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Something I found online for those just starting and wanting to make their first budget. This does not take into account if you are wanting to pay off debt just a basic start to a budget.
1. First, determine how much income you have from all sources. For those of you on straight commission or fluctuating hours this can be a bit challenging. However, you can figure out a typical average and then use that. Simply take that last six months of income and divide by six. While not an exact science, it is a start and that is what you need -- to start.
2. Next, figure out your monthly expenses. This will include the typical day to day stuff as well as those periodic payments for insurance, gifts, etc. Again, figure out a yearly average so you will know how much you need to save each month to be ready when the spending actually happens.
Do not overlook expenses by going through your checkbook and credit card statements. This is a great way to discover those things you pay for regularly. Now, add up your total expenses.
3. For the last step of how to budget money, compare expenses with income. They should match exactly. If you have extra money, add it to savings or extra debt payments. If the expenses are more than income, then, uh, there is a BIG problem. Having a negative number, means your spending is outpacing your income and you need to make drastic changes ... and fast. Eventually, that overspending will get so out of control that you will be devastated financially.