Tips For BudgetingA monthly budget can give you peace of mind and allow you to effectively manage your money, prepare for emergencies and save for large pricey items.

List the money you have coming in each month and the expenses that you expect each month. This will give you an idea of how much extra money you have to spend each month. If your income is less than your expenses you will need to cut back on spending.

Set A Realistic Budget

Round up on the amounts that you estimate for your expenses.

It’s easier to figure out what to do with extra money at the end of the month than it is to try and find cash last minute because you did not plan properly.

Estimate Higher Expenses

The items in the needs category come first, and whatever money is left over

after can be spent on wants.

Your expenses should put in two categories, needs and wants. This will help you recognize items that you

can cut out of your monthly spending if necessary.

Needs And Wants

It is recommended to add an additional expense in your budget for emergency

savings.

About 10% of your income should be set aside and only used for emergencies such

as car repairs or medical expenses.

Include Savings Into Your Budget

Just in case there are unexpected expenses from month to month you should add a little padding to help to ensure that you don’t go over budget.

Allow For Flexibility

It is very important to track your spending and ensure that you are staying within your planned budget. Every month, look to see if you over or under spent in any areas.

Keep Track Of Your Spending

Look back at your spending habits every three months and make adjustments on items that you are consistently over or under

spending on.

Once you have your budget set up you should become more aware of your spending habits and have a plan of action towards financial success. Good luck!

Edit Your Budget Every 3 Months

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