Budgets, Budgetting and Budgets!

After reading a bunch of different things about retiring early I began to realize the importance of budgeting and keeping track of your finances. Finally one of these sources convinced me to download financial planning software. I checked to see what Ubuntu had and decided to download KMyMoney.

(If you don’t have Linux try out Money Dance or try out Mint online)

I’ve been using KMyMoney for about 3 months now and it’s really cool and helpful seeing all of my expenses laid out in such an organized way. I would definitely suggest using one of their templates but now that I’ve been at it for this long I’ve begun sorting out all of my categories.

It’s nice being able to see all of your expenses laid out and once I saw my expenses for a month I was able to give myself a budget to stick to, more or less. My budget is as follows:

Food (including dining out): $250
Gifts: $20
Home: $280
Personal: $30
Recreation: $100
Travel: $60
Utilities: $60
Total Monthly Budgeted Expenses: $800
Total Yearly Budgeted Expenses: $9,600

While I’m missing things on my budget, and I have gone a little over my budget recently it’s still been quite helpful on things I need to work on. And having it all mapped out makes me feel a lot better. Instead of splurges and trying to crimp every corner I now have no guilt spending money. I don’t feel bad spending 250 on food a month, or 100 for recreation a month.

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