The fixed expenses are those expenses that will hardly change every month such as your house rent or car payment. In writing down your expenses, you have to make sure that you will be able to break these into three categories, namely fixed expenses, variable expenses, and savings. This is now the time that you should track every single one of your expenses. When listing down your income, do it by month so that it will be easier for you to project your cash flow as there some months wherein there are events and instances that you would most likely shell out a large sum of money such as the holiday season and those months wherein almost every single one of your family members and friends are celebrating their birthdays. Some of the income sources you may include are salary, wages, tips, gifts, tax refund, interest, and sales of personal goods. Include your incomeĭo you have more than one income sources in a year? Do take note of these. However, for this step, you don’t have to track and list your expenses-just gather the necessary financial documents that can aid you. Knowing your expenses is useful when it comes to creating your budget action plans. You can use these to determine your expenses.
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Now that you know what your recording method is, grab all your money-related documents such as credit card statements, checkbook, and bank statements. Whatever recording method you choose, make sure that it is a method where you are comfortable using and that is something you can surely consistently fill in. However, if you want a more convenient recording method, you can opt for a simple spreadsheet program such as Microsoft Excel or LibreOffice Calc where you can easily add and delete categories or even entries and have more comprehensive computations. You can also personalize it so that it will have an income and expense categories that you can easily fill as they occur each month. If you want to keep it simple and comfortable, you can opt for a paper or notebook and a pencil or a pen for your budget action plan. Right after determining what financial goals you will be aiming, you can now think of the right format on how you are going to keep your budget action plan. You will also have a clear idea where you should allow your saving or your earnings since your goals might be any of the following: retirement funds, home down payment, new gadgets, vacation fund, emergency fund, or college tuition fund. You may already have some budget action plan ideas but without a clear end point, you will definitely not know when to stop.īy having set financial goals, you will become determined to never spend beyond your means and just spend less than what you earn. Without a set of financial goals, you will not be able to have a clear path. In order for you to start you budget action plan, you have to create your financial goals. In order to lessen the difficulty of creating a budget action plan, take this step-by-step approach: 1.
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If this is the first time that you’d be creating your own budget action plan, it may get challenging for you. Download Simple Steps to Starting Your Own Budget Action Plan