Dave Ramsey’s Gazelle Budget
Photo by: Paul Mannix
One of the key things you can do to save money is create and follow a budget. I’ve heard Dave Ramsey say many times that when you start following a budget, it’s like getting a raise. I’ve found that to be very true. When you start tracking and pruning your expenses, you find money that you were previously just blowing.
One of the many reasons people don’t budget is because they think budgeting is too complicated. It really isn’t, but I can fully understand why people think this. I struggled with maintaining a monthly budget for most of my life.
Gazelle Budget Lite
Dave Ramsey and his team of folks over at Lampo Group recently announced a slick little online tool called Gazelle Budget Lite. Literally it allows you to create a budget in about 60 seconds.
To use the tool, visit the web address for Gazelle Budget Lite. You then optionally type in the name for the budget, enter your income for that month and presto, you have a budget. What the tool does is use Dave Ramsey’s percentage guidelines and categories and automatically allocates your income to the categories based on Dave’s recommended percentages. The categories and percentages are:
- Charity – 10-15%
- Saving – 5 – 10%
- Housing – 25-35%
- Utilities – 5 – 10%
- Food – 5 – 15%
- Transportation – 10-15%
- Clothing – 2 – 7%
- Medical/Health – 5-10%
- Personal – 5 – 10%
- Recreation – 5 – 10%
- Debts – 5 – 10%
If you want to adjust the numbers, there are slider bars on each category that allow you to raise or lower the recommended amounts. Once your remaining amount is $0, you print your budget and you’re done. Dave uses a zero based budget concept where every income dollar gets a name and is “spent”.
I created a sample budget using a $3000.00 monthly budget, here is a screen shot of the result:
Getting more sophisticated
Gazelle Budget Lite is a simple and very quick way to create a budget. Being a lite version though it doesn’t have anyway to enter or track your expenses. Gazelle Budget Light is a teaser to Dave’s full blown online budgeting software Gazelle Budget package on MyTotalMoneyMakeover.com.
I’ve been using You Need A Budget and while a little different, it is right in line with Dave’s process for managing your budget. I’m working on a review of it and we’re using it to manage our budget right now, and it’s working great.
If you’ve been wanting to create a budget but haven’t for some reason, head on over to Gazelle Budget Lite and spend 60 seconds to create a budget. Doing so is easy and it will significantly pay you pack for the time spent.
Do you use any of Dave’s other tools as part of his MyTotalMoneyMakeover program? Any tips or suggestions for those wanting to create a budget? Add a comment!