Share post
Debt Consolidation Forums Budgeting and Personal Finance forums

Help me to learn about personal budgeting

member profile picture
Posts: 1
Credits: 0

I grew up in a poor family. Currently, I have a job and I earn $140,000 annually. I want to follow a personal budget so that I don't starve like before.
How do I get started with personal budgeting? I will appreciate your help.

It's simple to start with. Don't be afraid!
Here you go:
1. Calculate your total income
2. Divide your expenses into fixed and variable expenses
3. Allot amount for your fixed expenses
4. Put an amount against your variable expenses
5. Subtract your expenses from your income and see how much you'll be able to save if you follow this.
if you're not happy with the amount you're able to save, repeat the process again, this time, reducing the amount you put against your variable expenses.

Sub: #1 posted on Thu, 05/03/2018 - 06:59

Mabelle Page Mabelle Page

(Posts: 293 | Credits: )

That's one way of doing budgeting.

Download a personal budgeting app on your smartphone. Mint is a good one. It's a great way of managing money. You can track your expenses, connect your credit cards and other monthly bills with this app. There is no need to login into different websites. The app informs you about the due date. So you won't forget to pay your monthly bills.

An important budgeting tip

Try to save 10% of your income every month. You can open an automatic savings account for this purpose. Don't create a tight budget.

Sub: #2 posted on Mon, 05/07/2018 - 20:54

ditchdebt ditchdebt

(Posts: 679 | Credits: )

One of the best ways to plan a budget is to do backward budgeting or set aside a definite amount which you want to save, say about 10%-20% of your income, Then, plan your expenses with the remaining one.

Doing so, you'll be assured that you'd be able ti save a significant amount every month.

It is better to transfer the saved amount to a different account at soon as you receive your paycheck and do not carry a debit card of that account or at least, don't use it if it's not that urgent.

It will help you to plan a budget and you won't have to worry about saving a decent amount every month.

Sub: #3 posted on Fri, 05/11/2018 - 07:24

Good Nelly Good Nelly
Industry Expert
(Posts: 2827 | Credits: )

Page loaded in 0.211 seconds.