How to Keep a Personal Budget

Part of the Video Series How to Set a Budget

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Keep a Budget in this free series of personal finance video from our professional Certified Public Accountant (CPA).

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Video Transcript

How to Keep a Personal Budget
There are several important reasons to keep a budget. First of all, it let's you know how you are spending your money so when you look at what we have listed here it would actually show you where your money is going. It also make sure that you pay your bills on time. So when you look at the due date on your various bills, you can plan on advance when you are going to pay that bill and make sure that you have it so you don't incur any late charges or have other problems with it. It also allows you to save for special purposes. Like in this case not only they are saving for their saving account but they are also planning on vacation so they are saving money for there vacation. I think finally the most important is keeping things organized. It is something that if you don't keep track of it can be problematic for you and cause problems. If you do lay this out you have everything laid out in a simple format that it does not really require a whole lot to keep. Just updating as you pay your bills and as you know situation change, so you can add or deduct as needed.

About the Expert

Expert: Tom Noah has been a Certified Public Accountant (CPA) for more than 27 years. In that time he has held positions at several companies as an accountant and as a director of financial planning. Read More