Do You Have a Personal Monthly Budget?

Although the economy is in the gutter and the last thing you might want to think or talk about is money, this is really the time smart men look at their finances more carefully. And for you men who have always kept a careful watch on your affairs of the wallet, you’re not smart, you’re genius (and probably getting laid).

We’ve talked about money management here on the site before, but the question I have for you today is, “Do you have a Personal Monthly Budget?”

If you don’t have a personal monthly budget, you really should think about putting one together. I used to have two roommates that worked (and still do) in the financial sector and both helped me realize how important personal finance is (especially for guys starting out in their twenties).  My old boss also once told me something that stuck. He said, “In your twenties, even though you may have already graduated from college, you’re still in school and learning what it takes to succeed.  In your thirties, the focus shifts more to starting a family and working on crafting your career.  And in your forties and fifties, if you play your cards right, you’ll be making the most money in your life.”

photo by PPDIGITAL

Of course this won’t all apply to everyone, but there is some basic truth to it for sure. I’m not a brilliant guy when it comes to numbers, but what I’ve learned is that you don’t have to be as long as you have a good system of checks and balances (no pun) in place to help you out.  Sure you know how much your rent, cable, cell phone, car payment, insurance, and haircuts all cost, but do you have all of that info in one place for you to review at regular intervals?

If you have Microsoft Excel and like keeping track of your own numbers, then I’d recommend downloading a free personal monthly budget from Docstoc. These types of things are handy and really do give you eyes on your finances. They are also great because you populate it once and then just update it monthly or as needed.

If you’re the type that doesn’t even like to balance your own checkbook, then you are not out of luck. There are all sorts of free personal finance sites out there like Mint and Wesabe as well. I personally fall into this category and use Mint. I like them because it aggregates all the data from my spending accounts and sends me updates.  It even reminds me when credit card bills are due and when my balance is low in my checking account.  Of course the arguments against these types of web finance sites is that they might not necessarily be the most secure, but if you think that then maybe you should continue to keep your money under the mattress.

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