How To Make A Personal Budget (The Right Way): A Beginner’s Guide

No matter how much money you make, having and sticking to a budget can help you take control of your life and live the way you want — now and in the future. 

Budgeting Do’s

First, Do Calculate Your Necessary Expenses

Your mortgage/rent, medications, gas, insurance, and cell phone bill aren’t costs you can easily cut. Thus, start your budget planning by adding up your total recurring expenses each month and delegating your remaining dollars from there. 

Take Advantage Of Online Budgeting Tools

You don’t have to spend days buried in Excel spreadsheets to set up a realistic budget. In fact, online budgeting tools like the Monorail app simplify the process and can be set up in a matter of minutes. 

Budgeting Don’ts

Don’t Rely On Brain Budgets

One of the biggest keys to managing your money and budget well is understanding where your money goes. It also means keeping a visible, real-time total of your spending and savings.  

Don’t Cut Out The Things You Love

If your daily coffee run, weekly meal prep service, or monthly dinner dates make you happy and improve your quality of life, don’t cut them out!  Money is meant to be spent, and it doesn’t do you any good if you’re not happy. 

Budgeting Is Your Path To The Life You Want To Live

You don’t need to make six figures to live a good, financially-secure life. Once you have a handle and gain control of your finances, you gain greater control over your life. 

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