Budgeting your Expenses

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Are you ready to finish up that budget? This is Judi Otton with GrowthCast, and that’s exactly what we will do today.

Let’s talk about budgeting expenses.

The first thing I like to do is separate out wages. And if you have my budgeting template, you’ll see that there’s a separate tab for that where you can list all your employees. Any new hires, include increases or any changes in staffing.

Second, look at anything that increases with sales, for example, merchant fees as your sales go up, your merchant fees will go up. So make sure that those expenses go up in alignment. Third other things like health insurance, maybe gasoline, you might want to increase by a fixed percentage and just spread it across the months.

And finally, any expenses you pay in a big lump, like maybe you pay your insurance policies in full or if your property taxes are significant or your payment for your accountant to do your taxes, put those in the appropriate month. Everything else I like to spread out through the year and add it up on the bottom and see what your final expenses will be for the year.

Again, if you haven’t grabbed that budgeting template, DM me, and I will gladly send it to you. I will be back next year with a bunch of new Fiscal Fitness Tips of the Week.

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