money management

Steps to setting up your budget

Wondering what the steps are to setting up your budget? Here you go:

1. Determine your average monthly income - Get out three months of pay stubs and add them up then divide by three to determine your average monthly income. Input this number into the income category of the spreadsheet.

2. Determine your monthly fixed expenses - Gather three months of fixed expenses (mortgage, car payments, credit card payments, insurance payments, bills, etc.), these are expenses that don't change much from month to month. For each category, divide the number by three to calculate the average per month. Input these expenses into the fixed expenses category of the spreadsheet

3. Determine your monthly variable expenses - Gather three months of variable expenses (savings, groceries, dining out, car maintenance and gasoline, home repairs and decor, shopping, vacations, children, doctor visits, donations, etc.), these are expenses that change from month to month. For each category, divide the number by three to calculate the average per month. Input these expenses into the variable expenses category of the spreadsheet.

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