How To Make a Personal Budget

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Anybody can create a budget. Making one you can live with is the challenge.

To complete this How-To you will need:

Spending journal
Resolve
Sacrifice
Willpower
Personal finance software
A Christmas club bank account

Step 1: Track expenses

For one month, write down every single cash purchase that you make.

Step 2: Review finances

With the help of your spending journal and your credit card and/or debit card statements, tally up how much you spent the past month. Then subtract it from your monthly net income.

Step 3: List debts

List any debts you have.

Tip: You can find personal finance software online that will help you create a budget.

Step 4: Analyze spending

If you are spending more than you earn, see where you can cut back. Keep trimming until you've figured out an amount you can afford to spend each month on nonessential items like new clothes and dinners out.

Tip: Don't forget to include a payment to yourself—as savings. Even if it's just a nominal amount, it will get you in the habit of saving money.

Step 5: Include seasonal expenses

Tally up as many annual expenses as you can (holidays gifts, a summer vacation, birthday presents); divide by 12 and add them under "Miscellaneous."

Tip: If you have credit card debt, factor in the greatest monthly payment you can afford that is above the minimum so you can begin chipping away at your debt.

Step 6: Make adjustments

Review your budget every month and adjust it if necessary, even if that means allocating more to expenses and less to savings and/or debt than you'd hoped. You need to keep it realistic, or it won't work.

Tip: If the holidays kill you every year, consider starting a Christmas club account—that's where a certain portion of your paycheck goes directly into a special bank account.

Step 7: Be realistic

Be realistic about sticking to your budget. Like a diet, a budget is meant to be blown once in a while. Just don't use it as an excuse to ditch it altogether.

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[ClubNapOrElse]

"Amount spent: 1 Million Dollars Amount Earned: 20 Bucks" wow......

[Probewitch]

Next show: "How to Successfully Rob a Bank."

Just kidding...

[wakemeupintwenty]

I've got an easier budget for you guys, I explain it in depth too. check my channel!

[TheRacer909]

Spend less than you earn, then buy some silver. Ler your money work for you.

[fa11234]

@MilitaryBrat81

iate a payment plan with them or consolidate.

7) Use coupon and see if there's things on sale when shopping. Don't use your credit/debit card.

8) If you have credit/debit cards, factor in monthly payments you can afford that's above that minimum payment. This is call the stacking method.

9) The advise in this You Tube is good; there are also free centers and free financial centers that can't help.

[fa11234]

@MilitaryBrat81

next column. You should do this for every week and that way you could track don't what you are spending. Your income should go to10% savings, 35% housing both mortgage and housing expenses, 25% life, 15% transportation and 15% debt repayment.

5) Control your variable spending. Like those in number 4; including your phone, light, water and gas bills. Cut your consumer spending.6) Call your credit card company and other companies that you owe money to and see if you can negoit-

[fa11234]

@MilitaryBrat81

1) Stop using your credit and debit cards and start using cash for your purchasing and paying off your debts. Live on a cash only diet.

2) Boost your income if you want to purchase certain things or pay off your debts.

3) If you can't afford certain things that not an essential, don't buy it or save up for it.

4) Have a spending journal. You should be writing down food, transportation, clothing, entertainment, other and gifts in one column and the amount of money in the

[fa11234]

@MilitaryBrat81

Making money isn't that hard as saving money. There is no hard science involve. You just have to know how and to be discipline. Don't worry, someday you'll come out of your debt. There is a way out.

[jacsidmos77]

dey put me on a budget UGHHHH!!!!!

[therenechannel1]

instead of spending money to make money....dont spend anything....

[OakwoodMarketing]

Sometimes the best way to budget is really the easiest way.

[MilitaryBrat81]

Well then I guess I'm above average, my debt's over 10,000. wow.