Your budget will likely change over time depending on your salary and financial goals.īudget worksheet from the Federal Trade Commission. It is important for you to track your progress and review your budget frequently. Using whatever system works for you (online app or website, envelope system, excel spreadsheet, paper budget), create a budget.įind areas where you can cut back and find areas where you can fund your short term and long term goals. Long-term goals, such as saving for retirement or your child's college education, are goals that will take years to accomplish. Short-term goals, like saving up for a vacation, should take a year or less. You should make a list of both short- and long-term financial goals you want to accomplish.
Setting your goals will determine your success in planning and keeping a budget. Then, list your variable expenses, such as dining, entertainment, travel, groceries and other expenses that vary from month to month.įinally, add in other expenses, such as taxes and insurance, which may be billed annually, semi-annually or quarterly. These are expenses that stay the same each month. You should include your full-time job and any other income sources, like income from rental properties or dividends.īegin by listing all of your fixed expenses, such as mortgage or rent, car payments and student loan payments. The first step in starting a budget is finding out how much money you make in a month.Ĭalculate your net income, which is your final, after-tax take-home pay. A budget is a planning tool to help you determine how you will spend your money.
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