![]() ![]() The perk of creating a budget is the peace of mind that comes with getting yourself and your family out of debt and then being able to save money for the future. Once that is saved, he recommends that you begin paying off debt aggressively. You should budget part of that money to pay off debts and part of it to save for a rainy day.ĭave Ramsey, who is an incredible financial advisor, suggests that before paying off debt you save $1,000 into an emergency savings fund. Once you’ve determined your income and spending goals for the month, determine what you’ll do with the remaining balance. ![]() The greatest motivation for creating and sticking to a budget is to have goals for saving money. The money that is left over from after you deduct your monthly expense from your income is the money you can play with a bit in your budget.īe realistic with this budgeting based on the money you’ve spent in the last three months, but also challenge yourself to spend less in the areas that you are able to.įor example, if you’ve spent $200 on average the last three months on fast food, you could challenge yourself to reign in that spending by budgeting only $150 or $100 for a fast food/eating out budget this upcoming month. Then write down the expenses that happen without question each month such as rent or mortgage, utilities, and so on. Compare projected costs with actual costs to hone your budgeting skills over time. Input your costs and income, and any difference is calculated automatically so you can avoid shortfalls or make plans for any projected surpluses. Once you have a better idea of where your money goes each month, you can make a simple a realistic budget.įirst write down your planned income from regular job pay, money made from side ventures, bonuses, etc. This Excel template can help you track your monthly budget by income and expenses. ![]()
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