AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |
Back to Blog
Family budget planner12/27/2022 Allocate funds for miscellaneous expenses that can't be predicted.This list should also include your monthly debt payments. Don’t forget to include the non-monthly expenses, which includes payment for insurance premiums, school tuition fees, property taxes, etc. Record all your monthly expenses and categorize them into fixed (unavoidable) or variable (avoidable) expenses.Write down all the money coming in that makes up your income.What do you want the end result of your budget to look like? Vacation/Recreation – The amount you need to set aside for your family’s vacation and recreational needs.School Fees – The amount you pay for your family’s education.Insurance Premiums – The premium paid to your insurance provider every year like car, home, life, and disability.Below is a list of common expenses paid annually: The best strategy is to take the annual amount and divide it by 12 to get a monthly expense and then save that amount every month so that you have the cash on hand to pay the annual bill when it arrives. Irregular or annual expenses can be budget busters if mishandled and must be treated differently. Recreation/Vacation – The amount you need to allocate for your yearly family vacation for fun money. Savings – The amount you need to save each month.Miscellaneous Expenses – The amount of money reserved for unexpected necessary expenses.Transportation – Expenses for maintaining your car like fuel, repairs, car washes, etc.Debt – The actual amount you pay for your credit card and other debts.Utilities – The money spent for paying water, electricity, telephone, etc.Groceries – The actual amount spent in your groceries.Rent Expense – The amount paid for house rent or mortgage payments.Similarly, you can divide the monthly expense portion of your budget into the following categories: Other Earnings – Income received in the form of allowances, subsidies, etc.Pension – The money received during retirement.Interest Income – The amount of money earned from deposits after deducting taxes.Rent Income – Money received from renting a house or other property.Net Income – Your salary after deducting taxes.There are various elements that make up the income portion of your budget: How can they all fit within a single budget?ĥ Financial Planning Mistakes That Cost You Big-Time (and what to do instead!) Explained in 5 Free Video Lessons Elements For Creating A Budget However, the process can be confusing because there are so many different expense categories plus some expenses get paid monthly, others quarterly, and still others only occur annually. The purpose of budgeting is to allocate your income between your estimated expense categories for the month. But before you jump in, make sure that you are ready with your list of inputs necessary for creating a budget. There are lots of free budget planners online that can help you create your first budget template. If this is your scenario then this Budget Calculator can help you take control of your money and get your savings back on track. Is there more month than money to pay for it? How To Start Saving And Control Spending Using A Budgetĭo you ever wonder where all your money goes? This calculator works great in tandem with the expenses calculator here to compare these suggested allocations with your actual spending.Īnd if you'd like to take the next step beyond budgeting and start growing wealth then take this free 5 video lesson course 5 Rookie Financial Planning Mistakes That Cost You Big-Time (and what to do instead!) Higher incomes will have larger percentages for pension and insurance but lower for food. For example, lower incomes will have higher percentages for necessities like food. Your personal budget will vary within these percentages based on personal preferences and income level. You can then create a household budget worksheet to use as a reference point for creating a budget. Bureau of Labor Statistics against various personal finance guru recommendations. These ranges were determined by cross referencing the Consumer Expenditure Survey from the U.S. Income (annual or monthly) and this budgeting tool will calculate the conventional spending amounts based on normal percentage ranges.
0 Comments
Read More
Leave a Reply. |