How to make a budget?
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Step two: Figure out your exact income. If you get the same amount every two weeks, regular as clockwork, congratulations! If you don't, then try to get an idea of a year's earnings and average it out.
Step three: Decide if you're budgeting by the week or the month. By the month usually works better. Get totals for your expenses and your income for the month.
Step four: Make categories. Some broad categories are- auto, clothing, grocery, home, entertainment, insurance, savings, medical, and miscellaneous. Put all your spending under some category.
Step five: Take your total income for the month and parcel it out to your expenses. Start with the fixed expenses like utilities. Finish up with discretionary expenses like entertainment. Don't forget to put something, even if it's just $1/month, into savings.
Step six: Adjust until your income and expenses match up.
Step seven: Try out your budget and don't be afraid to adjust as needed!
Some free financial planners are listed in the sources, below.
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M$
-quote-
"Starting a personal budget requires recording every expense for 30 days, organizing the list into categories, and finding out where each paycheck is going."
-end of quote-
You can leave an optional "tip" with Mahalo's virtual currency, Mahalo Dollars. If you are asking a difficult question that might require some research, or if you'd like a wide variety of feedback, a higher tip often leads to more answers to your question.
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