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The first step in budgeting is seeing your income and expenses laid out so that you can accurately calculate your budget.
To begin, use this one-month calendar to write down your expenses and income using this One Month Budgeting Calendar.
The 50/30/20 Rule.
Using your after tax income, your budget should be divided into three ways:
50% to needs
30 % to wants
20 % to long-term savings.
"Extra" Money
Make sure to put money that you receive as gifts, bonuses, tax returns, etc, into your budget instead of spending on
unnecessary purchases.
Tight Budget?
Finding your budget a little tight? Make sure you are utilizing monthly subscriptions you are paying for. Also, cut back on eating out and expensive activities. Look for local resources to find free or low-cost entertainment.
For a digital budget calculator check out Banzai's digital Budget Calculator!
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