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30 Days to a better man
exactly what’s going in and out and focus on more important things
in your life.
3. Increases confidence. There’s something about knowing exactly
where your money is going that increases your confidence. I think it
has something to do with the feeling of control a budget gives you.
Plus, having a budget can help you make decisions faster and more
confidently. Instead of hemming and hawing over every single purchase
you make, you can just look at your budget, see if you have
money available for it, and make your decision.
How to Create a Budget
1. Assess your monthly income. Gather your pay stubs together and
figure out exactly how much you’re bringing in each month. If you’re
self-employed or do work on the side, make a close estimate of how
much you earn a month. You need to know how much money you
have to work with before you start budgeting it out.
2. List your fixed expenses. Fixed expenses are those that stay about
the same each month. There’s usually not much you can do to change
the amount you pay on fixed expenses. Fixed expenses can include
things like rent or mortgage payments, car insurance, car payments,
and health insurance.
3. Subtract your total fixed expenses from your total monthly income.
The amount that’s left over is what you can work with for your variable
expenses. If your fixed expenses are more than your total monthly
income, you’re in trouble. You may need to downgrade to a smaller
house or perhaps sell your car and get an old beater so that you have
money left over for things like food, gas, and savings.
4. Set a spending goal for variable expenses. Now that you know how
much money you have to work with, you can start budgeting for your
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