For those who have never made a budget before a monthly budget planner can be a good way to get your feet wet. Organizing your finances can be an exasperating experience if you've never done it before, but it an important step if you want to win back your financial freedom. Knowing where you money goes and what it does is probably the most important thing you need to control if you want to succeed with money.

Before deciding on which type of budget planner to use it is best to start with a written budget using nothing more then a pencil and paper. This helps you get used to the idea of actually making a personal budget and gives you and idea as to where you stand financially. Writing down all your income and expenses is the first step to getting organized.

Once you are ready to move to something a little more sophisticated you can start using pre-printed budget sheets. These sheets have categories for both income and expenses which can be helpful in organizing your finances. All you have to do as you sort through your bills and check book register is plug your financial information onto the correct line.

These pre-printed spreadsheets can be printed off of internet sites that offer free budget sheets or you can find them at just about any office supply store. The only problem with these sheets is you won't always be able to match your finances to the right category which means you may have to write them in by hand.

If you are good with computer spreadsheet software then you may consider creating your own custom budget using something like Microsoft's Excel. There is an amazing amount of flexibility in using this type of software to build a monthly budget. You can customize it to do just about anything, from tracking monthly income and expenses to tracking retirement accounts, investments, and mortgage amortization rates.

If you aren't of the computer geek mentality don't despair because there are budgeting software programs that already have everything you need right out of the box. The two best well known are Microsoft Money and Quicken by Intuit. These powerful programs can handle just about any financial task you can throw at them. They will even allow you to download your financial information directly from your bank and financial institutions you do business with. From budgeting to financial planning these programs do it all.

As you can see there are quite a few options when it comes choosing a monthly budget planner. No matter which option you choose building a budget is the first step to taking back control of your financial well being.

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One of the most important financial decisions you will ever make is learning how to make a personal budget. The reason it is so important is it gives you control of your money and tells it what to do. If you are living paycheck to paycheck your money is not working for you, it's working for all your creditors and making them rich. Wouldn't it be nice to turn that around and make yourself rich instead?

Here's what a personal household budget does for you. It allows you to track your income and expenses and shows you where your expenses are more then they need be. This allows you to make informed decisions about how you spend your money and what you need to do to ensure that your future is financially sound.

If you have never made a personal budget before here are 7 steps which will help you get started. Before we start get a notebook and make two columns, one for income and one for expenses.

1. You will need your last three months of pay stubs. Add the total net pay and divide by three. This will give you your average income per month. Write that in the income column. Be sure to include all your income sources.

2. This same formula applies to your monthly expenses. Gather up your last three months of bills, credit card statements, and any other expenses you have. It is also a good idea to go through your checkbook register so you don't miss anything. Get an average for each category and then add them all up and write that number down at the bottom. This will give you a good starting point.

3. Here's the moment of truth. Subtract the total expenses from the total income and see where you stand. If your expenses are greater then your income you have some work to do.

4. Look over your budget closely and start targeting expenses that seem frivolous. Your budget should allow you to start freeing up money that can be put to better use.

5. You can also start prioritizing which expenses and debts need to be paid first. Note payments made on your budget so that you can easily track how you are spending your money.

6. As your budget evolves you can start using it to further refine your financial plan. Savings accounts, retirement plans, and investments can all be managed from it.

7. Be patient when you first get started. Your first budget will be more of a rough draft for future budgets. It normally takes a good three months before you will start to get your budgeting process dialed in.

The most important step to make a personal budget is to just get started. Putting it off and procrastinating just delays securing your financial well being. Patient persistence is the key to taking back control of your money and once you do a budget will be a permanent part of your life.

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I already have done a personal budget in Excel - but are there any budget programs out there where I can type in mine and my husband's pay dates and amounts of pay, and then have the program calculate what can be paid out of each check that leaves me with some money left over? I'm horrible at budgeting and I always pay my bills and then never have any money left over until my next check. Help!!! Thanks.

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