1.Think of a budget as a useful tool—a written financial plan that helps you set goals and measure progress.
2.Start by coming up with a sales revenue target. Make it your best estimate.
3.Based on past experience, estimate your cost of goods sold (e.g., 70 percent of sales) and subtract it from the sales revenue to come up with your estimated gross margin.
4.Forecast variable expenses (items such as travel and commissions that vary according to the level of sales) and fixed expenses (items like taxes and rent that stay the same, regardless of sales). Subtract these expenses from your gross margin to arrive at your estimated net income (before federal taxes).
5.Break your annual budget into quarters and monitor your progress every three months to detect problems and make corrections.

When planning for large purchases is to make sure you include not only the fixed, known expenses, but also the variable, unknown expenses. The key is to estimate these purchases and break down your obligation into monthly increments, then make sure you're setting aside those amounts each month. With the traditional envelope budgeting method,
How to Budget for Large Purchases
Your Savings is an Expense
How to Budget in Flexibility
Facing Budget Reality - Cut Back or Increase Earnings
Creating Breathing Room by Cutting Back on Debt

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