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How to create a budget

Kristin Huber

on 5 August 2010

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Transcript of Budgeting

Why budget? What is a budget? Create a budget! An itemized inventory of your income & expenses for a time period. Variable
Expenses Fixed
Expenses Discretionary
Income Fixed Expenses don't
change each month -
include the following: Savings Rent or Mortgage
Car Payment
Insurance Payments Variable Expenses can change
each month so you need to estimate
the following: Groceries
Dining Out
Car Maintenance
Entertainment Income Sources could be. . .
paycheck from a job
an allowance
selling something
renting out your property Discretionary income is
any money left over after
expenses have been paid BY Paying Yourself First (P.Y.F.) in your budget,
you can save for Personal Goals, such as...
House, car, vacation, or college fund To sleep well at night,
knowing you can pay your bills So that you know where your money is being spent Step 1 - For one month, write down everything you spend your money on, don't leave anything out! Step 2 - Separate your expenses into categories - Fixed and variable Step 3 - Add up your monthly income - make sure you use the net pay (take-home) amount from your paycheck. This will be after taxes. Step 4 - If there is leftover money, you may allocate it to discretionary expenses
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