Budgeting for Beginners
Making Budgeting Easier Yor You
Starting a budget can be a daunting task, especially if you’ve never done one before. It can be even more overwhelming if you live paycheck to paycheck and think you have no money to manage.
But a budget will actually help more than you may think.
This article will outline how to organize a budget, which programs to use, examples of typical expenses, how to categorize your expenses, and realistic expenses many people forget about.
The Spreadsheet
Before we dive in to the expense details, let’s explore how a digitized spreadsheet can help organize things.
If you have access to an online spreadsheet program, like Microsoft Excel or Google Sheets, you can have the program do the math for you using simple formulas.
This is a time saver, and also ensures accuracy.
Monthly vs. Biweekly
Another important note is to ensure you include whether or not your expenses are paid monthly or biweekly. This can change how your budget is organized.
Monthly vs. Biweekly: Examples
A lot of loan payments, vehicle payments, and even mortgages are paid bi-weekly, whereas other expenses like utility bills are typically paid monthly.
Include Your Income
In your spreadsheet, you should include both your income coming in, and your expenses going out. List all of your income sources, including your primary employment, side hustles, government tax credits, investments, etc.
