If you’re creating a budget, one thing you'll need to do is figure out how much you’re spending now. You can estimate as a first step and update with the actual amounts once you have them. Remember, budgeting is about real dollars and cents.

You can use your spending tracker to keep a record of what you spend for the next week. You may be surprised to find how much you’re spending, and what you’re spending it on.

When you complete the tracker, transfer your actual spending to your budget worksheet. It can help you plan for the future if you have the answers to these questions:

• Do you have enough income to cover your current spending?
• Are you spending your money on needs or wants?
• What item is making the biggest dent in your budget?
• How can you balance your spending with your income?

Now you’re ready to set spending goals on your budget worksheet.