25 How To Plan A Budget

Written By Anonymous Tuesday, December 18, 2018 Add Comment Edit

To do this track your spending over a week a fortnight or a month. See track your spending for practical ways to do this.

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Use how often you get paid as the timeframe for your budget.

How to plan a budget. Having a clear picture of your regular expenses and spending habits will help you set up your budget. If your expenses are more than your income that means you are overspending and need to make some changes. Subtract the essentials total from your monthly income and if you have money left over subtract the extras total from that amount.

How to set up your budget. In a 50 30 20 budget needs or essential expenses should represent half of your budget wants should make up another 30 and savings and debt repayment should make up the final 20 of your budget. Keep in mind however that its easy to overestimate what you can afford if you think of your total salary as what you have to spend.

Note your net income the first step in creating a budget is to identify the amount of money you have coming in. By keeping the lists separate you can make cuts more easily if you need to. If you still have money left over great.

Add up your budget essentials list and the extras list separately.

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