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MONTHLY BUDGET PLANNING FREE

If the first is true, then you have already created a sustainable budget, and now it’s just tightening up a little. There are two possibilities for this number: your income is higher than your expenses, and your expenses are higher than your income. Also include anything like alimony, child support or other various monthly expenses as well. Estimate the monthly average spent on clothes, travel, dining out, vacations or whatever extra expenses you may have that weren’t covered before.

After these categories have been covered then additional information should be calculated as well.

This will be one of the harder parts to calculate but keep grocery receipts for a few weeks in order to get a solid estimation. Not counting dining out at restaurants, it’s important to get an idea of how much money is spent on food each month. Include any subscriptions here as well, such as gyms or online content subscriptions.

Utilities will be the next category and should include electricity, water, phone, internet, and cable bills.

Monthly car payments, insurance and gas costs should be included along with any other potential expenses related to transportation. While this is the easiest number to calculate, it will most likely be the most expensive each month.

Start with housing and include rent, mortgage, or whatever the cost for having a place to live.

The easiest way to complete this step is to break down expenses into separate categories. It doesn’t have to be limited to job income: Alimony, child support, interest, dividends, and any other sources of income received monthly should be included. In the event that your wages vary from month to month, using an average will be acceptable, but the more accurate, the better, and if anything, use a lesser amount than a higher one.

The first step is to figure out exactly how much money you bring in after taxes each month.

A dream vacation, getting out of debt, or buying a home can all be possible if you create a healthy budget and stick to it. Extra money being saved each month can go to countless activities that would have never been possible without a budget. Planning a monthly budget can be a highly detailed and time-consuming endeavor, but the rewards will make it worthwhile several times over. Spending 100%, or more, of your money is never a wise decision, and this is where the idea of creating a budget can help to reduce spending and increase saving, therefore putting you firmly on the path toward financial freedom.

MONTHLY BUDGET PLANNING FREE

A Proposal is interest free and based on what you can afford.Now, this is a massive oversimplification, of course, but it’s how finances work when boiled down to the basics. This would be a good time to talk to one of our Debt Relief Specialists at Bromwich+Smith about settling your debts with a Consumer Proposal.

You could be paying a substantial amount of money on interest each month while making only a small dent (or no dent at all) on paying down your balances. One really important expense to track is the interest payments you are making on your credit cards. Were your estimations correct? Do you have to make some adjustments? Once you have done this, take the next week and track all of your expenses (hold on to all of your receipts and add them up) and then compare them to the information you have entered here (if you have allowed cookies in you web browser then all of the information you entered will still be here when you come back). Simply add all of your estimated expenses into the cells, and determine exactly where you are spending your money each month. This easy to use budget planner will help take the hard work out of creating a budget and allow you to create a monthly budget or a yearly budget. The act of tracking your income and expenses monthly will put you in a great position of awareness and will be the first step in the direction of creating and maintaining a balanced budget. The real difficulty comes in understanding just how much money you actually are making, and how much it is actually costing you to maintain the lifestyle you are living. If you want to create a balanced budget you have 2 options: you can make more money or you can spend less money. Understanding how much money you have coming in and how much is going out is key to maintaining an affordable, stress-free lifestyle. One of the most important aspects of ensuring financial wellness is regularly budgeting.