![]() Is this something I can live without entirely or at least temporarily as I work towards my budgeting goals?.Is the cost of this service worth what I'm paying for or can I find a cheaper alternative?.When was the last time I used this service?.To help figure out where to cut your expenses, ask yourself: Unsubscribe to any tempting emails (now is not the time to know when your favorite retailer is having a sale), review your cell phone plan and check out competitor deals, shop for cheaper internet services, take a look at your streaming services, and any subscriptions or memberships you have. For smaller overages, take a look at your variable expenses (these are the ones that change every month, tend to be more flexible, and considered 'fun money'), and see where you can reduce your spending. How much adjustment varies based on how much you are overspending. If your expenses are more than your income, you are overspending and need to adjust. If your income is higher than your expenses, that's great news! Take this extra money and put it towards your savings goals or paying off debt. Total Your Monthly Income & Expensesĭowload this interactive spreadsheet, total your monthly income and expenses. Also remember holidays, vacation, and gifts. Think side jobs, tips, groceries, clothing, gas, utilities and sporadic expenses such as an annual car registration fee and semi-annual or quarterly expenses for tuition or other bills. Variable Income and Expenses will change from month to month. Categorize Your Fixed and Variable Income & Expensesįixed Income and Expenses stay the same each month – items like monthly rent/mortgage, car payment, insurance payment, and paycheck. Organize savings by the following categories:Ģ. Gifts (Holidays, Birthdays, Special Occasions).Subscriptions & Personal maintenance (gym, nails, hair, etc).Phone/Cable/Internet/Streaming Services.Try organizing expenses by the following categories: Paystubs, income from side gigs, tips, commissions, social security, alimony, child support, etc. To get started with your budget, you'll need to do a little financial housekeeping and collect your financial paperwork (like bills, bank statements, receipts). And with this little bit of planning, you're on your way to saving for the things you want, managing your debt, and planning your future. Once you understand your bigger picture and what you want to accomplish with a personal or household budget, creating a budget will help ensure you have a plan to achieve your financial goals. There is a sense of calm, power, and freedom knowing how much money you have available to put towards your wants, needs, and savings goals. ![]() Having control of your finances is an amazing feeling.
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