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She told me about a class she was presenting on her installation.

Then I had a chat with Debi, a military spouse who is part of the Accredited Financial Counselor program. It’s more about packaging the principles in a way that helps make the fundamentals take root and grow into sound family financial practices. Frankly, there’s not a lot of new stuff out there when it comes to giving guidance about helping people manage their money. I was chatting with a colleague the other day about a big challenge in our work as financial planners. You can move the chart around to an appropriate position on the Pie Chart sheet. You can customize the style as well as the chart title, slice colors, labels, and much more in the chart editor. The default chart that pops up for Google Sheets is usually a bar or line chart. Because general fund revenue can be used for a variety of government programs, these are the funds that the Governor and the General Assembly have the most discretion to spend. They are mostly derived from direct general taxes paid by citizens and businesses in Virginia. General fund revenues make up 32.8 percent of the budget. For example, motor vehicle and gasoline taxes are earmarked by law for transportation programs, student tuition and fees must support higher education, and federal grants are designated for specific activities. More than half of state revenues are “nongeneral funds,” or receipts set aside for specific purposes. Other large revenue sources for the biennium include $31.3 billion in federal grants and 18.6 billion in institutional revenue, primarily fees collected at colleges and universities, medical and mental hospitals, and correctional facilities.įor budgeting purposes, state revenues are divided into two broad types: the general fund and nongeneral funds. Tax revenues include $31.5 billion from individual income taxes and $5.9 billion from motor vehicle and highway taxes. Total revenues from all tax sources are projected to be $54.7 billion. For the 2020-2022 biennium, total state resources available for appropriation are projected to equal $141.3 billion, including year-end balances, transfers, and bond proceeds. State government resources can be grouped into several categories: taxes, grants, fees, sales, earnings, transfers, and balances. You May Like: Campbell Soup Turkey Pot Pie Recipe Where Does The Money Come From On top of all this, the budgeting calculator offers you tons of helpful suggestions and tips along the way so that you can avoid the common pitfalls of the budgeting process. When youre done, it shows you what your budget looks like in a pie chart divided into the various expense categories.

It also suggests spending amounts for every budgeting category listed above based on your income and family size. As you fill out the budget spreadsheet with your living expenses, it warns you if youre going over the guidelines in any area of your budget and shows how your spending falls into these guidelines.

It also visually compares your spending in each category to these guidelines so that you can see how youre doing. But who wants to fiddle with devising a system or learning complicated software?Īs you enter your living expenses, the interactive spreadsheet will calculate all the spending guideline numbers for you. Never Ask Again: Where Does All The Money GoĮxperts are always telling us that to get a handle on our spending we must our record our expenses. Theres no need to make this a mathematical masterpiece so go ahead and just draw something by hand in your planner, journal, wherever you like to do your doodling. If you havent done this, before check out this post to help you seamlessly establish your monthly numbers. Take your high level budget, the amounts of each main bill : mortgage/rent, utilities/phones, insurance, childcare, and any others, as well as your debts, your discretionary spending cap, and saving target. Think to yourself, when you do this exercise in December a year from now, what do you want your budget pie summarizing next year to look like? What things do you aim to change in this new year to make the next pie look differently one year from now? Doing this thinking at the end of the year is ideal because you can reflect on the past years distribution of your take home pay spending as a starting point to plan for next year.