How to Create a Budget

How to Create a Budget

So you want to know how to create a budget.

However, there are several types of budgets

By the way, just so you know, I prefer to create a little more sophisticated Budget.

You will need to take a piece of paper and make two columns.

Section 1 will have your Essential Monthly expenses.

Section 2 will have your Discretionary Monthly expenses.

By the way, just so you know, it will have two columns.

Column 1 Living & Column 2 Household.

Below the living and household expense you will have auto and transportation.

Your Essential expenses are your necessities, however your discretionary expenses are your optional expenses.

In any case, below is a diagram of how your plan should be laid out.

You will understand from the worksheet what is important and what is not.

However, a second use of this worksheet can be for retirement planning.

You need to understand the fixed expenses you need to cover and those that are by choice.

Essential Monthly Expenses

Essential Monthly Expenses

Living Household

Groceries __________ Mortgage/Rent ___________

Clothing __________ Property tax ___________

Beauty/Personal Care ___________ HOA ___________

Parent Child/Child Care ___________ Landscaping ___________

Education ___________ Maintenance ___________

Sports/Lessons ___________ Electricity/Garbage ___________

Credit Card Payments ___________ Water/Garbage ___________

Pet/Veterinary ___________ Home Phone/Wireless ___________

Other ___________ TV/Internet ___________

Total ___________ Total ___________

Auto & Transportation

Car Payment/Lease __________ Auto

Gas __________ Medical/Dental ___________

Repair Allowance __________ Long term Care __________

License/Registration __________ Life/Disability ___________

Other __________ Home/Renters ___________

Total __________ Total ___________

Discretionary Monthly expenses

Discretionary Monthly Expenses

Dining Out __________ Holidays/Wedding ___________

Vacations ___________ Other ___________

Hobbies ___________ Total ___________

General ___________

Charitable Donations ___________ Total Essential __________

Other ___________ Total Discretionary __________

Total ___________ Total Expense __________

See you at the top

Use this worksheet. Moreover, each and every month you can measure your input and your output.

It can be a launching pad for greater financial success.

Moreover, once you know where you are at, you can launch to where you want to go.

Additional Blogs

By the way, just so you know, here are some other Financial Topics

Polygon

Litecoin

Financial Budgeting

P.S. By the way, just so you know, if you are looking to increase your income

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