Not including these deductions will cause you to have an inflated idea of what your take-home income is, which will put you in the red.ĭocument Your Expenses, Both Fixed and Variable
You’ll also have to deduct factors such as income tax, pension plan contributions, and other things that would be docked from your pay. This number is not just your annual salary divided by 12 months.
The first thing you’ll need to get a grasp of is how much money you’re actually bringing in every month. Here are some tips to creating a practical monthly budget to help you keep your finances in check. Having a working budget in place will help you identify exactly where you stand with your finances. Yet creating a budget is a necessary part of adulthood, and is essentially the first step towards financial stability. It’s not fun, glamorous, or even enjoyable. Click below for the free budget template that matches your lifestyle
