#SAMPLE BUDGET PERSONAL FINANCE FREE#

Putting a budget together requires a resource that helps you organize your finances. Short-term goals can include things such as paying down credit cards, while long-term goals may include paying off your mortgage.

#SAMPLE BUDGET PERSONAL FINANCE FREE#

Setting specific goals can help you pay off any outstanding debt that you may have, which can eventually free up your finances at some point down the line. After two or three months of adding these totals up, you’ll have a good idea of the average amount of money that is going towards expenses, and determine whether you need to cut back on spending or not. Retaining all your receipts for all your expenditures will help you determine how much you’re actually spending every month. You might opt to have a portion of your money transferred out of your checking account and into your savings account automatically each month so you don’t have the excuse of ‘forgetting’ to put that portion aside.Īnalyze Your Spending Habits – Keep All Your Receipts Financial experts typically recommend setting about 10 percent of your post-tax income aside for your savings, although the more you can put away the better. It’s a good idea to put some money aside every month – no matter how little – towards your savings account. These may include property tax payments, entertainment, groceries, and so on. Variable expenses, on the other hand, are those that either only pop up every few months, or fluctuate in cost month to month. These expenses remain relatively constant month after month. Your fixed expenses would include things such as your mortgage, car payments, student loans, and so forth. Not including these deductions will cause you to have an inflated idea of what your take-home income is, which will put you in the red.ĭocument Your Expenses, Both Fixed and Variable

You’ll also have to deduct factors such as income tax, pension plan contributions, and other things that would be docked from your pay. This number is not just your annual salary divided by 12 months. The first thing you’ll need to get a grasp of is how much money you’re actually bringing in every month. Here are some tips to creating a practical monthly budget to help you keep your finances in check.

Having a working budget in place will help you identify exactly where you stand with your finances. Yet creating a budget is a necessary part of adulthood, and is essentially the first step towards financial stability. It’s not fun, glamorous, or even enjoyable. Click below for the free budget template that matches your lifestyle

Sample budget personal finance