Each Monday, we’ll take a look into different personal finance topics. This week, we’re talking about budgets and how to put one together.
A budget is an estimate of your revenue and expenses over a specified period of time. Many people create different kinds of budgets for companies and events but the kind of budget we’re talking about today is related to your personal finances.
Before you can create a budget, you need to know your current income, needs and spending habits. Budgeting is about making the best use of your income so you need to know how much money you have coming in. You also need to track your spending habits (expenses) for 30 days to get a clear picture of your spending. This together will help you set up the right budget.
Once you know the money coming in and how you’re spending said money, it’s time to get to budgeting.
There are many ways and methods but the most popular budget method is the 50-30-20 method created by American Senator, Elizabeth Warren:
This method has a bit of flexibility but you need to keep yourself accountable to make sure you don’t overspend in some areas. One way to keep track is to limit your expenses to card transactions that way you’re able to keep track via bank alerts and statements. Having a tracking app or spreadsheet where you manually input your expenses can help as well.
Everyone’s income, expenses, and budget will be different but getting a handle on your finances should not be a pain.
That’s it from us. Join us next week where we will be talking about the different types of savings.
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