Logging your take home pay and tracking your spending is one of the most financially healthy exercises you can undertake. There's something peaceful about knowing how much money you have, where it goes and living within your means.

My wife and I have a pretty simple budget philosophy. We keep the receipts for every purchase we make during the month and input the totals as quickly as we can so we don't forget.

Here's what our speadsheet of expenses looks like:

• Tithe
• Offering
• Mortgage
• Insurance-Life/Car
• Power/Utility
• Phone/Internet
• Groceries
• Savings
• Fuel
• Medical needs
• Home needs
• Auto needs
• Clothes
• Eating out
• Entertainment
• Misc./Gifts

The top half expenses are usually set amounts; the bottom half are a bit more flexible. So there's wiggle room if I need more for fuel or the power bill or a benevolence gift. After the month is up, total expenses usually equals net income (there are occasions when dipping into savings are necessary).

Another healthy benefit from keeping a budget is that your receipts reveal what you value most. To my shame, I'm constantly amazed at how quickly I run out of money for clothes, eating out and entertainment.