How To Create A Budget In 2023 (Example Budget)
Transform Your Finances with These 7 Simple Budgeting Steps
Budgeting is one of the most important things you can do for your finances. According to a survey by the National Foundation for Credit Counseling, only 41% of Americans use a budget. This is concerning because budgeting helps you take control of your money and achieve your financial goals. Creating a budget can seem daunting, but it is simpler than you think. Here are 7 steps to creating your first budget in 2023.
Step 1: Determine your Income
The first step in creating a budget is to determine your income. This includes your salary, any side hustles, or any other sources of income you may have. Be sure to calculate your take-home pay, which is the amount you receive after taxes and other deductions. Once you have determined your income, you can move on to the next step.
Step 2: Calculate your Expenses
The next step is to calculate your expenses. This includes all the money you spend each month, such as rent, utilities, groceries, transportation, entertainment, and any other expenses you have. To get an accurate idea of your expenses, look back at your bank and credit card statements from the past few months. Add up your…
