Example personal budget6/5/2023 ![]() ![]() When you understand the differences between a “need” and a “want,” budgeting your monthly income becomes easier.Consider trying the 50-20-30 budget rule. You’ll need to determine which expenses are necessary, and which are optional. Budgeting Basics Step 3: Assign Income to ExpensesĪs with most things in life, making a monthly budget is all about choices.Leave room in your budget for unexpected expenses that may arise throughout the month - consider opening a savings account to put money away for unexpected expenses so that they don’t derail your monthly budget. You may have to pay an HOA fee, buy your kid's sports gear or pay for continuing education to maintain a professional certification. When creating a monthly budget, try to account for as many expenses as possible from month to month. Keep in mind, though, that every person is different and so are his or her monthly expenses. You’ll want to include everything you plan to spend money on, such as: ![]() Now that you’ve established your total income, you’ll need to come up with a complete list of expenses for your upcoming month.
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