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Creating a budget for dummies11/23/2023 ![]() Miscellaneous includes: Splurges for lunches out, after school treats, or extracurricular expenses Savings includes: Emergency fund, vacation fund, and retirement funds Wardrobe includes: Uniforms, replacement clothing, and replacement shoes for all family members.Ĭhildcare includes: Babysitters, daycare, nanny, after school care, or parents night out programs ![]() Household includes: Groceries, toiletries, and services like lawn careĬommunication includes: Cellular phone, home phone, and InternetĮntertainment includes: Satellite, cable, Internet upgrades, date nights, subscription services, streaming services Medical includes: Insurance (health, life, vision, and dental), prescriptions, and co-paysĭebt includes: Student loans, credit card debt, and personal or bank loans ![]() Transportation includes: Car payment, car insurance, gas, and repairs Utilities includes: Water, gas (heat or cooking), electricity, and garbage pickup Housing includes: Rent/Mortgage, homeowners insurance, POA dues, and repairs Listing out your expenses in columns helps to see how things all into categories in your budget. We've already touched on this some, but the real focus of creating a functional expense spreadsheet is to account for those things you absolutely have to manage to pay each month, and then allow yourself a specific amount to spend on other items each month as your budget allows. Budgeting for beginners is all about getting real about your expenses. It will also include things like cable or satellite television and for those who don't use the Internet for business purposes, the larger Internet plans or phone plans.Īs you look at these lists, you'll be able to visually and easily see where the bulk of your money is going, as well as how much you are spending outside your means.There are some things that are necessities for some and splurges for others.A cellular phone with a high minute or data plan may be a must for someone with a home business.The same goes for someone who works from home and needs unlimited Internet access each month.įor those who only use their phones for occasional messaging, can easily cut back on that plan to build more room into a tight budget.Īgain, think about your life and your needs.Ĭreate a functional expense spreadsheet. ![]() This list will include things like dining out, entertainment, splurges, morning coffee, lunch out with friends, new shoes on sale, and similar things you may find yourself spending money on regularly. Yes, savings is a must to keep you out of debt.Ĭreate a list of all of the extra expenses you have regularly. These items are the things that you cannot go without paying each month without dire consequences. Things like rent, electricity, gas, water, garbage, credit card debt, student loans, personal loans, groceries, transportation expenses, savings accounts, and medical expenses are a must. This list should include the basic expenses that must be paid each month. It should even include things like the $50 per month your friend or family member pays to be on your cellular phone plan.Ĭreate a list of all necessary monthly expenses. This should include your wages from jobs, child support, rental income, and anything that is a consistent source of income. To help you get started, you can print my free monthly budget template.Ĭreate a list of all monthly income. To begin using a budget, you do need to do a few simple things that can make it easy to see where changes may need to be made. It's easy for some to say that a budget is simply a list of income and expenses, but since every family has a different set of income and expenses you have to learn how those work for you. Learn how your income and expenses work for you. Not trying to fit your life into someone else’s budget. The key is learning how to fit a budget into your lifestyle. Since there is no one perfect way to create a budget, I am going to share some great tips that will make it easy for a beginner to build a budget that works best for them. A budget does not have to be something that is scary.In fact, it should be something that makes your life easier.
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