How to Budget Your Bills

Part of the Video Series How to Set a Budget

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Calculating amount paid and budgeted amount for bills in this free series of personal finance video from our professional Certified Public Accountant (CPA).

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Video Transcript

How to Budget Your Bills
Now I'm going to talk about amount paid and budget amount. For each monthly bill, it is helpful to include a budget amount on what you think that bill should be. Sometimes these amounts are fixed and you know every month what it is going to be; like on a car payment or a house payment. In other bills like the gas cards, it may not be what you think so it is useful to put in a amount that you think it is going to be as a budget amount. So in this example for the gas card, I have a budget of $75 and the amount paying $53.47. Rent 1500 both for budget and the amount paid that is what you expect because that is not going to vary to month to month. Car payment is the same, gas card is different. Again, the next item the car payment is the same and you can see the same pattern all the way through here. When we get down to the bottom on the total monthly bills that we pay, you can see there is a formula there. Equal sum of E6:E19. If we got to E6 through E19, that is what we are summing up for that. We can do that by keying the formula in or if you're in Excel you can use the auto zone function. The same is true on the budget amount the only difference here is the formula is F instead of E. It is F16 through F19. So again, we are summing all of this amount and the total is $3,412.08.

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