Budget

Creating a budget for your household is not as difficult as actually sticking to it.

Figuring out your budget
It's important to calculate your income and expenses to know where to even begin. If you haven't already, the Money Management section offers helpful tips.

Fixed costs
These expenses remain the same and come every month. For example, you know every month you have to pay rent, your phone bill, laundry and car insurance. Add up these costs and estimate how much you HAVE to spend each month to live where you do.

Variable costs
These expenses vary each month. They may include money spent toward groceries, movies, new clothes or home supplies. You want to look at these items individually and think carefully about what you really need and what you might be able to do without. Do you really need to spend $50/week on clothes or $25/week on movie tickets? Think about how much money you would like to save and start cutting costs down. If you usually spend $100 at the grocery store, aim to cut down on a few items or shop more closely for sale items to bring your expenses down to $85. Get a grocery store card and use it every time you go.

Your budget won't be perfected the first time you try it. Once you get a good budget in place though, stick to it!

 

 

 

1.How much of my monthly income should go toward my rent?

2. What can I do if I can't balance it one month?

 

 

 

 

Budgeting coffee

When you are budgeting finances, every little thing counts. Whether it's a container of hair gel or a cup of coffee, you want to include it in your expenses and keep track of everything as best you can. The more you do, the more successful your budget will be.