There are two steps in the set-up process:
Using BudgetAction usually takes only a few seconds but it could take longer if our site is experiencing a lot of demand. You can spend as much time as you like poring over your results and analysis. You can also perform a “scenario analysis” to see how your projections would change if certain inputs could be changed.
Creating Your Budget
Pull together statements and monthly bills so you can be as accurate as possible. For any expenses that are variable like utilities, contact your local company and request budget billing. The reason behind this is to get a fixed cost on all expenses. If they do not have the program, ask them to give you your monthly average, then use the highest number as your fixed number each month. Once you put together the following information your personal journey begins.
Create categories for your expenses.
*Property Tax* (Only if not included in Mortgage)
*Home Insurance* (Only if not included in Mortgage)
*Land line/Cell Phone
*Credit Cards (Always show interest rates)
*Student loans (Always show interest rates)
*Installment Loans (Always show interest rates)
*Car payments (Never show interest rates, it is already included in payment)
*Hourly/Salary Net Earnings