Page 41 - Workbook1E

Using Your Spending Register
“Recording in my spending register is easy... it’s the price of gas that’s a pain.”
Step 1 Step 2
Step 3 Step 4
Step 5 Step 6
Step 7
Track Your Cash Flow
Before you’ll have money to invest in your future, you must live on less than you earn. Tracking your spending is like following a map; you can trace every step to make sure you’re on course. The idea of recording everything you spend—even a few pennies—may seem too difficult and extreme. But
once you make it a habit, you’ll agree with the thousands of successful people who testify it makes all the difference.
Your Own Registers
Since both Husband and Wife are responsible for paying different expenses, you’ll each need your own Register every month.
Simple Steps to Use Your Spending Register...
It’s actually very easy... you can record a transaction in less than 30 seconds. The Register works in a simple and organized way. You’ll use a new one every month—12 per year—for each of you. Your Register has a separate column for each expense category and two categories per page. There’s also a handy “Expense Account Reference” in the front. You can refer to a sample of Dave’s personal Spending Register, Auto Category Expense, on top of page 38, and follow along with each step.
Review the useful Expense Account Reference at the front of your Register as a quick reminder of the Expense Categories you used in your Spending Plan Worksheet.
Expense Categories are printed at the top of each column. They’re in the same order as your Worksheet, including some blank categories.
Spending Plan Amount is recorded for each Expense Category from your Spending Plan Worksheet each month. (Example: Dave’s Auto expense amount is $329)
Record the Prior Month Carryover amount—if any—positive or negative, left from the prior month for each Category. (Example: Prior Month Carryover is $10)
The New Balance is the total of the amounts from Steps 3 and 4 and is recorded for each Category. (Example: Dave’s New Balance is $339)
Record everything spent this month in an Expense Category. Look at Dave’s first Auto Expense, it includes:
How paid? Cash, Visa, Payroll, or the Check #, etc. (Example: check #1200) Date (Example: 7/4/12)
Description (Example: To: West Bank, For: Car Payment)
Amount (Example: $289)
Balance (Example: $50)
At the end of each month carry over any balance—positive or negative (Step 4) to the Prior Month Balance on your next month’s Register. This amount plus your next month’s planned amount becomes your New Balance for that category in the next month.
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