How to Budget Money 101 (You Know You Need To)
Budgeting. The nine-letter word in personal finance either excites you or conjures up images of torture.
It’s that budgeting exists for one simple reason—because it works. But exactly How to Budget Money so you can reach your financial goals and enjoy life? This is the Way.
How to Budget Money: Common Roadblock
If you’re here, mainly because you’re not sure how to budget money and you’re looking to understand budgeting in more detail, then pat yourself on the back because you’re absolutely in the right place.
How to Budget Money Part I: What is a Budget and Why Should You Have a Budget?
Budgeting is a financial exercise highlighting your earning, spending, and saving habits.
How to Budget Money Part II: How Do I Make a Budget? What are the Steps Involved?
The good news is that creating a budget isn’t the hard part; sticking to it is where most people fall short.
Step 1: Totaling your income
As you start adding up your income, keep in mind that any amount of money coming in from any source is considered your income.
Step 2: Totaling your expense
One of the most overlooked outcomes here is not that totaling your expenses indicates just how much you’re spending, but that it provides actionable insight to help you understand how and where you should be allocating your hard-earned money.
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