Easy-Peasy Budgeting

April 1, 2009 at 6:00 am 4 comments

Creative Common License

Creative Common License

What does the pinup model have to with budgets?  Well, while researching for this post, I came in contact with Mr. J Money who authors the blog Budgets are Sexy and I just couldn’t resist catching your attention with a sexy 1950’s pinup.

And, no this is not an April Fool’s Joke.

Advice from the blog Budgets are Sexy

J Money’s site targets personal finances, but there are some relevant points that apply to most small businesses.    His advice is as follows:

  • Track your spending for 3 months so you know EXACTLY what you spend and how you spend it.
  • Create an emergency fund.  This is as important in personal finance as with small businesses.  As we’ve learned this year, you never know what is going to happen with the economy.  Spending on weddings is down significantly since last year, and people who have cash cushions are in a stronger place.  Sean Low of Preston Bailey Designs, Inc. recently talked on his blog about smoothing out cash flow to get away from some of the seasonal flux of our industry.
  • Pay off all bad debt (eg. credit cards and lines of credit).  Debt has a huge negative impact on the cash flow of your business.  If you are paying off your credit cards (and the interest on them) you don’t have the cash to invest in your business.  Get rid of this debt as fast as you can and you’ll have the flexibility to grow your business in much more lucrative ways.

Budgeting = Goal Setting

I like to think of budgeting for my business as goal setting for my business’s expenses.  Ask yourself the following questions:

  • What is it that I want to do with my money?
  • What are my goals with my cash?
  • What expenses do I have to pay each month?
  • What expenses would I like to reduce?
  • How much cash surplus (emergency fund) would I like to have?

By answering these questions, you’ll have a starting point for building your budget.  From here you can start to build your budget.

Tools to build your Budget

I like to use Excel spreadsheets or google spreadsheets to track everything.  Excel has some great templates that are easy to fill in:


BudgetSketch (www.budgetsketch.com) is also an AWESOME online tool that’s FREE.  It is also targeted at personal finances; however, it is easy to set up your accounts to reflect your business expenses.  It also allows you to collaborate with business partners and share your budget communication.


Bill Barnett and Dewayne Greenwood are the masterminds behind the program. And, I like the mission behind this business.  When I talked to Bill he said, “Dewayne and I wanted to create a simple, effective budgeting tool designed for one purpose only, to aid its users in creating a budget.  [It was designed] certainly not to make Dewayne and me rich at the expense of others. We look at it as our way of paying forward the lessons we learned about getting, and hopefully staying out of debt.”  What an awesome tool from these pay-it-forward guys!  (Thanks Bill and Dewayne.)

Did I mention that Budgetsketch is FREE?  (If it’s free, it’s me!)

What works for you?

The most important trick to budgeting is finding a system that works for you.  It might be paper and pencil or Quickbooks Budgeting Software.  But, find something that easy for you to work with… that you love… and that you think is SEXY!


Entry filed under: Budgeting, Excercises, Strategy.

Where is your money going? Cost Cutting Thursday!

4 Comments Add your own

  • 1. Dewayne  |  April 1, 2009 at 8:52 am

    Thank you so much for the kind words about BudgetSketch! We spent about a year putting this together, so it is very fulfilling when we hear people say they like it.

    BudgetSketch is about providing a plan, because we know that with the proper plan, results are predictable.

    If you have an interest, you can also hear us opine about personal finance matters at the BudgetSketch official blog site, http://www.wheresourmoney.com/

    Once again… we really appreciate your kind comments! 🙂


  • 2. Honorable Mention « Where’s Our Money?  |  April 1, 2009 at 9:08 am

    […] Read her excellent post here:  Easy Peasy Budgeting […]

  • 3. Arielle Haze  |  April 1, 2009 at 10:23 am

    I have Quicken, but I haven’t been diligent with it. I plan on keeping up with it this year. I have been using Excel. Right now, I’m in the “debt” stage as I took out a small business loan for new equipment; however, I plan to pay this off in the next year or two! The APR is lower than my business credit card, which I paid off with my loan!

  • 4. What’s your Advertising ROI? « Sage Wedding Pros  |  April 14, 2009 at 8:12 am

    […] it’s cost.  And, for others, they take a look at the top performers and adjust their expense budgets […]


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Trackback this post  |  Subscribe to the comments via RSS Feed


Use Google? Subscribe in Reader:


Follow us on Twitter

%d bloggers like this: