How to Develop a Budget

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How to Create a Personal Budget....5

Develop a budget by listing expenses and income in a template format each month, and keeping track of variable and fixed expenses. Budget emergency money to pay off unexpected bills with help from a registered financial consultant in this free video on money management.

Part of the Video Series: Money Management
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Video Transcript

This is financial adviser Patrick Munro talking about how to develop a budget. A budget is a key document that everybody should get used to having and look at on a regular basis. A budget is a way for you to track your expenses and there are different types of expenses that you want t lay out in a template format and follow every month. You can either get a manual ledger or a computer software program to help you do this. The first expenses that you'll be facing with are fixed expenses such as food, clothing, shelter, things that you will really look upon every month that do not change too too much. Then there are variable expenses. These are credit card payments, student loan payments, things of that nature, bills that come and go and these are variable expenses and you can control them by keeping them in line and not doing too much frivolous spending. It's important for you to pay yourself first. This is the investment or cash money that you set aside for emergencies or as they say for a rainy day. This is Patrick Munro on talking about how to develop a budget.

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