Check your bank statements to calculate your income. It’s good to underestimate the amount of money you make so you can limit the possibility of overspending.
Write fixed monthly expenses: car payment, rent or mortgage, insurance premiums, or subscriptions. Then monthly costs that fluctuate like utilities and food. (See what could be reduced or cut altogether.)
With your income and expenses recorded, make a budget including savings as an “expense”, putting it in a separate savings account. Include occasional expenses like car maintenance. Easily track your budget with an online system like Mint.com.
Reviewing your budget every month, will make you more likely to stay on course. You’ll be able to see how much you saved and how much you spent. You may need to recalculate the budget every 3-6 months, or whenever drastic financial changes may occur.
It takes time to build a habit. If you happen to go off course don’t give up. Adjust the numbers, forgive yourself and get back on track!
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