How to Make a Household Budget
If you're like many Americans, you pay your bills as they come in, buy groceries on payday and wonder why you never have any money left at the end of the month. If your paycheck seems adequate but you always run out of month before you run out of money, you may be in need of a budget. Take a look at your finances and make a logical plan for bill paying, spending money and savings. You may find money that's been slipping through the cracks without you ever noticing, which will put more cash in your savings account.
Other People Are Reading
Instructions
-
-
1
Write down every bill you have that occurs every month. Include rent or mortgage, utilities, car payment and insurance and credit card bills or student loans. Place any fixed monthly payment you have on this list.
-
2
Divide your monthly salary by four. If you get paid an hourly wage and have different hours every week, write down an average amount that you might get paid weekly.
-
-
3
Divide each monthly bill into four equal parts. Write this figure down below the total amount owed per month.
-
4
Add up the total weekly amount for fixed expenses. This amount in non-negotiable and must be paid every week. Juggle and adjust every other item in your budget to pay the non-negotiable items. Pay these items first, either to a savings system or directly to the place they're owed.
-
5
Divide the remaining money by 10. Place this 10 percent into a savings account.
-
6
Write down basic totals for your projected grocery bill, gas, entertainment, restaurant food and miscellaneous expenses. You will have only the leftover amount to spend after the fixed items have been paid, so you may have to juggle these figures to make them fit.
-
7
Borrow from the second group of expenses, if need be, but never from the fixed expenses. If you want to party on Friday night, buy cheaper groceries to find the extra money. Never spend the rent money and plan to make it up later.
-
1
