Morning Peeps!
It's always a good idea to have a worksheet in excel or any other platform to set up your budget. You may use basic common categories you use to fit your lifestyles, such as housing, utilities, insurance, and food. Your categories should be detail enough to provide you with useful information, but no so detailed that you become stuck. Let's get started:
1. First, list all your sources of income 💰, make sure to use the amount of money you really get (net salary rather than gross salary before tax and all). For example:
- Wages for your job(s)
- Bonuses
- Income from side gigs
- Child support or alimony
- Social security
- Rental Income
- Interest Income
- Dividend Income
- Other income
2. Second, list the expense 💸 categories you all want to track. Start out with a little more detail on this one. You can always combine these categories later if you found some categories are so small in their expenses which are not significant to be tracked separately. Expenses categories include:
- Emergency savings
- Retirement savings
- Mortgage or rent
- Utilities
- Auto expense
- Other transportation
- Credit card payments
- Student loan payments
- Other loan payments
- Home maintenance
- Childcare
- Child support or alimony
- Insurance
- Medical expense (not insurance)
- Computer expenses
- Entertainment
- Eating out
- Groceries
- Hobbies
- Household
- Property tax
- Investments
3. Thirdly, don't forget things that come up throughout the year but are not monthly expenses. for example:
- Subscription
- Holiday gifts
- Birthday Gifts
- Maintenance agreements
- Car repairs
- Car maintenance
- Holiday
Happy Budgeting! 💪😄
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