While in theory, you can create a budget in about 5 minutes, there is no need to rush it. Budgets are exceptionally simple to create; all you need are the following items;
one piece of paper
a pencil
a calculator
That's it. On your piece of paper, you will want to create two columns. The first column should be called Income and the second column should be called Expenses.
The Income Column
Within your income column, you will want to list all sources of revenue. Most people usually list their revenue in a time frame of one month. However, if you receive income that is not regular- such as a once a year payment, you may want to opt for creating budget using a timetable of one year. For those creating a budget with a time frame of one month, list each one of your sources of income. Obviously, they will include your main job's income and income from a part time job. Other items you should list under income are products that you sell on Ebay or income from web sites. If you receive rent from a property you own, this should be listed as well and you should definitely list any income you earn from interest on money in the bank or stock dividends. Once you have listed all your income for the month, create a new row and calculate the total income for the month.
The Expenses Column
While you may only have one or two sources of income each month, you will definitely have a lot more expenses. Expenses are anything you spend your money on. This can include your mortgage payment, car loan, insurance, lunch, transportation, electricity bill, cable bill, any purchases you make on a regular basis such as coffee in the morning, etc. Make sure that you try to think of all the expenses you have each month. Many people even carry around a small book recording all their expenses for a week, just to see what they really spend their money on. Once you have listed all your expenses, create a new row and calculate the total amount of expenses.
Compare Your Income Column to Your Expenses Column
Now compare the totals of each column to each other. If your income is more than your expenses, you are in good shape and any extra money can be saved. However, if your expenses are more than your income, you are in a lot of danger and are probably in debt. Make sure you cut down some expenses to balance out your budget. You can do this by looking carefully at the money you spend each month and figure out which items should be cut. You should also look at ways to increase your income as well.
This past spring my wife and I were lucky enough to be able to spend 10 days in Italy. We didn't spend a fortune, we scrimped on a few things and spent on others, and the net result was a very pleasing travel experience. Planning, of course, is key. We had agreed to our general itinerary and had a limited amount of time to spend, so the general outline of the trip was pretty clear from the start. We flew to Rome, spent a few days taking care of the biggies like St. Peter's, and the Vatican Museum, and did lots of strolling around the city.
Where did we stay? At a "budget" hotel. How did we find it? The Internet. There are so many choices of reasonably-priced hotels, that the biggest problem is narrowing down the list. If you have even minimal Web-surfing skills, finding your accomodations this way is really pretty easy to do. Many establishments even offer a discount for reservations made online. Oh, by the way, when we paid the bill on the way out, we paid in cash - another discount!
How did we get from the airport in Rome to the hotel? (Hint: not by taxi.) We took the train! Much cheaper, more fun, and in fact, easier. Even if you can't actually read the signs in the airport, finding the station is very easy. How did we really know it was so easy to get to the city from the airport on the train? We cheated. We read a travel guide before we left! I'm not pitching a travel book here, and I honestly don't remember which one it was, but the point is, a little research in advance can save you a lot of money, time, aggravation, fear, uncertainty and all those other negative emotions brought on by arriving in a foreign place and suddenly realizing you have no idea what to do next. And finally, from the train station in the city to our hotel was a short walk because we planned it that way - no taxi fare. The walk to the hotel was made even more pleasant by the fact that we were not over-burdened with luggage, which brings us to the next practical tip - packing.
Ten days in Europe (or anywhere else) doesn't require a mountain of baggage - at least not for two adults. Bags with handles and wheels are essential. Walking to the hotel with our luggage was a breeze. Packing, like the other parts of a trip, requires a little planning. If you're careful, and are clear about your plans for touring and socializing, you can get by with less than you think.
Keeping your travel documents and money secure is always a concern. I learned an important lesson a few years ago during a trip to Europe. Having done a lot of business travel all over the world, I made the mistake of thinking I was immune from pick pockets. I won't mention the city the event took place in, but afterwards I was stunned at the skill demonstrated by the "team" that got my wallet - out of a jacket pocket that was zipped closed! It happened in a revolving door - and thinking back on the episode, I realize that I was expertly sized up for the "hit" beforehand. In short, realize that anyone can be "fooled" even if you think you're an expert. Lesson - I NEVER travel now without a money belt. On our last trip to Italy, all valuables were in the money belt at all times, and there were no incidents. Even the "gypsy kids" at the Coliseum were not a threat (if you go to Rome, be sure to read about the area around the Coliseum - you must see it, but it's prime territory for expert young thieves).
In summary, a little thought and some careful planning can make a huge difference in the level of pleasure you derive from your next trip - whether it's a European jaunt or a car trip with your whole family to mountains. I think letting someone else do it all and spending your days sealed up in a tour bus or following someone else around all day deprives you of half the fun. So plan your next trip carefully and you'll enjoy it a lot more.
Both Connie Barker & Peter Cullen are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Connie Barker has sinced written about articles on various topics from History, Finances and Debt Consolidation. Connie Barker is the owner of several financial websites dealing with and. Connie Barker's top article generates over 40500 views. to your Favourites.
Peter Cullen has sinced written about articles on various topics from Finances, History. Pete Cullen runs the website Visit