You can log into your online banking and look over the past couple of months. Other expenses change month to month, like how much you spend on gas. Your rent or mortgage, for example, is probably a fixed expense. Some of these budget lines are easy to plan for because they’re what’s called a fixed expense-aka you pay the same amount every month. (You can even use emojis! Hey, who says budgeting isn’t fun?)Ĭheck out our example budget below to see common budget lines for each of these categories. Under each category, you’ll want to add budget lines by clicking Add Item and naming the line. In EveryDollar, you’ll cover your Four Walls inside the Housing, Transportation and Food budget categories. In other words, you feed your family, keep the lights on, pay the rent or mortgage, put gas in the car, and keep the car running. And if you don’t have an emergency fund yet, make savings one of your priorities.įocus on covering your Four Walls after that: food, utilities, shelter and transportation. It’s time to list your expenses.īefore you jump into the bills and other expenses, set aside money for giving. Now that you’ve planned for the money coming in, you’re ready for step two-planning for the money going out. It makes budgeting way easier for irregular incomers, just like you! And check out the new paycheck planning feature in the premium version of EveryDollar. If you have an irregular income, you can still do this! Just put the lowest estimate of what you normally make in this spot. Repeat that process with all the income you (and your spouse, if you’re married) will earn in a month.Click the Planned amount and add in a planned dollar amount.Label the income as Paycheck 1, Paycheck 2, Side Hustle Money, or with your employer’s name-whatever works for you!.Here’s how you enter your income in EveryDollar: Income is any money you plan to get during that month-that means your normal paychecks and any extra money coming your way through a side hustle, garage sale, freelance work and the like. The first step to create your monthly budget is simple: Enter your income. ![]() You can create your budget in a spreadsheet, on a piece of paper, or the best way-with EveryDollar. ![]() When you create a monthly budget, you tell your money where to go so you’re never again left wondering where it went. Your monthly budget is just a plan for your money. Ready to start? Let’s break down the steps and learn how to create a budget with EveryDollar.įirst, let’s start with a solid definition of budgeting. (You.)Īnd with EveryDollar, it’s way easier. It gives you permission to spend the right way-to show your money who’s in charge. But listen: The budget life is so worth it.īudgeting doesn’t tell you not to spend. People think budgets are hard, time-consuming and restricting. To find out more, see our section on Insurance, which takes you through the different types of cover and how to choose the right policy for you.The word budget can get a bad rap. For example, if you’re employed you might have a benefits package that includes a form of life insurance, or income protection for a set period should you find yourself not able to work due to illness or injury.įinally, work out what protection insurance you want, based on the cover you already have and who or what you want to protect. Next, consider what protection you already have. What or who do you need to protect most? This could be providing for your children, covering your mortgage payments, or simply your earnings. The first step is to set yourself a goal. ![]() It’s up to you to decide what’s important and how you’ll protect it. The main thing is to decide what protection you need and weigh up the risks and benefits of protection insurance against the cost and coverage. There are different types of insurance cover you can take out to protect your income, health, mortgage, loan payments or people who depend on you. Once you’ve got your emergency savings fund in place, think about future-proofing your income to ensure you’re protected if the worst were to happen.
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