HOW TO CREATE A BUDGET

Updated: Dec 1, 2023

– BY MADDIE CRAIG | 2023

Tips - How To Create A Budget - Checklist - The photo Is The Top Of A Desk with Cards and Money As Well As A Document With Graphs And Charts And A Phone Opened To The Calculator App

DOES THE WORD "BUDGET" MAKE YOU CRINGE?

Creating and sticking to a budget doesn't have to be painful.

With a little organization and discipline, you can quickly get your finances under control and provide intentionality to what you spend your money on.

Budget Checklist:

Determine your net income which is the money you actually get from your paycheck each month, rather than the gross amount you get paid before payroll and other deductions.
Create a list of monthly expenses and track your spending. By tracking this information, you will gain a clear understanding of where your money goes each month. This knowledge is power when it comes to making changes to improve your financial situation.
It’s always a wise idea to have a savings/emergency fund. By setting a specific savings goal, you’re more likely to stick to your budget and stay disciplined with your spending. If you’re not sure where to start, try setting a goal to save 10% of your income each month.
By creating a new budget at the beginning of each month, you’ll be able to account for changes in your income and expenses; you can take advantage of seasonal sales and promotions and you’ll be less likely to overspend or get off track because you are making your budget a monthly priority.