Creating a budget is something that everyone should do. That being said, actually creating and maintaining a budget is always easier said than done. The price of the items we buy changes daily. Bills and loan payments are due. People have families that they provide for, and you also have to worry about yourself.
It’s a stressful thing to think about but you can do it. Don’t worry, Insurance Navy is here to help. That’s why we exist, to make things like this easier for you and as stress-free as possible. Here are some tips you can use to create and maintain a successful budget.
Go Over Your Spending
The first step to creating a budget is very straightforward–check how much you are spending in a month. Simply go over your bank statements and pay attention to where that money is going. Those $2-$5 sandwiches you buy from Dunkin’ Donuts before work adds up. See how much those monthly streaming services combined are costing you. These costs may seem small when you pay them but overtime you may wind up spending money that could have been put to much better use.
Come Up With a Plan
Once you’ve figured out how much you’re getting paid, you’re ready for the next step in the process. Create a plan on how much you want to spend. This can be daily, weekly, or monthly, whatever fits you best. However, you have to make sure that it’s realistically achievable for you. You want to make sure the plan doesn’t have you using your money unnecessarily.
Use a Budget Calculator
There are free online budget calculators that you can use. They will have you enter in the monthly pay you receive and your expenses to calculate your spending. This will help you see what your spending your money on the most and help you with the costs.
The 50/30/20 Rule
The 50/30/20 rule is a very useful and popular plan that people follow to maintain their budget limits. It takes your monthly income and divides it into three parts. The 50% goes to necessities, 30% goes to your wants, and 20% is for savings and debt. You can also take money from any of these in case of emergencies. There is a calculator you can use to help determine how much money you have to spend for each one. Visit our dedicated 50/30/20 blog to learn more details on this helpful money-saving method.
If Necessary Adjust Your Plan
Let’s face it, in life the unexpected happens. So adjust your budget if it’s needed. If you need to spend any funds on emergencies, do it. It’s not going to be perfect and you shouldn’t expect it to be. As long as you keep working at it, managing your money will become easier.
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