​Tips for Creating Your Budget

Tips for Creating Your Budget

• Be realistic in planning your budget and make sure it reflects your current life.
• Create your budget for the entire year.
• Breakdown income and expenses on a monthly basis.
• Identify all income sources for your household.
• Look back at several months of checking account and credit card statements to determine where your money is currently going.
• Calculate your occasional expenses and bills to a monthly number for your budget. For example, $700 for car insurance every six months is equal to $116.66 per month.
• Track how you are doing for a few months and adjust as needed to get a handle on your finances.

Remember, a budget is not about depriving yourself of things you want, it is about managing your money to reach your goals. Prioritize the things important to you.