Being “on a budget” is not a bad thing. In fact, it is very much a positive. Even people making millions of dollars a year use budgeting strategies to stay on top of their financial well being. Used properly, it’s not so much a restriction, but more about being the boss and telling your money what to do. The key to success in any field is discipline and direction. Your financial future is no different. Without a clear plan, your money will drain away like a bad leak and you will have no idea which holes need to be plugged. Some folks just want a basic idea of their cash flow, while others preach accounting for every dollar in or out regardless of income level.
The Basic Budget worksheet is designed to be a list for both personal and business needs alike and may prove useful in determining typical expenses over time. The list is not exhaustive, but could be a good place to start, especially if you are new to budgeting. It can also be a good look at what may be required to get a new enterprise off the ground. Add in any notes or details pertinent to you or your business, go over it with your trusted financial professional if needed and away you go.
The further out you can project the better, but starting out with about three to six months worth of tracking should give you a pretty good idea for future adjustments. The better you understand your cash flow, the more you can plan with it and better align your money with your priorities.