Journal
This method requires a notebook and a pen or pencil, or spreadsheet software. Create a column in your journal for different spending categories: groceries, gas, child care, etc., plus one for leftover cash and another for miscellaneous expenses.
On payday, divide your income among each category. Write it down, then pay your expenses accordingly. Keep track in your journal—for example, subtract the money you spend on groceries from the groceries column, the money you spend on gas from the gas column. When you empty a category, you can:
Stop spending in that category until you get your next paycheck
Consider making trade-offs by dipping into other categories
Tap your leftover cash
Be open to modifying your allocations and categories as you go along, until you find a setting that works.
Credit: TIAA-CREF Financial Services
Budgeting Tools
Need help creating a budget? Click HERE for TIAA-Cref Financial Services, Budget Worksheet to build a budget that will help you manage your money and reach your goals through 10 easy steps. Or, click HERE to create a budget to evaluate your expenses before and during retirement.