Budgeting Outgo

You will need to look at your financial forensic evidence to determine your outgo.  Outgo is any money that you pay out. Whether it be daily, weekly, monthly, quarterly, semi-yearly, yearly or just a once in a lifetime thing, you have to figure it into your budget.

You must figure it in so that you can plan on when you have to pay it again.  If the expenditure is truly a once in a lifetime payment, then you will not need to include it in a budget for the future.

You have two types of expenditures: fixed and variable.

Fixed expenses are things that do not NORMALLY vary from month to month, such as mortgage or rent payments, car payments, insurance, etc.

Variable expenses are those bills that vary somewhat.  You may be able to exercise some control over your variable expenses.

Some examples of variable expenses would be utilities such as gas and electric, groceries, entertainment, vacations, etc. 

To help you budget a little better, you may wish to look into equal payment plans with your utilities.  Some utility companies will set up a plan of equal payments based on your last year’s utility bills.

If using an equal payment plan, pay attention to your actual usage each month.  In the present year, you may be using more than you did in the previous year.  If that is the case, you will have a large bill to settle at the end of the year.

For now, we are going to focus on budgeting for these variable expenses, but later we will discuss ways of bringing those expenses under some type of control.

Gather together all your bills and let us get started. 
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Disclaimer

The opinions or advice listed in this blog or website should be used as a place to start only. It is not a substitute for the use of a professional.

Please be sure to consult your attorney, accountant, and/or other professionals with any specific questions.

There is no one right answer to any business question that will cover all circumstances.