professional world, I started into creating budgets within businesses and it was over a training department and we had to create budgets so that we could submit to have money for our year and we had to be able to spend within that budget. Recently we acquired a few different businesses and in doing that, budgets are critical. They help me sleep better at night. When I am really worried about where our money is going, I look at our budget and compare it to money that is going in and out and I look at it. I say, okay, this is how it is doing, this is where we are going and I feel better about what is going to be happening as far as the money flowing in and out. It makes a huge difference on just your well-being and knowing that the money is working according to how you hoped it would. So in business it is absolutely critical. If you can't use a budget to forecast how the money is coming in, it is going to be spent.

Watch these related videos

• 
  Using a Budget at Home & Work

  playlist Views: 1,131

• 
  Online Resources for Personal Finance Budgeting

  playlist Views: 1,311

• 
  How to Start a MySpace Account

  playlist Views: 3,946

• 
  Accessing Gmail with Outlook: Part 1

  playlist Views: 2,734

• 
  How to Add a New Login Password

  playlist Views: 3,760

• 
  Tips for Welfare Benefits for Householders

  playlist Views: 1,338

Community Members who...

• Favorited this Video
• Rated This Video

Top Tags