Set Saving Goals and/or Debt Pay Off Goals In order to achieve this, we use restaurant coupons and local discount cards.Ĥ. If we want to eat somewhere more expensive, we’ll eat out 3 times a month and do two $50 meals and one $100 meal. Eating Out – My budget is set to $200 a month.You should check these tips to save money on groceries. I have a hungry husband and three hungry children so I have to make sure I create a grocery list and stick to it in order to stay at $150. Groceries – My budget is set to $600 a month for groceries.Auto Gas – My budget is $200 a month because we live in a small town.These are things we need in life but we need to set a limit on each month. Our reliable income comes from my husband’s job. I don’t rely on it each month to survive. Sometimes I earn extra money but it’s very simple for me to add that in when I receive it. We live on one income so we only receive my husband’s paycheck. Add up all your sources of income you receive each month. Here are 75+ Personal Budget Categories You Should Be Using. Utility Bills (Water, Natural Gas, Electricity, Cable, Phone, Trash, Sewer) You should be setting amounts for the following (this is an example of mine): I use a free online budgeting tool now that I have my budget set. Sometimes it’s easier to have your budget on paper when you are trying to figure it out. You should use a free budget template or a printable budget planner. You should have fixed expenses and variable expenses. Calculate everything you need to live your life. In most situations, one person in the household manages the money (I manage my household money).Įveryone who is involved in financial decisions should sit together and calculate expenses. This is the most important step in starting a budget. I always have a good feeling of knowing where my money is going. We may budget for something that they are asking for or someone’s birthday may be coming up and we need to budget for that. We may have little changes each month depending on our needs. The main part of my personal budget always stays the same. You will have to put a little thinking time in but once you have your budget set, it’s simple. Think of it as having control of your finances. If you have the wrong attitude your budget will fail.īudgeting doesn’t have to be time-consuming. The first step is realizing that you need a budget. Every size income level should have a budget. It doesn’t matter how much money you make. I can’t stand the idea of not seeing exactly where I spend my money each month. I have a personal conviction to be a good steward of money (Prov. It’s important to make a budget so you see where your money is going every month. Mostly, because we needed to make sure we had enough money each month.īudgeting your money is useful when you are trying to save money or when you are trying to stay within the amount of money you bring in. I started budgeting a few months after I got married. If you create a budget you will be much closer to reaching your financial goals. I truly believe that everyone should know where their money is going. What Does a Budget Do?Ī monthly budget is a plan of how you will spend your money. If so, you’re in the right place.ĭid you know over half of Americans do not have a budget? That’s a huge amount of people who aren’t tracking their money. You may be wondering how to make a budget. All Bible quotations are from the New King James Version (NKJV) unless otherwise stated Bible Copyright Attribution. Please read my disclosure policy for more info. I may earn money from the companies mentioned in this post with no additional cost to you. This article may contain affiliate links.
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