Creating a Budget

If you want to start saving money you need a clear picture of your finances. It is very important to see exactly how much money you have coming in and going out each month before you can set a goal of how much you want to save. Remember these tips when creating a budget:

1. Be realistic - Work with what you have. Be truthful about your spending habits.
2. List every detail - Include indulgences you are prone to and all unavoidable fees.
3. Over-estimate expenses - Always leave room for inflation and emergencies.

I personally like to keep a spreadsheet to help me list all of my bills and expenses. It is a helpful way to keep track of when your bills are due and your confirmation numbers after payment. For others that may just be starting out, start simple. Create a basic table or checklist in a notebook or word document. 

Here is a basic example of a simple budget to get you started. Feel free to copy and paste it in to your own word document and alter it to fit your budget.

Monthly Budget:

Income 1	+$1000
Income 2	+$1000
Income 3	N/A
Rent	-$400
Gas bill	-$50
Electricity bill	-$75
Water bill	-$35
Trash Bill	-$25
Car payment	-$300
Insurance	-$150
Cell phone bill	-$100
Groceries	-$350
Gasoline	-$150
Internet	-$60
Miscellaneous expenses	-$85
Splurge items	-$20
Approx. Remaining balance	$200
Transfer to savings	$100
Goal: save $100/month	$50 per paycheck to savings

 Please let me know if this was helpful to you or if you have any tips for creating a budget.

~Spoe~