Free Budget Planning Information

Personal budgets are guidelines to spending money during a given period of time. Budgets typically include important payments, such as rent, bills and groceries. Developing and sticking to a detailed budget is key to financial responsibility.

Time Frame

Base your budget on a pay period. For instance, if you get paid every two weeks, your budget should cover two weeks. List all of the expenses that you expect to incur during your pay period.

Considerations

Make sure to plan for the possibility of unexpected expenses or financial changes, such as car repair, job loss or home maintenance. Every pay period, budget to save a percentage of your income for an "emergency fund."

Cost-Cutting

Write down a list of your personal expenditures and determine if you can reduce or eliminate unnecessary expenses. Although you may not enjoy canceling your cable television service or making fewer trips to the coffee shop, the money that you save from eliminating these discretionary expenses will help you build a savings.

References

• Plan a Budget.com: How to Set Up a Budget
• Bankrate.com: Secrets to Creating a Budget