A budget shows•Where your money is coming from• How much is there•Where it is all going.
1. Gather every financial statement you can.2. Record all of your sources of income3. Create a list of monthly expenses
Fixed Expenses Fixed expenses are those that stay relatively the same each month and are required parts of your way of living. (i.e. Rent, car note, cable, internet etc.)Variable ExpensesVariable expenses are the type that will changefrom month to month and include items such asgroceries, gasoline, entertainment, eating out
If your end result shows more income than expenses youare off to a good start. You can prioritize this excess to areas of your budget such as retirement savings or paying more on credit cards to eliminate that debt faster. If you are showing a higher expense column than incomeit means some changes will have to be made..
Review your budget on a monthly basisStart a savings program and make it automaticMaintain good credit
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