How Do You Make A Basic Monthly Budget?
Making a monthly budget will help you track your expenses, help you pay your bills and control your spending. Making a basic budget begins with what you earn. Find your monthly post-tax income. Most people have an idea of what they make, but they use their gross income as the basis for their budget. You can’t spend money that will go towards tax, so don’t even include it. If you have a job that doesn’t have a guaranteed pay rate, look at your last three months earnings and get an average. If you have to “guesstimate”, guess low. It is better to be pleasantly surprised with more money than you thought you would have to work with than trying to make ends meet with too little. List ALL your expenses that you have each month. A basic budget list will should include at least these following items: Housing – include rent or mortgage, insurance, and utilities in this group Food Automobile- payments, insurance, gas, and a little bit towards upkeep in this group Health insurance/ medical bills
