Preparing for 2011, financially

Today the Statts went back to work. Ho-hum and just like that our short Christmas was over, but we have another Christmas this Thursday and Friday with my parents and siblings, so we are already preparing our bellies for more goodness.

I started to think about the New Year today. One thing I like to do during this time of year, like everyone else I assume, is take a good financial look back. What did we spend all our hard-earned dough on? So, one of my goals this week is looking back at our expenses and setting the Statt’s 2011 budget—so fun, but necessary. I know it’s dreadfully responsible of me, but we have goals and dreams too and keeping track of our financials will help us get there just a bit quicker!

Picture from University of South Carolina Housing

How do I do this?

  • Print or review online are bank statements for each month in 2010
  • Categorize our spending: eating out, entertainment, groceries, mortgage, gifts, clothes, etc.
  • Determine monthly spending figures on each category
  • Average how much was spent in each category for the year
  • Review the spending with Marshall
  • Determine new budget for 2011 together this way we both stick to it and encourage each other

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