No matter how much a person makes, I still believe it is always good to create a budget. I’m always going over the budget for my household. With a new payday coming up, I figured why not talk about it in my first post? My budget is based on earning income twice a month. Here are a few steps on how I make out a decent budget for my household income.
Step 1: Know the amount that will be coming into your household.
Knowing the amount you will have is a good way to ensure that you create the proper budget for your household. Write the amount at the top of a piece of paper or document.
Step 2: Write a list of all the bills you would have to pay with that paycheck and the amount beside it.
I write this out below the total income.
Step 3: Get the total from the bills and subtract it from the income.
Step 4: Next you need to come up with an amount for things such as groceries/household supplies and gas. Subtract this amount after bills.
I try to stick to the same amount each paycheck. Its helps to keep a good balance of things.
Step 5: Put money in savings.
It’s good to try to put some money in a savings account, even if its just five dollars.
Step 6: The fun part!
If any money is left after all the steps above, this money is used for doing family stuff or buying random things for my household.
This is a little insight on how I try to set up a budget for my household. Let me know what you do to create your budget. Thanks for reading!!
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