![]() ![]() Be sure to account for the cost of maintaining a vehicle or home. Categorize your expenses These categories may be housing, transportation, or food, for broad categories, or may get more specific, where you categorize car payments, car insurance, and gasoline separately.To budget for such bills by month, divide the bill total by the number of months the bill covers. Other expanses may be quarterly (four times per year) or semiannual (twice per year). Some expenses are yearly, such as insurance or property taxes. ![]() Over time, you will adjust not only the numbers, but the categories. While creating a budget may seem intimidating at first, coming up with your basic budget outline is the hardest part. You do not want to just get by, and you do not want the problems associated with overdue balances, rising debt, and possibly losing something you have worked hard to obtain. You also may want to save money for large purchases or retirement. You want to have enough income to pay not only for the necessities, but also for things that represent your wants, like trips or dinner out. Designing your budget will help understand the financial priorities you have, and the constraints on your life choices. But do you have one?Ĭreating a realistic budget is an important step in careful stewardship of your financial health. Companies have them, individuals have them, your college has one. “We need to figure out our budget and stick to it.”Ī budget is an outline of how money and resources should be spent. Create a personal budget with the categories of expenses and income.\)Īfter completing this section, you should be able to: ![]()
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