Divide those expenses, so you know how much they cost you each month.įinally, include your monthly savings goals and extra debt payments, if applicable. You can find some recommended budget categories here.Īlso, be sure to add in any recurring expenses that don’t happen every month, such as an annual membership or semi-annual insurance premiums. Categories can be things such as rent, groceries, medical expenses, and more. You can always consolidate some later to simplify things. Use as many categories as possible to give you an idea of how you spend your money. Take a look at your expenses over the last month and assign them different categories. If, however, you’re self-employed or your hours can vary, take the average of the last three to six months to get an idea of what you can expect to earn going forward. This step will be easy if your income doesn’t fluctuate each month. You can create a budget in four easy steps: 1.
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