BudgetMap
Reviewed by Mary Ann Kelley, TheHomeSchoolMom host and newsletter editor
About six months ago, I noticed an ad for the BudgetMap System in a e-mail newsletter to which I subscribe. I have tried just about every budget system there is, including huge notebooks and software programs. One look at the BudgetMap and I ordered the system. I knew that it would replace all of the other budgets I had tried. It can easily be used on its own or in conjunction with popular financial software programs. The BudgetMap Workbook (included free with the registers) is helpful to anyone new to financial planning, but the BudgetMap register itself is so simple to use that reading the workbook is not necessary to get started.
BudgetMap, created by an accountant, has an ingenious design which allows the register to fit into a checkbook just like a normal checkbook register. It also includes a master column to list checks and deposits just like a normal checkbook register, but that is where the similarity ends. The BudgetMap register folds out to display twelve category columns. It is simple to use:
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Divide each of your monthly expenses into categories and determine a monthly allowance for each category (the monthly allowance must equal your income).
On payday, enter the deposit in the checkbook register column, then break it down into the allowance amounts for each expense category on your list.
As you write checks, treat them the same way you list deposits, with the check deducted from the checkbook register column and the applicable expense category. The sum of your category columns should always match the balance in the checkbook register column.
With BudgetMap, you have instant access to the amount you have to spend in any given category. You do not have to wait until you update your financial software data to find out how much you have spent, and you do not have to hurry home to check your spending before making a purchase. The information is all at your fingertips and fits into your checkbook. If you already use a budget system, you can just transfer the monthly budget amounts to the columns in the BudgetMap register. If you have never used a budget before, BudgetMap is a great way to get control of your finances. You can evaluate your spending pattern with an old checkbook register or your cancelled checks for the past few months and determine how much of each paycheck to allot to each expense category. Then, write the amounts in your BudgetMap register and you are done!
The BudgetMap works well with the envelope system of financial management. Basically, the envelope system is a method of dividing up your income each payday into separate envelopes for each of your expenses, either literally or figuratively. You might have a house "envelope" into which you place funds each payday for your rent or mortgage and utilities, a homeschool "envelope" into which you place the funds for curriculum, field trips, support group dues, etc., and so on for each category of expenses. When the envelope is empty, you have to wait until payday to spend any more in the category.
The premise of the envelope system is a wise way to manage money, but in reality carrying envelopes with cash or slips of paper with category balances is not practical for most people. Using BudgetMap, I can check the register in my checkbook and immediately know how much I have to spend in any expense category. I no longer have to try carrying my large budget notebook or little slips of paper with balances that constantly change and get lost in the bottom of my pocketbook. BudgetMap registers can help you to get control of where you spend your money.
You can purchase BudgetMap online at www.BudgetMap.com. The cost for 3 registers and the 36 page workbook is $29.95 plus $3.95 shipping and handling (US & Canadian orders).
Mary Ann is a homeschool mom of two children and the host of TheHomeSchoolMom website. She is also the editor of TheHomeSchoolMom newsletter, a free e-mail publication which features free offers, educational websites, and online lesson plans. Her background includes former positions as buyer for Belk Department Store and the business manager for Corderman Interior Design in Virginia. She has a BS in Finance with an English minor from Virginia Tech.