Some of the benefits individuals will gain from budgeting include:

• Reduced stress
• Better spending habits
• Proof of tax deductions
• Expenditures are tracked
• Savings toward future goals

The Small Business Administration feels that entrepreneurs should keep good records for the following reasons:

• Control expenses
• Fulfill payroll requirements
• Improve cash flow
• Use supplier discounts
• Measure performance
• Easier tax preparation

Choosing a record keeping system is the first step. A simple budget worksheet, like the one provided by Goodwill Community Foundation , is probably adequate for individuals. Small businesses need a more sophisticated system. Entrepreneurs need to determine whether a manual or electronic system is best suited to their business. The best system is the one that you will actually use.

RESOURCES

For Individuals:

• Illinois workNet provides ideas to help individuals develop a financial management plan .
• Thoughts about setting up a budget are presented by About.com .
• Clute Wealth Management reminds individuals to take assets with them when changing jobs.
• An article from Monster.com discusses tax deductions when job hunting.

For Businesses:

• At the Illinois workNet Portal, entrepreneurs can view webinars about starting a business.
• Nolo explains manual and electronic record keeping systems for small businesses.
• The IRS answers questions small businesses may have concerning record keeping.

For Workforce Partners:

• Community Action Partnership provides financial planning guides for individuals and case workers.